Online Travel Market with Coronavirus (Covid-19) Effect Analysis | Likewise Industry is Booming Globally with Key Players Expedia, Inc., Priceline Group Inc., TripAdvisor LLC, Ctrip.Com International, Ltd

The Online Travel Market is estimated to garner $1,091 billion by 2022, registering a CAGR of 11.1% during the forecast period 2016-2022. Online travel providers aim to ease travel planning and bookings for travelers. The online travel market is driven by quick and convenient flight and hotel bookings, rise in customers' trust in online payment, and ability to compare various available travel options. Nowadays, market players are extensively offering travel services through mobile websites and apps, as it is one of the most preferred mediums of travel bookings, particularly among the young professionals.

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The age group of 22-31 years comprises the young population, which are the early starters in their professional career. These travelers are more inclined to spend on travel and explore new destination, as compared to the travelers in the higher age-group category.

It is reported that this age group spends approximately $200 billion on travel every year. These travelers have revolutionized the online travel industry by the extensive use of technology. Smartphones and other mobile devices are largely preferred to make travel arrangements. Moreover, social media platforms are used to review various travel service providers, destinations, transportation, and accommodations. These young traveler's first research online and scan various sites, when planning for a vacation or a short weekend getaway. They are always active on social media sites, such as Facebook, Twitter, and Instagram, repeatedly updating their virtual image by posting their day-to-day activities, including travel check-ins. Their travel decisions are strongly influenced by online travel review sites, social media, blogs, and friend's recommendations.

Market players are introducing new and enhanced versions of mobile apps, which offer great travel deals and hassle-free booking to attract young travelers. In addition, online travel booking via mobile is the most preferred booking medium for most of the young travelers due to ease of use, convenience, and 24/7 accessibility.

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The report segments the global online travel market based on the mode of booking, types of platform, service types, age group, and geography. Online travel agencies (OTAs) and direct travel suppliers are the two major modes of booking. Based on the type of platform, the market is bifurcated into mobile and desktop. The different service types include transportation, travel accommodation, and vacation packages. Key age groups of the market are 22-31, 32-43, 44-56, and >56. The market is further analyzed across geographical regions, namely, North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (India, China, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

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Key players profiled in this report are Expedia, Inc., Priceline Group Inc., TripAdvisor LLC, Ctrip.Com International, Ltd., Hostelworld Group, Hotel Urbano Travel and Tourism SA, CheapOair.Com., Trivago GmbH, Thomas Cook Group plc, and MakeMyTrip Limited.

Other players in the value chain include AirGorilla, LLC, Hays Travel limited, Airbnb, Inc., Yatra Online Private Limited, India, Alibaba Group, Elong, Inc., TUI Group, and Tuniu Corporation.

Source: https://www.alliedmarketresearch.com/online-travel-market

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