Online Travel Market Targets to Reach $1,091 Billion by 2022
Growth of the online travel market is driven by the increase in internet penetration, rise in disposable income of people in emerging markets, and ease of comparing a variety of travel options online. Market players are introducing innovative travel and vacation package deals to assist travelers in making sound travel decisions as per their spending capability, such as affordable packages for international destination, discounts on car rentals and cash back on international flights.
Direct travel suppliers segment accounted for approximately 57% of the overall online travel market revenue in 2015.Though, the segment would continue to dominate the market over the analysis period, a gradual reduction in its market share is expected, owing to the growing popularity of online travel agencies (OTAs). OTAs are expanding their offerings at a rapid rate to attract travelers and increase their customer base.
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Based on booking platforms, the market is segmented into mobile and desktop. Mobile platform attributes to two-sevenths of the market revenue and is anticipated to witnesshighest growth in coming years. This is attributed to increased penetration of smartphones and growing confidence of people in safety of mobile payments.
Transportation segment is projected to maintain its lead in the overall online travel services market, owing to rise in online flight bookings. Expansion in the number of low-cost carriers and growth in the number of connecting flights for tier I and II cities across the globe, drive the growth of flight bookings. In addition, online rail bookings witnessed a significant growth in the past few years. Expedia, a leading online travel agency, has announced its plans to launch a rail ticketing service in Europe by end of 2016, to mark its presence in the rail services within the transportation segment.
KEY BENEFITS OF ONLINE TRAVEL MARKET
• A comprehensive analysis of the current trends and future estimations in the global online travel market has been provided in this report.
• This report presents information regarding key drivers, restraints, and opportunities along with a detailed impact analysis from 2014 to 2022.
• Porter’s Five Forces model of the online travel industry illustrate the potency of the buyers and suppliers participating in the market.
• A quantitative analysis of the current scenario and the forecast period from 2016 to 2022 highlights the financial competency of the market.
• This report provides a detailed analysis of the global online travel market with respect to mode of booking, types of platform, service types, age group, and geography to enable stakeholders to take appropriate investment decisions.
• Value chain analysis in the report provides a clear understanding on the role of stakeholders involved in this process.
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KEY MARKET SEGMENTS ONLINE TRAVEL MARKET
BY MODE OF BOOKING
• Online Travel Agencies
• Direct Travel Suppliers
BY TYPES OF PLATFORM
BY SERVICE TYPES
• Travel Accommodation
• Vacation Packages
BY AGE GROUP
• North America
MARKET PLAYERS IN THE VALUE CHAIN:
• Expedia, Inc.
• Priceline Group Inc.
• TripAdvisor LLC
• Ctrip.Com International, Ltd.
• Hostelworld Group
• Hotel Urbano Travel and Tourism Sa
• Trivago Gmbh
• Thomas Cook Group plc
• MakeMytrip Limited
• Alibaba Group
• Elong, Inc.
• TUI Group
• Tuniu Corporation
• AirGorilla, LLC
• Hays Travel limited
• Airbnb, Inc.
• Yatra Online Private Limited, India
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