Online Travel Agent Global Market Opportunities And Strategies To 2030: COVID-19 Growth and Change | Booking Holdings, Expedia Group, Trip.com Group, Tripadvisor

The global online travel agent market reached a value of nearly $744.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 7.9% since 2015. The market declined from $744.7 billion in 2019 to $595.8 billion in 2020 at a rate of -20.0%. The decrease is mainly due to COVID-19 pandemic across all countries in the world as most countries went into lockdown with severe travel restrictions. Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The market is expected to grow at a CAGR of 14.8% from 2021 and reach $902.2 billion in 2023.

Growth in the historic period resulted from strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, acceptance of solo travel and technological advances. Factors that negatively affected growth in the historic period were skilled workforce shortages and high taxes on air travel.

Top Companies Covered in this Report:
Booking Holdings Inc.; Expedia Group Inc; Trip.com Group Limited; Tripadvisor, Inc.; Trivago N.V.

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Going forward, shift in travel trends, resurgence of staycation, faster economic growth, surge in smartphone users, and government initiatives will drive the market for online travel agent. Factors that could hinder the growth of the online travel agent market in the future include geopolitical tensions, government regulations, and coronavirus pandemic.

The online travel agent market is segmented by service type into vacation packages; transportation and accommodation. The travel market was the largest segment of the online travel agent market segmented by service type, accounting for 39.8% of the total in 2019 and going forward is expected to be the fastest growing segment in the online travel agent market, at a CAGR of 7.2%.

The online travel agent market is also segmented by platform into mobile/tablet based; and desktop based. The desktop-based segment was the largest segment of the online travel agent market segmented by platform, accounting for 85.2% of the total in 2019. Going forward, mobile/tablet-based segment is expected to be the fastest growing segment in the online travel agent market, at a CAGR of 11.3%.

The coronavirus pandemic of 2020 caused many economic implications in countries all over the world. The closure of all nonessential businesses and strict quarantine measures taken by governments created a halt in worldwide operations. One of the most significant impacts of the virus was seen on the travel and tourism industry, as most countries went into lockdown with severe travel restrictions inhibiting people from moving about.

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Fundamentals of Table of Content:

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type       
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered

2 Global Growth Trends
2.1 Online Travel Agent Market Size
2.2 Online Travel Agent Growth Trends by Regions
2.3 Industry Trends

3 Market Share by Key Players
3.1 Online Travel Agent Market Size by Manufacturers
3.2 Online Travel Agent Key Players Head office and Area Served
3.3 Key Players Online Travel Agent Product/Solution/Service
3.4 Date of Enter into Online Travel Agent Market
3.5 Mergers & Acquisitions, Expansion Plans

4 Breakdown Data by Product
4.1 Global Online Travel Agent Sales by Product
4.2 Global Online Travel Agent Revenue by Product
4.3 Online Travel Agent Price by Product

5 Breakdown Data by End User                   
5.1 Overview
5.2 Global Online Travel Agent Breakdown Data by End User

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This release was published on openPR.