Online Travel Market In-deep Analysis And Experts Review Report to Reach CAGR of 11.1% in 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.
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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.
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.
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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.
The online travel market is segmented on the basis of age group, wherein the travelers in the age group of 32 – 43 years, occupy a major portion of the market. However, from a growth perspective, the young travelers within the age group of 2231 years, would witness the highest CAGR, due to extensive use of social media and smartphones for travel planning and bookings.
North America accounted for the majority revenue in 2015; however, Asia-Pacific is estimated to overtake North America in coming years to become the leading revenue-generating region. This is attributed to growing disposable income, growth inmiddle-class segment, increased penetration of Internet facilities, and increase in the number of youth population in emerging markets of Asia-Pacific.
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Key players profiled in this report are Expedia, Inc., Priceline Group Inc., TripAdvisor Inc., Ctrip.com International, Ltd., Hostelworld Group, Hotel Urbano Travel and Tourism SA, Fareportal, Inc., Trivago GmbH, ThomasCook Group, and MakeMyTrip Limited.
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