Press release
Online Travel Market is projected to reach USD 1,263.0 billion in 2029, growing at 11.2% CAGR during 2022-2029 | Size, Report & Forecast
Online Travel Market
Online Travel Market size was valued at USD 540.2 billion in 2021 and is forecast to reach USD 1,263.0 billion in 2029, growing at a strong CAGR of 11.2%.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/online-travel-market/
The factors driving the growth of Online Travel Market includes expansion of Tourism industry around the world, rising penetration of internet, increasing use of social media applications for travel booking and surge in online payments. According to the report published by Statista, the Travel & Tourism Industry in India is expected to reach USD 14.92 billion by the end of 2022 and the market volume is estimated to reach USD 29.01 billion by 2026, growing at a CAGR of 18.08% over the forecast period (2022-2026), which will boost the Online Travel Market size in the approaching years. Moreover, attractive services offered by online travel agencies such as transport facilities, easy cancellation, and heavy discounts on booking room at hotel and entrance of new players in the market, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes, technological advancements in mobile travel applications, rapid urbanization, and improvements in the living standards, are further propelling the Online Travel Market share.
However, the growth of Online Travel Market is hindered due to disruption in the supply chain and rising concerns related to recession across the globe.
The major players operating in the market are CheapOair.Com, Thomas Cook Group plc, trivago, Booking Holdings Inc., Expedia Group, Trip.com Group Limited, MakeMyTrip Pvt. Ltd., TripAdvisor LLC, Hurb and Hostelworld Group, among others.
Based on Booking, the Online Travel Agencies (OTAs) segment is predicted to grow at a remarkable CAGR during the forecast period
Online travel agencies do not charge any consultancy fees from customers, provides the option of paying in installments and helps in saving time and money, are some of the factors responsible for the segment's growth.
Based on Age Group, the 22-31 segment is projected to expand at a robust CAGR over the forecast period
Growing attraction towards travelling between the age group 22-31, rising internet penetration, and increasing smartphones, are propelling the segment's growth.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
As per the Online Travel Market Report, rise in the number domestic companies offering attractive travel options, increasing smartphone penetration, high population growth rates, improvements in the living standards, rapid urbanization and growing per capita incomes, are some of the important factors augmenting the growth of the segment.
Key Developments
In 2019, TripAdvisor LLC Expedia Group entered partnership with Trip.com Group, to assist the outbound Chinese travelers in planning more trips.
In 2018, Expedia Group entered into a strategic partnership with Chase Card Services to provide more choices to its customers.
Market Segmentation
Segmentation by Mode of Booking
Direct Travel Suppliers
Online Travel Agencies (OTAs)
Segmentation by Types of Platform
Desktop
Mobile
Segmentation by Services Type
Travel Accommodation
Transportation
Vacation Packages
Segmentation by Age Group
22-31
32-43
44-56
>56
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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