Press release
Online Travel Market Projected to Hit USD 2214.70 billion at an 11.8% CAGR by 2030
Travellers can plan and book their trips more easily using online travel markets. Quick and fast flight and hotel bookings, increased customer trust in online payment, and the ability to evaluate a wide range of travel options are all driving the internet travel sector forward. Mobile websites and apps are becoming increasingly popular as a means of arranging travel, especially among young professionals. From 2022 to 2031, the global internet travel industry is expected to grow at a CAGR of 11.8%, from 2214.70 billion in 2030.
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People have been heavily exposed to social networking sites since the advent of the internet. Before making a purchase, people surf websites, obtain extensive information, and evaluate the desired goods or services. Furthermore, social media and travel blogs have become popular platforms for people to share their vacation intentions. During the projected period, social media serves as a platform for online travel market service providers to advertise their services and special offers for online reservations, resulting in increased growth in the online travel market.
Market Segmentation:
Platform Type, Booking Type, Service Type, and Geography are all used to segment the global online travel market. The market is divided into two types of platforms, mobile, and desktop. To attract young explorers, market companies are introducing new and enhanced versions of mobile applications that offer exceptional travel deals or offer as well as hassle-free booking. The market is divided into Online Travel Agencies and Direct Travel Suppliers based on the kind of booking.
Online travel agencies are quickly becoming the most popular method of making reservations around the world. Applications with a variety of features are being developed to remain in touch with adventurers throughout their journey and to assist them as needed. Based on Geography, the Global Online Travel Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific possesses the highest growth potential in the Online Travel Market share, India and China being the most lucrative markets.
Segment Overview
By Service Type
Vacation packages
Transportation
Travel accommodation
By Booking Type
Direct travel suppliers
Online travel suppliers
By Platform
Mobile
Desktop
By Geography
Europe
North America
Asia pacific
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Key Players
Expedia Inc. (US)
Booking Holdings Inc. (US)
TripAdvisor Inc. (US)
Ctrip.com International Ltd (China)
FlixMobility GmbH (Germany)
Ryanair DAC (Ireland)
Thomas Cook Group PLC (UK)
MakeMyTrip (India) Pvt. Ltd (India)
Alibaba Group Holding Limited (China)
Airbnb Inc. (US)
eDreams ODIGEO SA (Luxembourg).
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Regional Classification:
The Online Travel market has been divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa, with North America dominating the worldwide market at the moment. According to online travel industry potential, Asia-Pacific obtained a major proportion of the online travel market and is likely to maintain that share over the forecast period. In the online travel sector, it has the largest development potential, with India and China being the most attractive areas. The increase in disposable income, rise in the middle-class section, and increased internet penetration is all factors contributing to the expansion. In China, Ctrip is the most popular online travel agency, while in India, MakeMyTrip, Yatra, and Cleartrip are the most popular.
Industry News:
Demand for online travel services is increasing as the internet becomes more extensively utilized. Mobile phones are available to the majority of market end-users. Using electronics and the internet, it is simple to travel online. As a result of creative travel applications, online travel is becoming more popular. According to the United States Online Traffic Agency Market Report 2021-2025, OTA gross bookings are expected to approach pre-pandemic levels in 2023, however, foreign travel will continue to rebound at a slower pace than domestic travel. OTAs brought in $65.2 million in gross bookings in 2021, up 82 %from pre-pandemic levels. In the United States, online travel agencies (OTAs) accounted for 24% of gross bookings in 2021, up from 20% in 2020.
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