New York, U.S., Nov. 15, 2022 (GLOBE NEWSWIRE) — The Global online travel market size was valued at USD 354.2 Billion in 2020. The market is expected to grow by USD 1,835.6 Billion in 2028, at a CAGR of 14.8%. According to the latest research report from Spherical knowledge and advice. Asia-Pacific dominated the largest market share in the global online travel market in 2020 owing to the greatest potential for growth in the internet travel industry, with India and China being the most profitable regions.
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The growing need for online travel services is increasing across the world. The majority of end users in the market have access to mobile phones. Online travel is easily accessible through smartphones and the Internet. The demand for internet travel is increasing due to innovative travel applications. As disposable income increases, the rate of travel and tourism also increases. In many parts of the world, social medicine is widely used. Thanks to these places, online travel is gaining a wider audience. Social media is used to share videos, information and travel destinations. It attracts a large number of people to travel online. Higher booking rates are the result of accurate information, reliable packages and tourism events. Also, social media booking has a higher conversion rate than website booking. These essential drivers will increase the total profits in the online travel market. With more products on the market, further advances are expected in the coming years.
Browse key industry information spread across 210pages with 118 market data tables and The figures & graphics of the report”Global online travel market size, Sharing, statistical analysis, by type of service (transportation, travel accommodation and vacation packages), by platform (mobile and desktop), method of booking (online travel agencies (OTAs) and direct travel providers) ; By region (United States, Canada, Mexico, Rest of North America, United Kingdom, France, Germany, Italy, Spain, Nordic countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of South Asia -East), Saudi Arabia, United Arab Emirates, Egypt, Kuwait, South Africa, Rest of Middle East and Africa, Brazil, Argentina, Rest of Latin America) – Global outlook, growth, size, benchmarking, trends and forecasts, 2021-2031” in detail with the table of contents
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Many travelers today check online travel websites before embarking on their trip. Travel and tourism have become important aspects of daily life. The internet travel industry is witnessing a surge in demand due to this continued customer trend. These online services allow for hassle-free booking. The emergence of the travel and tourism industry, along with changing lifestyles, has led to a steady increase in the online travel market. Online travel demand varies by property type and is influenced by factors such as location, size and on-site amenities. The market is likely to be driven by increasing disposable income, popularization of weekend culture, introduction of low-cost air services and development of service industry. Increased purchasing power and lifestyle are two of the most important factors driving people towards luxury hotels. Online travel demand is also fueled by the hosting of sporting events by a city or country. Sports teams, as well as spectators coming from all over the world for the tournament, prefer to stay in online travel, which leads to increased bookings. Major players in the market are investing heavily in infrastructure and upgrading their properties with the most modern amenities to improve aesthetics and overall consumer comfort. During the projection period, the Asia-Pacific region is expected to dominate the market, followed by Europe. The business hotel category is currently in the lead and is expected to continue to do so in the future.
Asia-Pacific dominated the largest market share in the global online travel market in 2020 owing to the greatest potential for growth in the internet travel industry, with India and China being the most profitable regions. Rising discretionary income, growing middle class, and increasing penetration of internet facilities are all contributing factors to the expansion. In China, Ctrip is the most popular online travel agency (OTA), while in India, MakeMyTrip, Yatra and Cleartrip are the most popular OTAs.
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Key companies and recent developments: The report also provides elaborate analysis focusing on current business news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This helps to assess the overall competition in the market. Companies covered: Alibaba Group, Elong, Inc, TUI Group, Tuniu Corporation, AirGorilla, LLC, Hays Travel limited, Airbnb, Inc, Yatra Online Private Limited India, Expedia, Trip Advisor Inc., MakeMyTrip Limited, Hostelworld Group PLC (HSW) , Trivago NV, Despegar.com, Corp, Lastminute.com Group and others more than 30 leading key players we added in the final report.
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