Online Travel Market Expected to Raise $ 1,091 billion by 2022 | 11.1% CAGR
Global Online Travel Market Opportunities Analysis and Industry Forecast, 2014-2022
POTLAND, 5933 NE WIN SIVERS DRIVE, # 205, OR 97220, UNITED STATES, November 30, 2021 /EINPresswire.com/ – Online travel market The report, published by Allied Market Research, predicts that the global market is expected to reach $ 1,091 billion by 2022, registering a CAGR of 11.1% during the period 2016-2022. Asia-Pacific is expected to experience the strongest growth during the forecast period. Direct travel providers, such as hotels, airlines and car rental companies, which offer reservation services on their websites, dominate the market, while online travel agencies (OTAs) are said to experience a higher growth over the next 5-6 years.
The major players featured in this report are Expedia, Inc., Priceline Group Inc., TripAdvisor Inc., Ctrip.com International, Ltd., Hostelworld Group, Hotel Urbano Travel and Tourism SA, Farreportal, Inc., Trivago GmbH, ThomasCook Group , and MakeMyTrip Limited.
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The growth of the online travel market is driven by increasing internet penetration, increasing disposable income of people in emerging markets, and the ease of comparing a variety of travel options online. Market players are introducing innovative travel and vacation packages to help travelers make sound travel decisions based on their spending capacity, such as affordable packages to an international destination, car rental discounts and cash back rewards on international flights.
The direct travel provider segment accounted for around 57% of the overall online travel market revenue in 2015. Although the segment continues to dominate the market during the analysis period, a gradual reduction in its market share is observed. expected, due to the growing popularity of online travel agencies (OTAs). OTAs are expanding their offerings at a rapid pace to attract travelers and increase their customer base.
Based on booking platforms, the market is segmented into mobile and desktop. The mobile platform attributes two-sevenths of the market’s revenue and is expected to experience the highest growth in the coming years. This is attributed to the increased penetration of smartphones and the growing confidence of people in the security of mobile payments.
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The transportation segment is expected to maintain its lead in the overall online travel services market, due to the increase in online flight bookings. The expansion in the number of low-cost airlines and the growth in the number of connecting flights to Tier I and II cities around the world are driving the growth in flight bookings. In addition, online rail reservations have experienced significant growth in recent years. Expedia, one of the leading online travel agencies, has announced its intention to launch a rail ticketing service in Europe by the end of 2016, to mark its presence in rail services in the transport segment.
The online travel market is segmented on the basis of age group, with travelers in the 32-43 age group having a significant share of the market. However, from a growth perspective, young travelers in the 2,231-year-old age bracket would experience the highest CAGR, due to the heavy use of social media and smartphones for travel planning and bookings. trips.
North America accounted for the majority of sales in 2015; however, it is estimated that Asia-Pacific will overtake North America in the coming years to become the main revenue-generating region. This is attributed to the growth in disposable income, the growth of the middle class segment, the increased penetration of internet facilities and the increase in the number of young people in emerging Asia-Pacific markets.
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Growing exposure to multimedia phones and increased penetration of online services would accelerate the growth of the overall online travel market.
India is estimated to be the fastest growing Asia-Pacific country, with a CAGR of 18.5% during the forecast period.
Travelers aged 22 to 31 are more inclined to use online travel services because they are more technologically savvy and are constantly connected to social media.
Flight and hotel bookings are expected to increase at an unprecedented rate.