Online Travel Market Expected to Reach $1,835.6 Billion by 2031 Allied Market Research
Globally, the number of people belonging to the middle and upper classes is growing rapidly.
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220U, USA, Sept. 8, 2022 /EINPresswire.com/ — The travel market has evolved significantly in recent years, due to the digitalization of travel services and the the growth of trend travel, worldwide. The proliferation of mobile devices largely complements the growth of this market. The market is witnessing consolidation, with major online travel agencies (OTAs) acquiring start-ups and other smaller players, giving stiff competition to direct travel providers and established travel agents.
According to a new report published by Allied Market Research, titled “Online Travel Market by Service Types, Platforms, Booking Mode and Age Group: Global Opportunity Analysis and Industry Forecast, 2022-2031” , the global Online Travel Market was valued at USD 354.2 Billion in 2020 and is projected to reach USD 1,835.6 Billion by 2031, registering a CAGR of 14.8% from 2022 to 2031. Globally, the number of people in the middle and upper classes is growing rapidly.
People now opt for more than one trip each year with rising living standards and increased purchasing power. Moreover, for convenient and easy transactions, people have started using online travel services, thereby saving time and resources, promoting the growth of online travel market. 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 online travel options. Market players are introducing innovative travel and vacation packages to help travelers make wise travel decisions based on their spending capacity such as affordable packages to international destinations, car rental discounts and cash back on international flights.
Political unrest and natural calamities are some of the factors restraining the growth of the online travel market. Additionally, low digital literacy and unavailability of internet connection in remote areas is expected to limit the market growth. affected the growth of the online travel market in 2020. Frequent lockdown practices, social distancing and ban on travel and tourism in most countries were some of the attributes for the decline in the growth of the market in 2020.
Players operating in the online travel industry have adopted product launch and business expansion as their key development strategies to grow their market share, increase profitability and stay competitive in the market. Key Players profiled in this report are Expedia Group, Inc., Ebury Partners UK Ltd, Fareportal Inc., Hostelworld.com Limited, Hurb Co S/A, HRS, Make MyTrip Ltd., Oracle Corporation, Priceline (Booking Holdings Inc. ), SABS Travel Technologies, Tavisca Solutions Pvt. Ltd., Thomas Cook India Ltd., travelomatix.com, Trip.com Group, Tripadvisor, Inc. and WEX Inc.
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According to the online travel market opportunities, by region, North America led the online travel market share and is expected to be dominant during the forecast period. Soaring demand from travelers looking for perfectly clean sites and personalized services in a normal environment is also increasing the demand for North American tour packages. The growth in the number of trips per year and the emergence and increase in demand for agritourism and ecotourism are further attributable to the growth of the market in North America.
Main results of the study
The Online Travel Market size was valued at USD 354.2 Billion in 2020 and is projected to reach USD 1,835.6 Billion by 2031, registering a CAGR of 14.8% from 2022 to 2031.
In 2020, according to service types, the transportation segment acquired $145.8 billion, securing 41.2% of the global market share.
Based on platforms, the mobile segment acquired $108.8 billion, accounting for 30.7% of the global market share.
In 2020, by booking method, the direct travel provider segment was valued at $197.3 billion, accounting for 55.7% of the market share.
The United States was the largest market in North America in 2020 and is expected to reach $93.2 billion by 2031, growing at a CAGR of 12.0% during the forecast period.
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