Online travel market expected to reach USD 1,263.0 billion
Online travel market
Online travel market
The Online Travel Market size was valued at USD 540.2 Billion in 2021 and is projected to reach USD 1,263.0 Billion by 2029, growing at a high CAGR of 11.2%.
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Factors driving the growth of the online travel market include expanding tourism industry globally, growing internet penetration, growing use of social media applications for travel booking and the increase in online payments. According to the report published by Statista, the travel and tourism industry in India is expected to reach $14.92 billion by the end of 2022 and the market volume is expected to reach $29.01 billion by 2026, with a CAGR of 18.08% over the forecast period (2022-2026), which will increase the size of the online travel market in the coming years. In addition, the attractive services offered by online travel agencies, such as transport facilities, easy cancellation and deep discounts on hotel room reservations and the entry of new players into the market, are some of the additional factors that supplement the growth of the market. In addition, growing investments by major players in research and development, increasing disposable incomes, technological advancements in mobile travel applications, rapid urbanization and improving living standards are further propelling the share of online travel market.
However, the growth of the online travel market is hampered due to supply chain disruption and rising recession concerns across the globe.
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.
On the basis of booking, the online travel agency (OTA) segment is expected to grow at a remarkable CAGR during the forecast period
Online travel agencies charge no consultancy fees to customers, offer the option of installment payment, and save time and money, are some of the factors responsible for the growth of the segment.
Based on age group, the 22-31 segment is expected to expand at a robust CAGR over the forecast period
Growing appeal of travel between 22 and 31, rising internet penetration and rise in smartphones are propelling the growth of the segment.
Based on region, Asia-Pacific region is expected to capture the largest market share during the forecast period
According to the online travel market report, increasing number of domestic companies offering attractive travel options, increasing smartphone penetration, high population growth rates, improving living standards , rapid urbanization and growing per capita income, are some of the important factors increasing the growth of the segment.
In 2019, TripAdvisor LLC Expedia Group entered into a partnership with Trip.com Group, to help outbound Chinese travelers plan more trips.
In 2018, Expedia Group entered into a strategic partnership with Chase Card Services to provide more choice to its customers.
Segmentation by booking mode
Direct travel providers
Online Travel Agencies (OTA)
Segmentation by platform types
Segmentation by type of services
Segmentation by age group
Segmentation by region
Rest of APAC
the United States of America
The rest of Europe
United Arab Emirates
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