Online Travel Market Expected to Worth $1,835.6 Billion Globally by 2031 at a CAGR of 14.8%: Allied Market Research

PORTLAND, Oregon., February 22, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Online Travel Market by Types of Services (Transportation, Accommodation, and Vacation Packages), Platforms (Mobile and Desktop), Mode of Booking (Online Travel Agencies (OTAs) and Direct Travel Providers) and Group of Age (22-31, 32-43, 44-56 and >56): Global Opportunities Analysis and Industry Forecast, 2022-2031″. According to the report, the global online travel industry has been taken into account $354.2 billion in 2020, and should reach $1,835.6 billion by 2031, growing at a CAGR of 14.8% from 2022 to 2031.

Key Drivers of Market Growth

Rising standard of living, rising purchasing power, convenience and ease of transactions are driving the growth of the global online travel market. Additionally, increasing internet penetration, increasing disposable income, and ease of comparison of different travel options are complementing the growth of the market. However, natural calamities, political unrest, low digital literacy and availability of internet connection in remote areas are hampering the growth of the market. On the contrary, innovative travel and vacation packages to help travelers make wise travel decisions would open up new opportunities in the years to come.

Covid-19 scenario:

  • Frequent lockdown practices, strict social distancing rules, and travel and tourism bans have negatively impacted the market.
  • The closure of cultural events and the restriction of international travel hampered the market.
  • However, as vaccination campaigns have ramped up in various countries, the market is expected to get back on track shortly.

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The transportation segment dominated the market

By type of service, the transportation segment held the largest share in 2020, accounting for more than two-fifths of the global online travel market, owing to the reduction in flight fares and the availability of online discounts and options. of travel. However, the travel accommodation segment is estimated to register the highest CAGR of 16.0% during the forecast period owing to the easy access to the number of hotels and resorts on a single website and growth in internet penetration associated with increased mobile usage.

Mobile Segment to Show Highest CAGR through 2030

By platforms, the mobile segment is expected to show the highest CAGR of 15.8% from 2022 to 2031, owing to technological developments and high smartphone penetration. However, the desktop segment held the largest share in 2020, contributing more than two-thirds of the global online travel market, owing to the ease of planning through desktop computers.

North America held the lion’s share

By region, the market across North America dominated in 2020, accounting for around a third of the market, due to greater convenience in arranging travel online and increased internet exposure coupled with disposable income. However, the Asia-Pacific market is expected to register the highest CAGR of 17.2% during the forecast period, owing to the advent of online service providers such as OTAs.

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Main market players

  • Expedia Group, Inc.
  • Farereport Inc.
  • Ebury Partners UK Ltd
  • Hurb Co S/A
  • SRH
  • Hostelworld.com Limited
  • Oracle Corporation
  • MakeMyTrip Ltd.
  • SABS Travel Technologies
  • Priceline (Booking Holdings Inc.)
  • Thomas Cook India Ltd.
  • Tavisca Solutions Pvt. ltd.
  • Trip.com Group
  • travelomatix.com
  • Tripadvisor, Inc.
  • WEX inc.

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