Online Travel Market, Size, Global Forecast 2022-2027, Industry Trends, Share, Growth, Outlook, Outlook, Company Analysis

“Key Players profiled in this report are Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago NV, Despegar.com, Corp, Lastminute.com Group. ”

The global online travel market is driven by the many benefits offered by the growing penetration of the Internet and credit cards.

According to the latest report from Renub Research title “Online Travel Market, Size, Global Forecast 2022-2027, Share, Growth, Industry Trends, Impact of COVID-19, Opportunity Business Analysis” the size of the global online travel market to reach US$1,463.98 billion by 2027. The internet revolution has transformed the scenario of the travel industry. Online travel providers target reservations for travelers and facilitate travel planning. Fast hotel bookings drive the online travel industry and easy flights, increased consumer confidence in online payment, and the ability to compare viable available travel options. MakeMyTrip Limited, Trivago NV, Trip.com Group Ltd., Trip Advisor Inc. offer many travel services through websites and mobile apps.

Global travel market to reach US$800.72 billion by 2021

On the other hand, an increase in the usage of mobiles, tablets and desktops, increase in internet penetration and innovative mobile applications are the vital factors expected to boost the growth of the travel industry in line. The changing disposable income of people in emerging markets and the ease of comparing various online travel options such as direct travel and package tours are further expected to drive the market growth. However, the COVID-19 pandemic has had a significant impact on the online travel industry due to travel restrictions across the globe to prevent the spread of the pandemic. Additionally, due to interstate and local travel restrictions, trade shows, hotel visits, and cultural events, online travel was negatively affected in 2020.

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Online travel agencies are the most preferred medium for bookings worldwide

By booking type, the market is categorized into online travel agencies and direct travel providers. In recent times, online travel agency has become more and more common for customers who book trips on their own. As a result, many visitors have turned away from traditional travel agencies in favor of online alternatives to book their trips. Online travel agencies are individuals or businesses that have websites that allow consumers to book various travel-related services through the Internet. Travel agents are employed in selling travel items such as hotels, flights, buses, vacation packages, and rental cars through online networks.

Many payment options

In terms of payment method, UPI, e-wallets, debit/credit cards and the like have traditionally been the main method of payment for online travel reservations. These days, using credit and debit cards to make payments is the norm even when you’re not travelling. And when you travel, it’s the preferred payment method. The ease and convenience of making a payment by swiping the card on a card machine or making an online payment by typing the card details makes this payment method safe. Mobile payment is another avenue that is also emerging in a big way for contactless and easy payment.

Travel Accommodation Service Expected to Dominate Online Travel Services Market

Based on service types, the online travel market includes transportation, vacation packages and travel accommodation. Travel accommodation has become the largest contributor to the online travel market. Travelers can choose from a variety of travel accommodations online, including hotels, resorts, vacation rentals, and others. Trip Advisor Inc., Booking Holding, Trip.com Group Ltd. increasingly offers travelers a diverse range of hotel choices at affordable prices. Customers compare hosting options on multiple websites to get the best reasonable deal. Travelers choose specialized online accommodation providers like OYO Rooms and Airbnb, Inc. because they offer many housing options.

Age groups 32 to 43 are more eager to travel

In terms of age range, the online travel market includes Millennials, Generation X, baby boomers, and silver hair. Travelers, mainly men and women between the ages of 32 and 43, occupy a considerable share of the market. These age groups have more time, money and desire to travel. During their travels, they seek new adventures; participate in active holidays, including sightseeing and learning about new cultures.

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Asia-Pacific (APAC) has the highest growth potential in the online travel industry

Regionally, Asia-Pacific has gained effective online travel market share. China and India are the most lucrative online travel markets. With rapid infrastructure development in seaports, railways, hotels, airports, highways and rising disposable incomes, travel opportunities continue to expand throughout the region. Further, the growth is attributed to higher penetration of internet facilities, increase in disposable income and increase in middle class segment. Ctrip is the leading company in the Chinese online travel market, while Yatra and MakeMyTrip are the leading online travel agencies (OTAs) in India. Major companies operating in the global online travel industry are Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd.

Market summary:

Type – The report covers by type in the 2 views in Package, Direct.

Type of reservation – Renub research report covers by type of booking in the 2 viewpoints including online travel agencies, direct travel suppliers.

Type of service – Our report has covered by type of service in the 3 viewpoints on transportation, vacation packages, travel accommodation.

Payment method- The report covers by payment method in the 4 viewpoints: UPI, e-wallets, debit/credit card, other.

Age range – Our report covered the online travel market breakdown by 4 age groups including Millennials, Gen Xers, Baby Boomers, and Silver Hair.

The sex – This report covers by gender in the 2 points of view in Male, Female.

Type of devices – Renub research report covers by type of devices in both viewpoints including Mobile/Tablet, Desktop.

Region – We have covered regions such as North America, Western Europe, Asia-Pacific, Latin America, Middle East and Africa, Central and Eastern Europe.

All the major players have been covered from 3 points of view (Overview, Recent Development and Revenue Analysis) Airbnb, Expedia, Booking Holding, Trip Advisor Inc., Trip.com Group Ltd.

Browse related report:

Japan Inbound Tourism Market: https://bit.ly/3Ir2e4A

United Arab Emirates Outbound Tourism Market: https://bit.ly/3IsMjmz

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