Online Travel Market

Online Travel Market was valued at USD 540.2 billion in 2021 and is expected to reach USD 1,263.0 billion by 2029, growing at a CAGR 11.2% over the forecast period (2022-2029), attributed to increasing consumers inclination towards adventure travel.

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Key Drivers

Factors driving growth of market includes expansion of travel and tourism industry, rising penetration of smartphone worldwide, growing influence of social media platforms such as Facebook, Twitter, and Instagram, increasing demand for individualized and authentic travel experience by customers and improvements in the living standards. As per the report published by UN World Tourism Organization and IMF staff calculations, number of international tourists have increased from 680 million in 2000 to more than 1.5 billion in 2019, which is expected to accelerate the market growth in the approaching years. Additionally, technological advancements in mobile applications have made the booking more flexible and comfortable for consumers, which is further pushing the Global Online Travel Market. Moreover, emerging trend of solo travelling, rising focus of travel agencies on developing mobile-friendly applications, fall in the prices air tickets, favorable Government policies and rapid urbanization, are some of the additional factors supplementing the Online Travel Market share.

In addition, the increasing investments by major corporations on research and development, strategic partnerships, and collaborations between enterprises, rise in the sales of laptops and tablets and growing population growth rates, are further contributing towards the market growth. Consumers are increasingly opting for online travel services because it offers secured and easy payment modes, provides review of other hotels, free and easy cancellation facilities and are open 24*7, which are expected to generate tremendous opportunities in the market. However, increasing concerns related to safety and security of customers during online payment, is restricting the growth of Online Travel Market.

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Mode of Booking Segment Analysis

Based on the mode of booking, the Online Travel Agencies (OTAs) segment is expected to increase at a higher CAGR during the forecast period. This mode of booking saves time and money for customers because online travel agencies do not charge any consultancy fees, offers expert insights & a safety net to the trip, and enables customers to check reviews, before checking in.

On the other hand, Direct Travel Suppliers segment is expected to lead the market growth over the forecast period. Attractive travel packages offered by direct travel suppliers, providing pocket friendly and comfortable experience to customers, which is propelling growth of the segment.

Services Type: Segment Analysis

Travel Accommodation is projected to lead the market during the forecast period, because of the growing urbanization, increasing online booking of trains, flights, and buses by, rise in consumer’s spending on travel related activities, and easy broadband accessibility worldwide, are some of the factors propelling the segment’s growth. Moreover, the growing demand for traveling for adventure related activities across Asian countries such as India and China, has strengthened the market growth.

Age Group: Segment Analysis

Based on the age group, the 22-31 segment is anticipated to grow at a higher compound annual growth rate over the forecast period. Consumers of age group between 22-31 years, are spending more on travel related activities as compared to other age groups, which is the major factor propelling segment’s growth. Furthermore, the inclination of the young age population for exploring new destinations along with increasing use of smartphones for booking flights and hotels, are some other factors driving the market growth of this segment.

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Regional Analysis

Based on the region, Asia-Pacific is expected to dominate the market during the forecast period attributed to Government policies supporting the travel and tourism industry, increasing smartphone penetration rates across India, China, and South Korea, growing per capita incomes, high population growth rates and rising usage of internet, are pushing the market. The presence of several online travel agencies such as Yatra, MakeMyTrip, and the increasing adoption of advanced technologies in the travel industry, are propelling the Online Travel Market size in Asia-Pacific region.

On Contrary, Europe is forecast to hold a higher CAGR over the forecast period. Presence of the leading players such as Hostelworld Group, Trivago, and Thomas Cook Group plc, expansion of travel and tourism industry, increasing population growth rates and high per capita incomes, are some of the factors augmenting the market growth in Europe. Furthermore, the rising number of independent/solo travelers and increase in the online travel agencies have strengthened the market growth.

Key Developments:

• • In 2019, TripAdvisor LLC Expedia Group entered into a strategic partnership with Trip.com Group for expanding its cooperation globally. Through this partnership, the company planned to expand its reach and assist the outbound travelers of China in planning more meaningful trips.
  • In 2018, Expedia Group entered into a partnership with Chase Card Services to enhance the Chase Ultimate Rewards travel hub with new capabilities, enhanced redemption facility, and more choices.
  • In October 2022, Booking.com, decided to hire 100 employees for its newly launched Centre of Excellence in Bengaluru by CY 2022.
  • In February 2018, Thomas Cook (India) Ltd., strengthened its presence in the Indian market by opening 8 new outlets in 2017, which expanded company’s distribution and reach in South India to 50 consumer access centers: 23 owned branches and 27 Gold Circle Partner (franchise) outlets.
  • In May 2022, MakeMyTrip Pvt. Ltd., decided to expand its business-to-business segment, by targeting large corporates and micro, small and medium enterprises to tap the opportunity in domestic corporate travel. MakeMyTrip Pvt. Ltd. currently hold more than 1,650 mid-to-large corporates and more than 30,000 MSME clients.
  • In April 2022, Expedia Group and Qtech Software, decided to extend collaboration to deliver access to Expedia Group’s travel supply to travel businesses globally.

Segments covered in the Report:

The global online travel market has been segmented on the basis of mode of booking, types of platform, services type, age group, and region. Based on the mode of booking, the market is segmented into direct travel suppliers and online travel agencies (OTAs). Based on the types of platform, the market is segmented into the desktop and mobile. Based on the services type, the market is segmented into travel accommodation, transportation, and vacation packages. Based on the age group, the market is segmented into 22-31, 32-43, 44-56, and >56.

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Key questions answered in this research report:

• • At what pace is the global online travel market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global online travel market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global online travel market?
  • Which type of platform generated maximum revenues in 2021 and identify the most promising platform during the forecast period?
  • What are the various services types of the online travel market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 540.2 Billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Mode of Booking, By Types of Platform, By Services Type, By Age Group, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Booking Holdings Inc., Expedia Group, Trip.com Group Limited, TripAdvisor LLC, Hurb, Hostelworld Group, CheapOair.Com, Thomas Cook Group plc, trivago, and MakeMyTrip Pvt. Ltd., among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Online Travel Market by Mode of Booking

• • Direct Travel Suppliers
  • Online Travel Agencies (OTAs)

Global Online Travel Market by Types of Platform  

• • Desktop
  • Mobile

Global Online Travel Market by Services Type

• • Travel Accommodation
  • Transportation
  • Vacation Packages

Global Online Travel Market by Age Group

• • 22-31
  • 32-43
  • 44-56
  • >56

Global Online Travel Market by Region

• • North America Online Travel Market (Option 1: As a part of the free 25% customization)
    • By Mode of Booking
    • By Types of Platform
    • By Services Type
    • By Age Group
    • US Market All-Up
    • Canada Market All-Up
  • Europe Online Travel Market (Option 2: As a part of the free 25% Customization)
    • By Mode of Booking
    • By Types of Platform
    • By Services Type
    • By Age Group
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Online Travel Market (Option 3: As a part of the free 25% Customization)
    • By Mode of Booking
    • By Types of Platform
    • By Services Type
    • By Age Group
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Online Travel Market (Option 4: As a part of the free 25% Customization)
    • By Mode of Booking
    • By Types of Platform
    • By Services Type
    • By Age Group
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Online Travel Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Booking Holdings Inc.
  • Expedia Group
  • com Group Limited
  • TripAdvisor LLC
  • Hurb
  • Hostelworld Group
  • Com
  • Thomas Cook Group plc
  • Trivago
  • MakeMyTrip Pvt. Ltd.