The Future of Travel is Online: Exploring the Global Online Travel Market
The online travel industry has seen tremendous growth over the last decade. Consumers are increasingly using digital platforms to research, plan, book, and manage trips. The global online travel market size was valued at USD 984.6 billion in 2021 and is projected to grow at a CAGR of 11.8% from 2022 to 2030.
Online Travel Market Overview:
The online travel market refers to the aggregation of products and services related to planning and booking trips via internet-based platforms. It comprises several key sectors:
- Online Travel Agencies (OTAs): Platforms like Expedia, Booking.com, that allow customers to research, compare and book flights, hotels, transportation, cruises and travel packages.
- Metasearch Engines: Sites like Kayak, TripAdvisor and Trivago that aggregate travel listings from suppliers and OTAs.
- Suppliers: Airlines, hotel chains, car rental companies who sell directly to consumers through their own websites.
- Travel Review Sites: Platforms like TripAdvisor, Yelp that provide reviews, ratings to research accommodation, restaurants and activities.
- Travel Communities: Social networks like TravelBuddy, TourBar that connect travelers and locals.
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Key Market Segments
The online travel market can be segmented by booking platform, service type, device, payment model and region:
- By Platform: Mobile and Desktop
- By Service Type: Transportation booking, accommodation booking, package tours
- By Device: Mobile devices and desktops
- By Payment Model: Direct payments and travel agency payments
- By Region: North America, APAC, Europe, South America, MEA
Key Market Drivers
- Increased internet and smartphone penetration globally
- Rising disposable incomes especially in developing nations
- Demand for personalized travel experiences
- Travelers seeking convenience, ease of comparison and reviews
- Innovative pricing and bundling strategies by OTAs
Key Companies
The online travel industry is dominated by two major players – Expedia Group and Booking Holdings. Other key players include:
- Airbnb
- Trip.com Group
- Ryanair
- easyJet
- MakeMyTrip
- TripAdvisor
Regional Insights
APAC is the largest and fastest growing regional online travel market driven by the rising middle class in India and SEA, and increased outbound travel from China. North America and Europe are relatively mature markets with moderate growth. Latin America and MEA present new expansion opportunities.
Latest Industry News
- Airbnb aims to go public in 2020 at a $35 billion valuation
- Expedia invests $275 million in Southeast Asia’s Traveloka
- Booking Holdings invests $500M in Chinese ride-hailing firm Didi
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