The GMI Research foresees an aggravation in the demand of the Online Travel Market over the forecast period. This is because of the rising disbursement on travel, the increasing preference of millennials to explore new places, and the growing usage of smartphones.
Introduction of the Online Travel Market
Online travel refers to the travel booked online via a website having the specialty in making the arrangements for travel such as car rentals, flight tickets, and packages. The agencies assisting in the booking are online agencies or any direct suppliers. The agencies allow customers to involve while they are booking, planning, or their travels.
Key Players of Market:
• Expedia Group
• Booking Holdings Inc.
• com Group Limited
• Hurb
• TripAdvisor LLC
• Hostelworld Group
• Thomas Cook Group plc
• MakeMyTrip Pvt. Ltd.
• Trivago
Online Travel Market Dynamics
The enlarging tourism sector and the accelerating penetration of smartphones and the internet are compounding the growth of the global online travel market. Also, the aggravating execution of technological modernizations in the online travel sector as well as the growing usage of mobile applications to make travel booking convenient and pliable, are further strengthening the market size. Moreover, rising rural to urban migration, accelerating disposable income, stable economic growth, and the increasing inclination of individuals towards better services and comfort will pave the way for Online Travel Market Size.
Besides this, enormous services proffered by online travel such as safe and easy mode of payment, online checking of reviews of hotels, transportation capability, and free cancellation is stimulating the market growth. Furthermore, the rising trust of customers in online payment and the introduction of several sophisticated types of mobile applications with ameliorated deals are proliferating the market growth. However, the Online Travel Market Research Report states that the intensified apprehension towards protection and safety at the time of online booking and remittance has hindered the market growth. Further, the outburst of the coronavirus crisis resulted in a swift reduction in demand, mainly in 2020. This is because of the entire lockdown imposed across numerous countries and the blocking of the borders. Moreover, the closure of the airline industry and the threat of exposure to coronavirus while traveling have stimulated individuals to stay at their homes. Thus, as per the Global Online Travel Market Report, all these factors together have negatively impacted the market demand. Nonetheless, the market is contemplated to rebound in 2021 while expanding at a significant rate from 2022.
Mode of Booking Segment Drivers
According to the mode of booking, Online Travel Agencies (OTAs) are anticipated to bolster at a faster rate over the coming years. This is attributed to the robust acquisition of this booking method by the customers because of their exceptional features such as assistance in retaining time & money as they don't impose any consultancy fees, proffers expert perception and security net to the trip thus creating the multi-destination travel convenient and enable the review check.
Geographical Drivers
Based on the regional coverage, Asia-Pacific is projected to sustain its supremacy over the coming years. The accelerating number of visitors as a result of the mounting disposable income and implementation of the internet across emerging nations are driving the market growth. Furthermore, the prevalence of various online travel agencies such as MakeMyTrip, Yatra and the increasing usage of modernized technologies in the travel industry will bolster the online travel market share.
Online Travel Market Segmentation:
Segmentation by Booking
• Direct Travel Suppliers
• Online Travel Agencies (OTAs)
Segmentation by Types of Platform
• Desktop
• Mobile
Segmentation by Services Type
• Travel Accommodation
• Transportation
• Vacation Packages
Segmentation by Age Group
• 22-31
• 32-43
• 44-56
• >56
Segmentation by Region:
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• RoW
o UAE
o Brazil
o South Africa
o Saudi Arabia
About GMI Research
The research and consulting organisation provides research reports and business penetration to various enterprises to help them make prudent business policies and attain viable growth in the specific market domain. Our cosmic team of analysts and experienced researchers proffer a comprehensive solution for the client. The research report provides a comprehensive analysis, including forecasts, view on competitive landscape, factors impacting the market growth, and other market acumen to support companies in making a judicious decision.
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