Global Online Travel Market Share Is Likely To Reach At A CAGR Value Of Around 14.9% By 2028

20-Sep-2022 | Facts and Factors

According to Facts and Factors, the global online travel market size was worth around USD 354.25 billion in 2021 and is predicted to grow to around USD 1835.7 billion by 2028 with a compound annual growth rate (CAGR) of roughly 14.9% between 2022 and 2028.

Global Online Travel Market Size

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Online travel is the use of technology for the movement of animals, humans, and objects from one place to another. The distance can be short, long, domestic, or international and could be driven by various reasons including leisure trips, profession-enforced, vacations, or temporary or permanent migration. People who wish to travel can plan their itinerary depending on their wishlist and do not have to rely on travel agents, they can also choose which place they wish to stay depending on their budget and availability along with other such benefits. The travel industry has undergone an information technology (IT) revolution, and online travel is a result of the same. Although it offers various benefits to the user, there are some disadvantages associated with it; however, with the rising technological growth and immense market penetration of the internet, the online travel industry has the scope for exponential growth in the coming years. A major share of the global market cap is owned by the tourism sector, which refers to the movement of people for private reasons, and owing to reasons like an increase in options, the presence of travel modes for every consumer segment, increased transparency, along with other benefits.

Browse the full “Online Travel Market Size, Share, Growth Analysis Report By Platform (Mobile, and Desktop), By Service Type (Vacation Packages, Travel Accommodation, and Transportation), By Mode of Booking (Direct Travel Suppliers, and Online Travel Agencies), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/online-travel-market

The global market cap witnessed massive losses during 2020 and the beginning of 2021 due to travel restrictions witnessed in all countries. For the whole of 2020, most countries had stopped accepting foreign nationals from other countries and this was observed in more areas that were the most affected by the virus, for instance, India, China, South Africa, and the United States to name a few. However, by the end of 2020, as borders started operations, the global market picked up a slow but steady pace.

The global online travel market is projected to grow owing to rising consumer awareness in developing nations. In countries that already have an existing consumer database, the growth is steady however, more growth is expected driven by regions that have a lot of consumers left unexplored and with the market penetration of IT and the internet, the global market revenue is anticipated to reach newer heights. Another contributing factor is the rise in the number of international students who prefer to study in international colleges for higher exposure. For instance, as of January 2021, more than 1.1 million Indian students were studying in 85 other international countries. As per official data by the Higher Education Statistics Agency, over 605,130 students were of international origin pursuing degrees in the United Kingdom. In 2021, over 30% of international students were known to be of Chinese origin.

The growing digital fraud may restrict the global market expansion while the rise in prevailing offers on digital travel booking is expected to attract more customers. However, problems with application-related bookings are projected to challenge the global market expansion.

The global online travel market is segmented by platform, mode of booking, service type, and region.

Based on platform, the global market segments are mobile and desktop. The global market is currently dominated by the mobile segment owing to its convenience, and on-the-go bookings. The segment is expected to grow at a CAGR of 15.75% by 2028.

Based on mode of booking, direct travel suppliers and online travel agencies are two segments with direct travel suppliers witnessing a major segmental revenue. As per official reports from booking.com, the company amassed revenue of USD 14.64 billion in 2022.

Based on service type, the global market is divided into vacation packages, travel accommodation, and transportation. In 2021, the global market generated the highest revenue from the travel accommodation segment owing to the availability of a wide range of options at discounted prices. As per estimates, more than USD 120 billion was generated from this segment in 2020.

North America is anticipated to lead the global online travel market with the United States leading the regional market share. The growth is expected to be propelled by the increasing number of international students preferring to pursue further studies in the US while Canada is becoming a favorite amongst international settlers who wish to relocate to other countries. The Canadian government has invested heavily in trying to attract more migrants to relocate which acts as a revenue-generating factor for global market growth. Increasing tourism in European countries like Spain, Portugal, the UK, and others will contribute to the regional market share. The revenue from Asia-Pacific is anticipated to be driven by the rising number of travelers from countries like China and India, which is also being claimed as the fifth-largest country with the highest number of citizens traveling to the United States

Report Scope

Report Attribute

Details

Market Size in 2021

USD 354.25 Billion

Projected Market Size in 2028

USD 1835.7 Billion

CAGR Growth Rate

14.9% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Tripadvisor, Hostelworld.com, MakeMyTrip Ltd, Ebury Partners, Expedia Group, and others.

Key Segment

By Platform, Service Type, Mode of Booking, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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The global online travel market is dominated by players like Tripadvisor, Hostelworld.com, MakeMyTrip Ltd, Ebury Partners, Expedia Group, and others.

Recent Developments:

  • In April 2022, Expedia and Qtech software entered a collaboration aiming to deliver high-grade hotel and technology content for business travelers.
  • In May 2022, Expedia announced its new strategy at Explore 2022, involving travelers' benefits, technology platform, and marketplace, to better serve partners and customers.

The global online travel market is segmented as follows:

By Platform

  • Mobile
  • Desktop

By Service Type

  • Vacation Packages
  • Travel Accommodation
  • Transportation

By Mode of Booking

  • Direct Travel Suppliers
  • Online Travel Agencies

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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