Press release
Online Travel Agent Market Share, Research Analysis And Forecast 2024-2033
Online Travel Agent Market
The Business Research Company offers in-depth market insights through Online Travel Agent Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The online travel agent market size has grown steadily in recent years. It will grow from $865.5 billion in 2023 to $905.89 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to rise in disposable income, strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, a rise in e-commerce, acceptance of solo travel and technological advances.
The online travel agent market size is expected to see strong growth in the next few years. It will grow to $1121.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rapidly growing urban population, increasing population growth, a shift in travel trends, the resurgence of staycation, faster economic growth, a surge in smartphone users, increased car rental opportunities, technology, and government initiatives. Major trends in the forecast period include focus on new technology developments, new and innovative product launches, focus on offering attractive packages to the solo travelers to maximize profits, focus on customer acquisition by launching direct booking platforms, focus on improving rank on search engines to attract customers, consider investing in chatbots to improve customer experiences and consider investing in acquisitions to improve user experience and to have a wider customer base.
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Market Segmentation:
The online travel agent market covered in this report is segmented -
1) By Service Type: Vacation Packages, Travel, Accommodation
2) By Platform: Mobile/Tablet Based, Desktop Based
3) By Category: Hotel Bookings, Tickets, Others
Major Driver - Smartphone And Internet Adoption Driving Growth In The Online Travel Agent Industry
The surge in smartphone users along with growing internet penetration is anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of the internet and growth in the number of smartphone users is contributing to the consumer shift towards online channels for travel ticket and hotel bookings. For instance, according to a special report on Digital 2020 published by We Are Social in January 2020, the number of internet users in 2020 augmented to 4.54 billion across the globe, recording a growth of 7% or 298 million new users compared to January 2019. Furthermore, according to Zippia, as of 2022, there are 6.65 billion smartphone users globally, and this number is expected to grow to 7.34 billion by 2025. Consequently, the rise in the number of smartphone users coupled with increasing internet penetration is forecast to propel the revenues for the growth of online travel agent market in the years to come ahead.
Competitive Landscape:
Major companies operating in the online travel agent market report are Booking Holdings, Expedia Group, Airbnb, Trip.com Group Limited, TripAdvisor, eDreams Odigeo, Despegar, MakeMyTrip Limited, lastminute.com NV, Hostelworld Group, Agoda, Tiket.Com, Pegipegi.Com, Fliggy, Qunar, Qyer, Mafengwo, Cncn Travel, Elong, Lvmama, Tongcheng Network Technology Co, Tujia, Xiaozhu, Klook, Huangbaoche, Huoli, China International Travel Service Corporation Limited, Tuniu, Travelplan Australia, Traveloka, Utiket, Nusatrip, Yanolja, Daily Hotel, Hanatour, Mode Tour, Yatra, Cleartrip, Easemytrip, Goibibo, Thomas Cook India, Jtb (Japan Travel Bureau) Corporation, Jalan, Japanican.Com, Ikyu, Evolable, Ab-In-Den-Urlaub.De, Holidaycheck.De, Fluege.De, Opodo.De, Weg.De, Ltur.Com, Sherpa Expeditions, Stoke Travel, Topdeck Travel, Sicily Activities, Flag Travel Holidays, Soleto Travel, Busabout, Euroventure, Skyscanner Ltd, On The Beach Group Plc, Booking.Com Ltd, We Love Holidays Ltd, Secret Escapes Ltd, Voyage Prive Uk, Vola.Ro, Esky.Ro, Fly-Go, Oktogo, Travelata, Aviasales, Tutu.Ru, Anywayanyday, Onetwotrip, Ozon Travel, Ostrovok.Ru, Onlinetours, Hipway, Unitiki, Weatlas, Zenhotels, Hotwire, Intrepid Travel, G Adventures, Destination Services Mexico, On The Go Tours, Bel Air Travel, Canada Travels, Canuck Abroad, Flightcentre.Ca, Priceline, Lonely Planet Global Inc, Dxtravela, Decolar.Com, Submarino Viagens, Viajanet, Exodus Travels, Say Hueque Argentina Journeys, Almosafer, Contiki, Flyin, Holiday Me, Hoojoozat, Luxury Gold, Musafir, Peregrine Adventures, Rehlat, Tajawal, Trafalgar, Trexperience, Tucan Travelintrepid Travel, Yamsafer.
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Top Trend - Government-Led Initiatives And Tourism Infrastructure Development
Growing initiatives by the government of various countries to promote tourism and built strong tourism infrastructure to boost the revenues generated from the tourism industry is a major trend propelling the growth of the online travel agent market during the period. For instance, according to The Budget 2022, the Government of India allocated an additional amount of INR 2400 crores ($307.12 million) to the Ministry of Tourism. This budget is 18.42% higher than 2021-22, and it will be used by the Ministry of Tourism for developing tourism infrastructure, marketing and promotion, and capacity building. Therefore, the government initiatives and steps to promote tourism and develop tourism infrastructure are to act as a key trend in the online travel agent market over the period.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Online Travel Agent Market Characteristics
3. Online Travel Agent Market Trends And Strategies
4. Online Travel Agent Market - Macro Economic Scenario
5. Online Travel Agent Market Size And Growth
…..
27. Online Travel Agent Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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