Yahoo Finance Online Travel Market Anticipated to Reach 1134.55 Billion by 2030 with a CAGR of 11.8% - Report by Market Research Future (MRFR)
Online Travel Market Flourishes as Internet Usage Soars in Emerging Regions
New York, May 16, 2022 (GLOBE NEWSWIRE) -- Online Travel Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Online Travel Market” information by Platform Type, by Mode of Booking, by Service Type and Region – Forecast to 2030” market size to reach USD 1134.55 billion, growing at a compound annual growth rate of 11.8% by 2030.
Online Travel Market Scope:
Online travel companies work on easing travel planning as well as bookings for the travelers. The online travel sector is pushed by easy and quick flight along with hotel bookings, surge in customer trust in online payment, and the availability of an option to compare various travel alternatives. Most of the players extensively offer a variety of travel services via mobile apps and websites, since it has become a highly preferred medium of travel bookings, especially among the young professionals.
Dominant Key Players on Online Travel Market Covered are:
ixigo
com
com
Oyo Rooms
MakeMyTrip
Cox & Kings Ltd.
Cleartrip
Yatra
EaseMyTrip
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In today’s time, several travellers gleen the online websites before they travel. Travel and tourism as a whole have become a vital part of life. Given the customer trend, online travel market growth rate has been surging. Hassle-free bookings that are available via online travels are working in favor of the worldwide market. Customers are able to explore new tourist spots, destinations as well as travel information via these platforms.
Market USP Exclusively Encompassed:
Market Drivers
Surging internet penetration has resulted in huge demand for the online travel market. The majority of the end-users in the worldwide market have access to smartphones. Via devices as well as the internet, having access to online travel has become effortless. Advanced travel applications bolster the preference for online travel. Rise in consumers’ disposable income also elevates the travel and tourism rate.
Soaring awareness of online travel applications can be seen in many emerging countries. These are essential end-users with impressive market scope. The mounting demand from end-users in the emerging regions will help sustain the demand for the online travel market. Extensive usage of social media to book online travel can be yet another significant growth booster in the ensuing years.
In emerging countries, the dramatic economic surge in the past few years has led to higher disposable income. Owing to this, online travel expenditure has been rising. Domestic travel across India has become huge, while many other emerging countries are fast adopting online travel.
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Market Restraints
Shortage of centralized streamlining and connection between agencies results in confusion. This sort of gap between the leading sectors affects the operations in the market. Online travels offer online tickets, tourism, and booking details, but receiving proper approval from the government is tough. This could be a major restraining factor in the following years.
COVID-19 Analysis
The COVID-19 pandemic has been unfavorable for the majority of the sectors worldwide, giving rise to a number of public health measures, and disrupting the supply chains of the manufacturers. The spread of the pandemic has led to a shutdown of various operational facilities across the globe.
However, the companies active in the online travel market are trying to safeguard the wellbeing and health of customers while backing government goals with respect to the maintenance of vital business activities. Reduction in cash flow has been another major concern, with most of the customers falling behind on payments or unable to make purchases, while inventory is canceled owing to disrupted supply chains. On the bright side, many online travel brands are working on strategizing operations to remain resilient during the pandemic with minimum economic losses.
The players are trying to optimize their operations as well as strategies to sustain and ultimately beat the intense competition.
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Segmentation of Market Covered in the Research:
Service type, booking type, and platform are the top segments considered in the MRFR report.
Depending on platform type, the major segments can be Desktop Based, and Mobile/Tablets Based.
The modes of booking are Online Travel Agencies, as well as Direct Travel Facilitators.
Service types covered in the report are Accommodation, Transportation, and Vacation Packages.
Regional Analysis
Asia Pacific is the global leader in online travel, being home to the fastest expanding travel markets in the world. Asians are known for their high internet usage, with a whopping 90 percent of the total population connected to the internet via their mobile phones, which works in favor of the online travel sector. The market growth in the region can be attributed to the rising disposable income, surge in the middle-class population, and the high number of internet facilities. Ctrip is one of the top players in the online travel market of China, while Yatra, Cleartrip, and MakeMyTrip are the renowned online travel agencies in India.
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North America is the second biggest market for online travel given the high air accessibility as well as affordability in line with the surge in the government’s airport development program in smaller towns and cities. The online travel market in the United States benefits from numerous factors including the expanding tourism industry, coupled with the surging internet penetration and heightened smartphone usage. Other than this, the high urbanization rate and per capita income, high economic growth, and evolving lifestyle of the consumers with an inclination towards improved services as well as comfort shall also leave a tremendous impact on the regional market.
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