Online Travel Market 2018-2023: Key Findings, Regional Study

Posted by Kiran on October 23rd, 2019

Online Travel Market Highlights:

The global online travel market was valued at USD 570.25 billion in 2017, and by 2023, it could touch a valuation of USD 1,134.55 billion, reveals Market Research Future (MRFR). MRFR adds that the market is projected to attain a CAGR of 13.16% during the forecast period (2017-2023).

The global online travel market benefits primarily from the soaring customer demand in emerging and developed nations for international tours. The market is also lucratively shaped by the increasing trend of travel service sellers that strive to reach the customers directly. This prompts several travel agencies to branch out in other areas, which could elevate the growth trajectory of the online travel market in subsequent years.

Social media platforms have emerged as a prominent marketing opportunity for online travel companies in recent years. Given the large-scale use of social media by consumers, their preferences and interests are easily tracked which helps travel companies to target those that are likely to opt for travel experiences and who can also afford travel packages. These factors offer online travel companies a highly comprehensive insight into customer wants and behavior.

Another major trend making its way into the Online TravelMarketis the rising preference among travel companies to provide various other services including food and shopping experiences. With the increasing focus of primary suppliers like railway and airlines authorities on reaching out directly to customers, online travel companies are expected to expand in other areas to engage customers. Apart from this, growing use of apps, as well as online shopping portals by key suppliers of transportation options, could elevate the market position in the near future. Citing a reference, in April 2019, a renowned online travel agency in Southeast Asia named Traveloka started providing entry to spas, hotels, and movie theaters. This move was mirrored by numerous companies around the world, depicting the popularity of such aspects in the transportation sector.

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Top Companies:

The top players in the worldwide online travel market include Alibaba Group Holding Limited (China), TripAdvisor Inc. (US), Thomas Cook Group PLC (UK), Expedia Inc. (US), MakeMyTrip (India) Pvt. Ltd (India), Ryanair DAC (Ireland), eDreams ODIGEO SA (Luxembourg), Airbnb Inc. (US), International Ltd (China), Booking Holdings Inc. (US), FlixMobility GmbH (Germany), among others.

Few other companies enlisted in the MRFR report are Hays Travel limited (UK), Yatra Online Private Limited (India), CheapOair.Com (US), AirGorilla, LLC (California), Hotel Urbano Travel and Tourism SA (Brazil), Tuniu Corporation (China), Hostelworld Group (Ireland), to name a few.

Market Segmentation:

The worldwide online travel market has been split into platform type, mode of booking, and service type.

The types of platforms are mobile/tablets-based and desktop-based platform.

With respect to the mode of booking, the segments covered by the report are online travel agencies and direct travel facilitators.

With context to the service type, the market includes accommodation, transportation, and vacation packages. The transportation segment consists of air travel, train travel, bus travel, and others. The accommodation segment can be divided into hotels and guest house/dormitory, while the vacation packages segment has been considered for in-country and outside country.

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Joined: October 18th, 2019
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