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The global online travel market was valued at US$ 407.1 Billion in 2021.
We expect the global online travel market to exhibit a CAGR of 11.70% during 2022-2027.
The expanding travel and tourism industry, along with the rising utilization of online travel agencies across numerous hotels to ensure more visibility and increase their overall sales and profitability, is currently catalyzing the global online travel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary restrictions on national and international travel activities, thereby limiting the overall demand for online travel.
Based on the service type, the global online travel market has been segmented into transportation, travel accommodation, and vacation packages. Among these, travel accommodation holds the majority of the total market share.
Based on the platform, the global online travel market can be divided into mobile and desktop, where desktop currently exhibits a clear dominance in the market.
Based on the mode of booking, the global online travel market has been categorized into Online Travel Agencies (OTAs) and direct travel suppliers. Currently, direct travel suppliers account for the majority of the global market share.
Based on the age group, the global online travel market can be segregated into 22-31 years, 32-43 years, 44-56 years, and above 56 years. Among these, 32-43 years age group currently holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global online travel market include Expedia Group Inc., Fareportal Inc., Hostelworld Group plc, HRS, Hurb, MakeMyTrip Pvt. Ltd., priceline.com LLC (Booking Holdings Inc.), Thomas Cook India Ltd. (Fairfax Financial Holdings Limited), Tripadvisor Inc., and Yatra.com.
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