Portland, OR, April 10, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mobile travel booking market garnered $228.4 billion in 2021 and is estimated to generate $612.5 billion by 2031, manifesting a CAGR of 10.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $228.4 billion |
| Market Size in 2031 | $612.5 billion |
| CAGR | 10.7% |
| No. of Pages in Report | 402 |
| Segments covered | Application, Payment Mode, Tourism Type, and Region |
| Drivers | The rise in the penetration of smartphones and internet connectivity |
| Growth in global travel and tourism industry | |
| The rising disposable income and middle-class population | |
| The increase in the demand for personalized experiences | |
| The use of AI and machine learning to improve customer service | |
| Opportunities | Technological advancements in the field |
| Restraints | Competition from traditional travel agents |
COVID-19 Scenario:
- The COVID-19 outbreak had a negative impact on the global mobile travel booking market owing to travel restrictions and lockdowns by several governments. This led to a decrease in mobile travel bookings as people cancelled or postponed their travel plans.
- Due to the decrease in demand, many mobile travel booking companies saw a significant loss of revenue. Some companies were forced to cut costs, lay off employees, or shut down their operations entirely.
- Furthermore, the pandemic led to the emergence of new competitors in the mobile travel booking market, such as airlines and hotels that started offering their own booking services. This increased the competition for mobile travel booking companies and put further pressure on their revenue and growth.
The research provides detailed segmentation of the global mobile travel booking market based on application, payment mode, tourism type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on application, the transportation booking segment accounted for the highest share in 2021, contributing to nearly half of the global mobile travel booking market and is expected to maintain its lead in terms of revenue during the forecast period. However, the vacation packages segment is expected to register the highest CAGR of 13.3% from 2022 to 2031. The report also discusses accommodation booking, vacation packages, and others segments.
Based on payment mode, the debit/credit card segment held the largest share in 2021, contributing to nearly three-fifths of the global mobile travel booking market and is projected to maintain its dominant share in terms of revenue in 2031. The UPI segment, on the other hand, is expected to manifest the highest CAGR of 12.8% from 2022 to 2031.
Based on tourism type, the domestic segment accounted for the highest share in 2021 contributing to nearly four-fifths of the global mobile travel booking market and is expected to maintain its lead in terms of revenue during the forecast period. However, the international segment is expected to manifest the fastest CAGR of 14.3% during the forecast period.
By region, Asia-Pacific held the largest share in 2021, contributing to around one-third of the global mobile travel booking market share and is projected to maintain its dominant share in terms of revenue in 2031. The same region is expected to manifest the fastest CAGR of 13.0% during the forecast period. The report also discusses Europe, North America, and LAMEA region.
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Leading market players of the global mobile travel booking market analyzed in the research include Booking.com, Hostelworld.com Limited, Expedia, inc., Skyscanner Ltd., Airbnb, Inc., Cleartrip Pvt. Ltd., Laterooms, MAKEMYTRIP PVT. LTD., and TripAdvisor LLC, Trip.com.
The report provides a detailed analysis of these key players of the global mobile travel booking market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile travel booking market forecast from 2021 to 2031 to identify the prevailing mobile travel booking market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the mobile travel booking market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global mobile travel booking market, key players, market segments, application areas, and market growth strategies.
Mobile Travel Booking Market Report Highlights
Application
- Vacation Packages
- Accommodation Booking
- Transportation Booking
- Others
Payment Mode
- Debit/Credit Card
- UPI
- E-Wallets
- Others
Tourism Type
- Domestic
- International
By Region : North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)
Key Market Players:
Airbnb, Inc., Booking.com, Cleartrip Pvt. Ltd., Hostelworld.com Limited, Laterooms, Expedia, inc., MAKEMYTRIP PVT. LTD., Skyscanner Ltd , TripAdvisor LLC, Trip.com
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/mobile-travel-booking-market/purchase-options
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