New York, United States , Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Global Online Travel Market size was valued at USD 354.2 Bn in 2020. The market is projected to grow USD 1,835.6 Bn in 2028, at a CAGR of 14.8 %. as per the latest research report by Spherical Insights & Consulting. Asia Pacific dominated largest market share for the global online travel market in 2020 owing to has the most potential for growth in the internet travel business, with India and China being the most profitable areas.
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Growing need for online travel services is increasing across the world. The majority of market end-users have access to mobile phones. Online travel is simple to access via smartphones and the internet. The demand for internet travel is increasing as a result of innovative travel applications. As disposable income rises, so does the rate of travel and tourism. In many parts of the world, social medicine is widely used. Through these venues, online journeys gain a bigger audience. Social media is used to share videos, information, and travel destinations. It draws a large number of people to travel online. Higher booking rates are the result of accurate information, dependable packages, and tourism events. Furthermore, social media booking has a higher conversion rate than website booking. These critical drivers will boost total profit in the online travel market. With more products on the market, further advancements are expected in the next years.
Browse key industry insights spread across 210 pages with 118 market data tables and figures & charts from the report “Global Online Travel Market Size, Share, Statistics Analysis, by Service type (Transportation, Travel Accommodation, and Vacation Packages), by Platform (Mobile and Desktop), Mode of Booking (Online Travel Agencies (OTAs) and Direct Travel Suppliers); By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2031” in detail along with the table of contents
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Many travellers nowadays consult online travel websites before embarking on their journey. Travel and tourism have become important aspects of everyday life. The internet travel business is experiencing a surge in demand as a result of this continued customer trend. These online services allow for hassle-free booking. The emergence of the travel and tourism business, as well as shifting patterns in standard of life, has resulted in a steady increase in the online travel market. The demand for online travels varies depending on the property type and is impacted by factors including location, size, and on-site amenities. The market is likely to be driven by rising disposable income, popularizing weekend culture, the introduction of low-cost airline services, and the developing service industry. The rise in spending power and the style of living are two of the most important factors driving people to luxury resorts. The demand for online travels is also fueled by a city's or country's hosting of sporting events. Sports teams, as well as spectators flying from all over the world for the tournament, prefer to stay in online travels, resulting in a rise in bookings. Major market participants are heavily investing in infrastructure and upgrading their properties with the most up-to-date amenities in order to improve aesthetics and overall consumer comfort. Over the projection period, the Asia Pacific region is expected to lead the market, followed by Europe. The business hotel category is currently leading and is projected to continue to do so in the future.
Asia Pacific dominated largest market share for the global online travel market in 2020 owing to has the most potential for growth in the internet travel business, with India and China being the most profitable areas. The increase in discretionary income, rise in the middle-class section, and increasing penetration of internet facilities are all factors contributing to the expansion. In China, Ctrip is the most popular online travel agency (OTA), whereas in India, MakeMyTrip, Yatra, and Cleartrip are the most popular OTAs.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Alibaba Group, Elong, Inc, TUI Group, Tuniu Corporation, AirGorilla, LLC, Hays Travel limited, Airbnb, Inc, Yatra Online Private Limited India, Expedia, Trip Advisor Inc., MakeMyTrip Limited, Hostelworld Group PLC (HSW), Trivago N.V, Despegar.com, Corp, Lastminute.com Group and others 30+ prominent key players we have added in the final report.
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