Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "Online Travel Agent Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global online travel agent market will grow from $761.9 billion in 2022 to $865.5 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The online travel agent market is expected to grow to $1,060.01 billion in 2027 at a CAGR of 5.2%.
Major players in the online travel agent market are Booking.com, Expedia Inc., Ctrip, TripAdvisor, Trivago, eDreams Odigeo, Despegar, MakeMyTrip, Lastminute, and On the Beach, Alibaba Group Holding Limited, Hostelworld Group, Hotel Urbano Travel and Tourism SA, Fareportal Inc., Trivago GmbH, ThomasCook Group, Priceline Group Inc., HRS, Agoda, Airbnb Inc., and Hotel.de.
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The online travel agent market consists of revenues earned by entities that are engaged in selling travel services through online channels. Travel agents are engaged in the sales of travel services such as flights, buses, vacation packages, hotels, and rental cars via online networks. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Online travel agents or agencies are individuals or companies with websites that allow consumers to book various travel-related services via the internet. Online travel agents invest in marketing and advertising to attract potential international customers.
Asia Pacific was the largest region in the online travel agent market in 2022. Western Europe was the second largest region in the online travel agent market. The regions covered in the online travel agent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of services in online travel agents are vacation packages, transportation, and accommodation. A package tour, package vacation, or package holiday is a combination of transportation and lodging advertised and offered by a tour operator. The different platforms include mobile/tablets based, desktop based and are available in various categories such as hotel bookings, tickets, and others.
The surge in smartphone users along with growing internet penetration is anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of the internet and growth in the number of smartphone users is contributing to the consumer shift towards online channels for travel ticket and hotel bookings.
Rising possibilities of uncertain events such as the COVID-19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agent. According to the UNWTO estimates, global international tourist arrivals in 2020 are predicted to fall by 20% to 30% compared to the previous year, which translates into a loss of $30-50 billion in travel spending by international visitors.
Thus, the online travel agent market is to record a decline in 2020 owing to the impact of COVID-19 across the globe. Moreover, according to Travel Daily Media news, Typhoon Mangkhut jolts Hong Kong and China leaving the tourism, aviation, and transportation industry at standstill. Therefore, the possibility of natural events is probably restraining the growth of the tourism industry including the online travel agent market during the coming years.
Growing initiatives by the government of various countries to promote tourism and built strong tourism infrastructure to boost the revenues generated from the tourism industry is a major trend propelling the growth of the online travel agent market during the period. For instance, according to The Budget 2022, the Government of India allocated an additional amount of INR 2400 crores ($307.12 million) to the Ministry of Tourism.
This budget is 18.42% higher than 2021-22, and it will be used by the Ministry of Tourism for developing tourism infrastructure, marketing and promotion, and capacity building. Therefore, the government initiatives and steps to promote tourism and develop tourism infrastructure are to act as a key trend in the online travel agent market over the period.
The countries covered in the online travel agent market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $865.5 billion |
| Forecasted Market Value (USD) by 2027 | $1060.01 billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Online Travel Agent Market Characteristics
3. Online Travel Agent Market Trends And Strategies
4. Online Travel Agent Market - Macro Economic Scenario
4.1 COVID-19 Impact On Online Travel Agent Market
4.2 Ukraine-Russia War Impact On Online Travel Agent Market
4.3 Impact Of High Inflation On Online Travel Agent Market
5. Online Travel Agent Market Size And Growth
5.1. Global Online Travel Agent Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Online Travel Agent Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Online Travel Agent Market Segmentation
6.1. Global Online Travel Agent Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Vacation Packages
- Transportation
- Accommodation
6.2. Global Online Travel Agent Market, Segmentation By Platform, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Mobile/Tablets Based
- Desktop Based
6.3. Global Online Travel Agent Market, Segmentation By Category, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hotel Bookings
- Tickets
- Other Categories
7. Online Travel Agent Market Regional And Country Analysis
7.1. Global Online Travel Agent Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Online Travel Agent Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/issuva
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