To cater this potential target audience, market players have adopted various approaches, the most effective being the internet.
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Online travel services offer convenient usage of debit & credit cards and a platform to compare prices, features, and services of online travel products, which has led to the escalation in adoption of these services. Moreover, customers tend to rely on websites review to avail the best online travel deals.
Hectic lifestyle, rise in disposable income, and increased spending power has encouraged people to plan holiday trips at frequent intervals, thus, driving the online travel market growth. Also, entry of established ecommerce players such as Alibaba (online travel site Alitrip), in online travel market, is intensifying the market competition.
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Travel and tourism is one of the largest and fastest growing industries, as there has been a surge in the number of travelers in the recent years, for various reasons such as recreation, enjoyment, relaxation, and business among others. In the year 2014, this increase in number of travelers and their travel spent accounted for nearly 10% of the global GDP.
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Online travel services have gained popularity among travelers as it enables them to avail a number of services such as booking flight tickets, hotels, holiday packages, and car rentals using their phone or computer anytime and anywhere. Online travel services can be availed either through online travel agencies (OTAs) or direct travel suppliers.
According to market analysis, online travel bookings witnessed a growth of nearly 12.1% in 2015 and the rate has been growing steadily.
The market is categorized by mode of booking, types of platform, types of services, age group and geography. By mode of booking, the online travel market comprises online travel agencies (OTAs) and direct travel suppliers.
Based on types of platform, the market is sub-segmented into mobile and desktop. By types of services, it is sub-segmented by transportation, travel accommodation, and travel packages.
Based on age group, the market is bifurcated into 22-31, 32-43, 44-56, and >56. By geography, the market is broadly segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report are Expedia, Inc., Priceline Group Inc., TripAdvisor LLC, Ctrip.com International, Ltd., Hostelworld Group, Hotel Urbano Travel and Tourism SA, Cheapoair.Com. Trivago GmbH, Thomas Cook Group Plc, and MakeMyTrip Limited.
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- The study provides an in-depth analysis of the online travel market to elucidate the imminent investment pockets.
- Current trends and future estimations are outlined to single out profitable trends and gain a stronger foothold in the market.
- The report provides information about key drivers, restraints, and opportunities with a detailed impact analysis.
- Quantitative analysis of the current market and estimations from 2014 to 2022 is provided to showcase the financial competency.
- Porter’s Five Forces model of the industry illustrate the potency of the buyers and suppliers.
- Value chain analysis provides a clear understanding of the roles of stakeholders involved.
The market is segmented on the basis of mode of booking, types of platform, and service types, age group, and geography.
BY MODE OF BOOKING
- Online Travel Agencies
- Direct Travel Suppliers
BY TYPES OF PLATFORM
BY SERVICE TYPES
- Travel Accommodation
- Vacation Packages
BY AGE GROUP
- North America
- Rest of Europe
- Rest of Asia- Pacific
- Latin America
- Middle East
- Expedia, Inc.
- Priceline Group Inc.
- TripAdvisor LLC
- Ctrip.Com International, Ltd.
- Hostelworld Group
- Hotel Urbano Travel and Tourism Sa
- Trivago Gmbh
- Thomas Cook Group plc
- MakeMytrip Limited
- Other players in the value chain include (profiles not included in the report)
- Alibaba Group
- Elong, Inc.
- TUI Group
- Tuniu Corporation
- AirGorilla, LLC
- Hays Travel limited
- Airbnb, Inc.
- Yatra Online Private Limited, India
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