Online Travel Booking Market was valued at US$ 561.99 Bn. in 2022 and the total revenue is expected to grow at 9.7% of CAGR through 2023 to 2029, reaching nearly US$ 1074.4 Bn.
Online Travel Booking Market Overview:
The Online Travel Booking market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Online Travel Booking Market, as well as the reasons for variations in the industry’s growth in various locations.
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Top-down and bottom-up approaches are used to validate the market size and to estimate the market size by different segments. The market estimations in the report are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). The percentage splits, market shares, and breakdowns of the segments are derived based on weights assigned to each of the segments on their utilization rate and average sale price. The country-wise splits of the overall market and its sub-segments are based on the percentage adoption or utilization of the given market Size in the respective region or country.
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Segmentation:
Global Online Travel Booking Market, by Device Outlook (2022-2029)
• Desktop
• Mobile
The online travel booking market is divided into desktop and mobile based on Device Outlook. During the projected period, mobile devices are anticipated to rule the online travel booking industry. Even though mobile has conquered the majority of the internet, online booking on mobile is still not particularly common. Even though mobile has mostly assumed the place of the internet, online booking is still not a common practise. Nearly 80% of Americans still like using their desktop or laptop computer to make a reservation. These numbers are consistent throughout the world; 33% of passengers in France, 15% in Germany, and 25% in the United Kingdom make reservations using their mobile devices. In the United States, 48% of smartphone users said they’ll only use their devices while travelling.
Global Online Travel Booking Market, by Booking Method (2022-2029)
• Online Booking
• Direct Travel Agency
The online travel booking market is divided into two categories based on the method of booking: online booking and direct travel agency. In 2022, direct travel agencies held the biggest market share. Only 24.3% of Americans book their vacation through a physical agency, despite the fact that doing so can save customers up to $452 and four hours of preparation time each trip in the online travel booking industry. One-stop digital shops that enable customers to plan their entire trip on one website are currently driving the growth of the travel industry. By 2020, according to several estimates, these companies will own 41% of the market. However, according to current research, travel agents might return in 2020.
Global Online Travel Booking Market, by Service Type (2022-2029)
• Vacation Packages
• Accommodation Booking
• Transportation Booking
• Others
Key Players in the Online Travel Booking Market are:
1. Ixigo-Le Travenues Technology Ltd (India)
2. MAKEMYTRIP PVT. LTD. (India)
3. Cox & Kings Ltd. (India)
4. Cleartrip (India)
5. Yatra Online Limited (India)
6. EaseMyTrip (India)
7. Thomas Cook Ltd. (India)
8. Faresdaddy (India)
9. Apricot Tours (pakistan)
10.Trip.com Group Limited (China)
11.Agoda (Singapore)
12.Trip.com Group (Singapore)
13.HolidayPasal.com (Nepal)
14.KoreaTravelEasy (South Korea)
15.Traveloka (Indonesia)
16.Expedia Group, Inc. (US)
17.Booking Holdings Inc. (US)
18.Tripadvisor, Inc. (US)
19.corporateFlights.com (US)
20.2FN Travel (US)
21.Airtkt.com, Inc (US)
22.Q Travel Cloud (UK)
23.Lastminute.com Group (Switzerland)
24.Booking.com (Netherlands)
25.Despegar (Argentina)
Regional Analysis:
Individual market influencing elements and changes in market laws that influence present and future market trends are also included in the geographical overview of the Online Travel Booking market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
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COVID-19 Impact Analysis on Online Travel Booking Market:
Due to a break in operations, end-user sectors where Online Travel Booking are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Online Travel Booking manufacturers, affecting the development of the Online Travel Booking market in 2020. End-user business demand for Online Travel Booking has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Online Travel Booking Market Report are:
- Which segment had the largest share in the Online Travel Booking market in 2021?
- What is the competitive landscape of the Online Travel Booking market?
- Which are the key drivers aiding the Online Travel Booking market growth?
- Which region has the maximum share in the Online Travel Booking market?
- What will be the CAGR of the Online Travel Booking market during the forecast period (2022-2027)?
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