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Online Travel Agents Industry to Cross $1 Trillion by 2026 - Global Analysis by Service Type, Platform, Category, and Region - ResearchAndMarkets.com

February 16, 2022 GMT

DUBLIN--(BUSINESS WIRE)--Feb 16, 2022--

The “Online Travel Agent Global Market Report 2022 by Service Type, Platform, Category” report has been added to ResearchAndMarkets.com’s offering.

Where is the largest and fastest growing market for the online travel agent market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider online travel agent market, and compares it with other markets.

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  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The online travel agent market section of the report gives context. It compares the online travel agent market with other segments of the online travel agent market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, online travel agent market indicators comparison.

Market Insights

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The global online travel agent market is expected grow from $664.42 billion in 2021 to $761.90 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1,002.45 billion in 2026 at a CAGR of 7.1%.

Major players in the online travel agent market are:

  • Booking.com
  • Expedia Inc.
  • Ctrip
  • TripAdvisor
  • Trivago
  • eDreams Odigeo
  • Despegar
  • MakeMyTrip
  • Lastminute
  • 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.
  • Hotel.de

Asia-Pacific was the largest region in the online travel agent market in 2021. Western Europe was the second largest region in the online travel agent market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The surge in smartphone users along with growing internet penetration are anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of internet and growth in the number of smartphone users is contributing to the consumer shift towards online channels for travel ticket and hotel bookings.

For instance, according to a special report on Digital 2020 published by We Are Social’s in January 2020, the number of internet users in 2020 augmented to 4.54 billion than in January 2019, recording a growth of 7% or 298 million users across the globe. Furthermore, the number of smartphone users increased by 100 million or 2% to 5.11 billion in 2019 compared to the previous year. Consequently, the rise in the number of smartphone users coupled with increasing internet penetration is forecast to propel the revenues for the online travel agent market during the years to come ahead.

Growing initiatives by the government of various countries to promote tourism and built strong tourism infrastructure in order 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 Press Information Bureau- Ministry of Tourism, Government of India’s report published in July 2019, ministry of tourism is providing financial assistance under National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) and Swadesh Darshan schemes to various state and union territories for the development of tourism-related infrastructure in the country. 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.

Rising possibilities of uncertain events such as COVID19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agent. According to the UNWTO estimates, the global international tourist arrivals in 2020 is predicted to fall by 20% to 30% compared to the previous year (2019), which translates into a loss of $30-50 billion in travel spending by the international visitors. Thus, the online travel agent market is to record a decline in 2020 owing to the impact of COVID19 across the globe.

Moreover, according to Travel Daily Media news, the Typhoon Mangkhut jolts Hong Kong and China leaving tourism, aviation, and transportation industry at standstill. Therefore, possibilities of natural events are probably to restraint the growth of the tourism industry including the online travel agent market during the coming years.

In January 2020, Despegar, a Latin America based online travel company acquired Best Day Travel Group for USD 136 million. This acquisition allows Despegar to increase revenues by 25%, further strengthening its market position as the leading travel agency both in Mexico and Latin America. Best Day Travel Group is a Mexico based online travel agency.

For more information about this report visit https://www.researchandmarkets.com/r/s5jpy3

View source version on businesswire.com:https://www.businesswire.com/news/home/20220216006116/en/

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SOURCE: Research and Markets

Copyright Business Wire 2022.

PUB: 02/16/2022 01:23 PM/DISC: 02/16/2022 01:23 PM

http://www.businesswire.com/news/home/20220216006116/en