Dublin, March 16, 2022 (GLOBE NEWSWIRE) -- The "Online Travel Agents Global Market Opportunities And Strategies To 2030, By Service Type, Mode Of Transport, Mode Of Booking" report has been added to ResearchAndMarkets.com's offering.
The global online travel agent market reached a value of nearly $460.9 billion in 2020, having decreased at a compound annual growth rate (CAGR) of -3.5% since 2015. The market increased from $460.9 billion in 2020 to $972.1 billion in 2025 at a rate of 16.1%.
The decrease is mainly due to COVID-19 pandemic across all countries in the world as most countries went into lockdown with severe travel restrictions. Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The market is expected to grow at a CAGR of 5.9% from 2025 and reach $1,259.1 billion in 2030.
Growth factors in the historic period include strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, rise in E-commerce, acceptance of solo travel and technological advances. Factors that negatively affected growth in the historic period were skilled workforce shortages, high taxes on air travel, and demand for offline travel agencies.
Going forward, shift in travel trends, resurgence of staycation, faster economic growth, surge in smartphone users, increased car rental opportunities, technology, and government initiatives will drive the market for online travel agent. Factors that could hinder the growth of the online travel agent market in the future include geopolitical tensions, government regulations, and coronavirus pandemic.
The online travel agent market is segmented by service type into vacation packages; travel and accommodation. The travel market was the largest segment of the online travel agent market segmented by service type, accounting for 42.2% of the total in 2020 and going forward the travel market is expected to be the fastest growing segment in the online travel agent market by service type , at a CAGR of 17.6% during 2020-25.
The online travel agent market is segmented by mode of transport into air and others. The others market was the largest segment of the online travel agent market segmented by service type, accounting for 69.4% of the total in 2020 and going forward the air transport market is expected to be the fastest growing segment in the online travel agent market by mode of transport, at a CAGR of 18.3% during 2020-25.
The air travel agent market is segmented by mode of booking into online, offline and direct. The direct market was the largest segment of the online travel agent market segmented by service type, accounting for 58.4% of the total in 2020 and going forward the online mode market is expected to be the fastest growing segment in the air travel market by mode of booking, at a CAGR of 18.4% during 2020-25.
The coronavirus pandemic of 2020 caused many economic implications in countries all over the world. The closure of all nonessential businesses and strict quarantine measures taken by governments created a halt in worldwide operations. One of the most significant impacts of the virus was seen on the travel and tourism industry, as most countries went into lockdown with severe travel restrictions inhibiting people from moving about.
Subsequently, industries such as airlines, railways, hospitality, and tourism all suffered major setbacks. The online travel agents' market was also severely hit by the pandemic. According to an article by Skift Research, the largest seven public online travel agencies will lose at least $11.5 billion in revenue this year due to the virus. The impact could reach even higher, potentially as much as $20 billion in missed revenue.
Asia Pacific was the largest region in the global online travel agent market, accounting for 32.8% of the total in 2020. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the online travel agent market will be Asia-Pacific, and Africa, where growth will be at CAGRs of 19.1% and 16.1% respectively. These will be followed by North America and Western Europe, where the markets are expected to grow at CAGRs of 15.5% and 14.0% respectively.
The online travel agent market is highly fragmented, with a small number of large players holding significant market share. Major players in the market include Booking Holdings Inc., Expedia Group Inc., Trip.com Group Limited, Tripadvisor, Inc., Trivago N.V., eDreams Odigeo, Despegar, MakeMyTrip Limited, Webjet Limited, and lastminute.com NV.
The top opportunities in the online travel agent market segmented by service type will arise in the travel market segment, which will gain $244.1 billion of global annual sales by 2025.
Market-trend-based strategies for online travel agent market include focusing on offering attractive packages to the solo travelers to maximize profits, focus on customer acquisition by launching direct booking platforms, focus on improving rank on search engines to attract customers, consider investing in chatbots to improve customer experiences, consider investing in acquisitions to improve user experience and to have a wider customer base.
Key Topics Covered:
1. Online Travel Agent Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
6.1. Global Online Travel Agent Market, Segmentation By Service Type
6.2. Global Online Travel Agent Market, Segmentation By Mode Of Transport
6.3. Global Air Travel Market, Segmentation By Mode Of Booking
7. Online Travel Agent Market Characteristics
7.1. Market Definition
7.2. Global Online Travel Agent, Market Segmentation By Service Type
7.2.1. Vacation Packages
7.2.2. Travel
7.2.3. Accommodation
7.3. Global Online Travel Agent, Market Segmentation By Mode Of Transport
7.3.1. Air
7.3.2. Others
7.4. Global Air Travel Market, Segmentation By Mode Of Booking
7.4.1. Online
7.4.2. Offline
7.4.3. Direct
8. Online Travel Agent Market Trends And Strategies
8.1. Demand From Solo Travelers
8.2. Increasing Customer Acquisition
8.3. Marketing Through Search Engine Optimization
8.4. Improved Customer Experiences Through Chatbots
8.5. Increasing Mergers and Acquisitions
9. Impact Of COVID-19 On The Online Travel Agent Market
9.1. Background
9.2. OTA Companies' Reaction To COVID-19
9.2.1. Booking Holdings Inc.
9.2.2. Expedia Group Inc.
9.2.3. Ctrip
9.2.4. eDreams ODIGEO
9.2.5. TripAdvisor Inc.
9.3. Future Outlook
10. Global Online Travel Agents Market Size And Growth
10.1. Market Size
10.2. Historic Market Growth, 2015 - 2020, Value ($ Billion)
10.2.1. Drivers Of The Market 2015 - 2020
10.2.2. Improved Earning Capacity
10.2.3. Restraints On The Market 2015 - 2020
10.3. Forecast Market Growth, 2020 - 2025, 2030F Value ($ Billion)
10.3.1. Drivers Of The Market 2020 - 2025
10.3.2. Restraints On The Market 2020 - 2025
11. Online Travel Agents Market, Regional Analysis
11.1. Global Online Travel Agents Market, By Region, Historic and Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
12. Global Online Travel Agents Market Segmentation
12.1. Global Online Travel Agents Market, Segmentation By Service Type, Historic And Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
12.2. Global Online Travel Agents Market, Segmentation By Mode Of Transport, Historic And Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
12.3. Global Air Travel Market, Segmentation By Mode Of Booking, Historic And Forecast, 2015 - 2020, 2025F, 2030F, Value ($ Billion)
Companies Mentioned
- Booking Holdings Inc.
- Expedia Group Inc.
- Trip.com Group Limited
- Tripadvisor, Inc.
- Trivago N.V.
- Webjet Limited
- MakeMyTrip Limited
- Despegar
- eDreams Odigeo
- Lastminute.com Group
For more information about this report visit https://www.researchandmarkets.com/r/mtu5k2
