Online Travel Booking Service Market Growth & Trends
The global online travel booking service market size is expected to reach USD 1.13 trillion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.0% from 2022 to 2030. Rising spending on travel, increased number of travelers in recent years due to falling travel-related costs, rising incomes, and a growing range of available tourist activities across the globe are accelerating the market growth. Moreover, there is a rise in the online booking of vacation tours, couple travel, and adventure tourism due to the rising popularity of online travel booking over traditional booking services all over the world, as it offers various services like reliable transport, personalized service, versatility, and capacity to assist economies.
The online booking method segment is expected to expand at the highest CAGR during the forecast period. Constantly changing consumer expenditure behavior and an increasing number of visitors and travelers choosing to book their tours and packages directly through online channels are driving the segment. Additionally, significant actions taken by market participants, including online campaigns and social media advertising, are anticipated to draw potential clients and encourage them to book their tour packages through online booking channels, which is expected to accelerate the industry growth during the projection period.
The mobile device segment is foreseen to witness tremendous growth during the forecast years. The increasing penetration of the internet and smartphones across the globe is a major factor driving the market. Moreover, the growing popularity of online travel agencies for travel booking among youngsters across the globe is expected to boost industry growth. Furthermore, the mobile segment plays a vital role in the growth of the travel booking industry across the globe owing to easy accessibility and various offers on mobile applications.
Europe accounted for the largest revenue share in 2021 owing to the improving economic scenario in the area, growing income levels regionally, and government programs to promote travel and tourism. According to the CBI Ministry of Foreign Affairs, approximately 100 million travels are recorded in Europe annually. Since Europeans like the feeling of discovering new places, adventure tourism is in high demand, thus accelerating market growth. Key market players face intense competition from each other as some of them operate at several locations and have a large customer base. The presence of many small-scale players is also leading to increased competition.
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Online Travel Booking Service Market Report
Online Travel Booking Service Market Report Highlights
Europe registered the largest revenue share of over 30.0% in 2021 owing to the growing government initiatives to promote tourism and travel activities
The accommodation booking service type segment is expected to register the fastest CAGR of 9.9% from 2022 to 2030 due to the rising foreign and domestic travel
The direct travel agency booking method segment held the largest revenue share of over 80.0% in 2021 due to the increasing number of online travel agencies
The mobile device segment is expected to register the fastest CAGR of 9.9% from 2022 to 2030 owing to the rising penetration of mobile and the internet across the globe
List of Key Players in the Online Travel Booking Service Market
Airbnb
Expedia
Booking Holding
Trip Advisor Inc.
Trip.com Group Ltd.
MakeMyTrip Limited
Hostelworld Group PLC (HSW)
Trivago N.V
Despegar.com, Corp.
Lastminute.com Group
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