Online Travel Market to Garner $1,835.6 Bn, Globally, by 2031 at 14.8% CAGR: Allied Market Research

Major determinants of the market growth Major determinants of the market growth Rise in standard of living, increase in purchasing power, and convenience and ease in transactions drive the growth of the global online travel market. Moreover, rise in internet penetration, surge in disposable income, and ease of comparing various travel options supplements the market growth. However, natural calamities, political disturbance, low digital literacy, and availability of internet connection in...

Major determinants of the market growth

Rise in standard of living, increase in purchasing power, and convenience and ease in transactions drive the growth of the global online travel market. Moreover, rise in internet penetration, surge in disposable income, and ease of comparing various travel options supplements the market growth. However, natural calamities, political disturbance, low digital literacy, and availability of internet connection in remote areas hinder the market growth. On the contrary, innovative travel and vacation package deals to help travelers make sound travel decisions would open new opportunities in the coming years.

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The transportation segment dominated the market

By service type, the transportation segment held the largest share in 2020, accounting for more than two-fifths of the global online travel market, due to reduction in flight rates andavailability of online discounts and travel options. However, the travel accommodation segment is estimated to register the highest CAGR of 16.0% during the forecast period, owing to easy access to number of hotels and resorts on single website and growth in penetration of internet coupled with increased use of mobile.

The mobile segment to portray the highest CAGR through 2030

By platforms, the mobile segment is projected to manifest the highest CAGR of 15.8% from 2022 to 2031, owing to developments in technology and surge in penetration of smart phones. However, the desktop segment held the largest share in 2020, contributing to more than two-thirds of the global online travel market, due to ease in planning through desktops.

North America held the lion's share

By region, the market across North America dominated in 2020, accounting for around one-third of the market, due to greater convenience in making travel arrangements online and rise in exposure to internet coupled with disposable income. However, the market across Asia-Pacificis expected to register the highest CAGR of 17.2% during the forecast period, owing to advent of online service providers such as OTAs.

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Major market players

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