DUBLIN, Dec. 10, 2020 /PRNewswire/ -- The "Online Travel Agent Global Market Opportunities and Strategies to 2030: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global online travel agent market reached a value of nearly $744.7 billion in 2019, having increased at a compound annual growth rate (CAGR) of 7.9% since 2015. The market declined from $744.7 billion in 2019 to $595.8 billion in 2020 at a rate of -20.0%.
This report describes and evaluates the global online travel agent market. It covers 2015 to 2019, termed the historic period, 2019 through 2023, the forecast period, 2023-2025 forecast period, and 2025-2030 the forecast period.
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 14.8% from 2021 and reach $902.2 billion in 2023.
Growth in the historic period resulted from strong economic growth in emerging markets, rapid population growth, demographic shift, improved earning capacity, acceptance of solo travel and technological advances. Factors that negatively affected growth in the historic period were skilled workforce shortages and high taxes on air travel.
Going forward, shift in travel trends, resurgence of staycation, faster economic growth, surge in smartphone users, 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; transportation and accommodation. The travel market was the largest segment of the online travel agent market segmented by service type, accounting for 39.8% of the total in 2019 and going forward is expected to be the fastest growing segment in the online travel agent market, at a CAGR of 7.2%.
The online travel agent market is also segmented by platform into mobile/tablet based; and desktop based. The desktop-based segment was the largest segment of the online travel agent market segmented by platform, accounting for 85.2% of the total in 2019. Going forward, mobile/tablet-based segment is expected to be the fastest growing segment in the online travel agent market, at a CAGR of 11.3%.
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 31.3% of the total in 2019. 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 6.9% and 5.4% respectively. These will be followed by Middle East, and North America, where the markets are expected to grow at CAGRs of 4.3% and 4.1% respectively.
The online travel agent market is concentrated, 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 $95.7 billion of global annual sales by 2023. The top opportunities in the online travel agent market segmented by platform will arise in the desktop-based segment, which will gain $98.3 billion of global annual sales by 2023.The online travel agent market size will gain the most in the USA at $34.2 billion.
Key Topics Covered:
1. Online Travel Agent Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1.1. Segmentation By Geography
6.1.2. Segmentation By Service Type
6.1.3. Segmentation By Platform
7. Online Travel Agent Market Characteristics
7.1. Market Definition
7.2. Market Segmentation By Service Type
7.2.1. Vacation Packages
7.3. Market Segmentation By Platform
7.3.1. Mobile/Tablet Based
7.3.2. Desktop Based
8. Online Travel Agent Market Trends And Strategies
8.1. Demand From Solo Travelers
8.2. Increasing Customer Acquisition
8.3. Marketing Through Search Engine Optimization
8.4. Improved Customer Experiences Through Chatbots
8.5. Increasing Acquisitions
9. Impact Of COVID-19 On The Online Travel Agent Market
9.2. OTA Companies' Reaction To COVID-19
9.2.1. Booking Holdings Inc.
9.2.2. Expedia Group Inc.
9.2.4. eDreams ODIGEO
9.2.5. TripAdvisor Inc.
10. Global Online Travel Agent Market Size And Growth
10.1. Market Size
10.2. Historic Market Growth, 2015 - 2019, Value ($ Billion)
10.2.1. Drivers Of The Market 2015 - 2019
10.2.2. Improved Earning Capacity
10.2.3. Restraints On The Market 2015 - 2019
10.3. Forecast Market Growth, 2019 - 2023, 2025F, 2030F Value ($ Billion)
10.3.1. Drivers Of The Market 2019 - 2023
10.3.2. Restraints On The Market 2019 - 2023
11. Global Online Travel Agent Market Segmentation
11.1. Global Online Travel Agent Market, Segmentation By Service Type, Historic And Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Billion)
11.1.3. Vacation Packages
11.2. Global Online Travel Agent Market, Segmentation By Platform, Historic And Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Billion)
11.2.1. Desktop Based
11.2.2. Mobile/Tablets Based
12. Online Travel Agent Market, Regional And Country Analysis
12.1. Global Online Travel Agent Market, By Region, Historic and Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Billion)
12.2. Global Online Travel Agent Market, By Country, Historic and Forecast, 2015 - 2019, 2023F, 2025F, 2030F, Value ($ Billion)
Global Online Travel Agent Market Competitive Landscape
- Booking Holdings Inc.
- Expedia Group Inc.
- Trip.com Group Limited
- Trivago N.V.
- Tripadvisor, Inc.
- eDreams Odigeo
Key Mergers And Acquisitions In The Online Travel Agent Market
- Trip.com Group Limited Acquired Travix International
- Despegar Acquired Best Day
- Ebix Acquired Yatra.com
- Airbnb Acquired HotelTonight
- Amex GBT Acquired Hogg Robinson
- Meituan Dianping Acquired Mobike
- MakeMyTrip Acquired ibibo Group
- Flight Centre Acquired Travellink's Corporate Travel Business
- Expedia Acquired Travelocity
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