The online travel market size is expected to reach USD 4.6 Trillion by 2030, according to a new report by GlobalData Plc. Growing trend of travel vlogging among young individuals, high internet penetration, proliferation of smart devices, and rising disposable income are some of the primary factors responsible for the growth of this market. Additionally, travel and tourism vendors are increasingly moving towards digitization by launching online travel booking platforms to offer enhance user experience and maintain a competitive edge in the market.
Global Online Travel Market Share, by Type, 2019 – 2030 (%)
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Online Travel Market FAQs
- What was the global online travel market size in 2023?
The online travel market size globally will be valued at $ 2.3 trillion in 2023.
- What is the online travel market growth rate?
The global online travel market is expected to grow at a CAGR of 10.3% over the forecast period (2023-2030).
- What is the key online travel market driver?
The increasing population coupled with the rising disposable income and proliferation of mobile devices is expected to drive the market growth.
- What are the key online travel market segments?
Type Segments: Transportation (Airlines, Car Rental, Others), Travel Accommodation, Travel Intermediation (Online Travel Agencies, Tour Operator Websites, Other Travel Intermediaries)
- Which are the leading online travel companies globally?
The leading online travel companies are Airbnb, American Airlines Group Inc, Booking Holdings Inc, Despegar.com Corp, eDreams ODIGEO SA, Expedia Group Inc, Flight Centre Travel Group Ltd, MakeMyTrip Ltd, Singapore Airlines Ltd, The Emirates Group, Tongcheng Travel Holdings Ltd, Trainline plc, Trip.com Group Ltd, Trivago NV
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Online Travel Market Dynamics
Travel and tourism vendors in the market are focused on integrating technologies such as artificial intelligence and machine learning into their websites and applications to automate the travel booking process. Additionally, several companies are leveraging the power of Big Data analytics to study consumer travel pattern, habits, and spending, which are utilized to build tailored travel and tour packages in the future. This is anticipated to offer a personalized experience to the user and helps in seamless travel booking and grievance handling, which bodes well for market growth.
Although online travel booking offers convenience, it also generates the risk of data and privacy concerns. Consumers are becoming highly conscious about how the businesses use their data due to the rise in number of cyberattacks. As such, the increasing usage of technology in travel booking is expected to pose of a challenge to market growth. However, travel vendors are investing in advanced cybersecurity solutions to mitigate cyberattacks and reassure customers about their data privacy.
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Online Travel Market Report Highlights
- The global online travel market is projected to witness a CAGR of 10.3% from 2023 to 2030, reaching a value of $4.6 trillion by 2030. Enhanced network connectivity, improved transportation and accommodation options, and easy access to travel booking through travel applications is anticipated to drive the market growth.
- The transport segment accounted for the highest market share in 2022 and is expected to retain its dominance over the future. The high market share is owing to the increasing business and leisure travel and high demand for car rental services.
- Airlines segment is expected to register a high growth over the forecast period. The launch of travel booking websites and application by airline vendors in order to provide direct booking to the customer is anticipated to drive the market growth.
- The Asia Pacific is expected to grow at a CAGR of more than 10% between 2023-2030. High working and traveling population coupled with the adoption of mobile devices are some of the factors anticipated to drive market growth.
- Key players in the online travel market analyzed as part of this report are Airbnb, American Airlines Group Inc, Booking Holdings Inc, Despegar.com Corp, eDreams ODIGEO SA, Expedia Group Inc, Flight Centre Travel Group Ltd, MakeMyTrip Ltd, Singapore Airlines Ltd, The Emirates Group, Tongcheng Travel Holdings Ltd, Trainline plc, Trip.com Group Ltd, and Trivago NV, among others.
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Online Travel Market Scope
GlobalData Plc has segmented the online travel market report by type and region:
Online Travel Service Outlook (Revenue, USD Million, 2023-2030)
- Car Rental
- Travel Accommodation
- Travel Intermediaries
- Online Travel Agencies
- Tour Operator Websites
- Other Online Travel Intermediaries
Online Travel Regional Outlook (Revenue, USD Million, 2023-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates (UAE)
- Rest of Middle East & Africa
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