Online Travel Agent Global Market Report 2023: Sector to Reach $1.06 Trillion by 2027 at a 5.2% CAGR

Rhea-AI Summary

The Online Travel Agent Global Market Report 2023 predicts growth from $761.9 billion in 2022 to $1.06 trillion by 2027, with a CAGR of 5.2%. The market will expand to $865.5 billion in 2023, reflecting a 13.6% increase. The largest market is in Asia Pacific, followed by Western Europe. Increased smartphone use and internet penetration are facilitating a shift towards online travel bookings. However, uncertainties like the COVID-19 pandemic and natural disasters may hinder growth. Government initiatives in tourism infrastructure are seen as a strong growth trend.

Positive

• Market projected to grow from $761.9 billion in 2022 to $1.06 trillion by 2027.
• Expected growth to $865.5 billion in 2023 at a CAGR of 13.6%.
• Strong government initiatives to promote tourism and develop infrastructure.

Negative

• Potential growth limitations due to uncertainties like COVID-19 and natural disasters.
• Global tourist arrivals projected to decline significantly, resulting in losses of $30-50 billion in travel spending.

DUBLIN, Feb. 16, 2023 /PRNewswire/ -- The "Online Travel Agent Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

The global online travel agent market will grow from $761.9 billion in 2022 to $865.5 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The online travel agent market is expected to grow to $1,060.01 billion in 2027 at a CAGR of 5.2%.

Asia Pacific was the largest region in the online travel agent market in 2022. Western Europe was the second largest region in the online travel agent market. The regions covered in the online travel agent market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The surge in smartphone users along with growing internet penetration is anticipated to boost the online tourism industry and the business for travel agents during the period. Increasing penetration of the internet and growth in the number of smartphone users is contributing to the consumer shift towards online channels for travel ticket and hotel bookings.

For instance, according to a special report on Digital 2020 published by We Are Social in January 2020, the number of internet users in 2020 augmented to 4.54 billion across the globe, recording a growth of 7% or 298 million new users compared to January 2019.

Furthermore, according to Zippia, as of 2022, there are 6.65 billion smartphone users globally, and this number is expected to grow to 7.34 billion by 2025. Consequently, the rise in the number of smartphone users coupled with increasing internet penetration is forecast to propel the revenues for the online travel agent market in the years to come ahead.

Rising possibilities of uncertain events such as the COVID-19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agent. According to the UNWTO estimates, global international tourist arrivals in 2020 are predicted to fall by 20% to 30% compared to the previous year, which translates into a loss of $30-50 billion in travel spending by international visitors. Thus, the online travel agent market is to record a decline in 2020 owing to the impact of COVID-19 across the globe. Moreover, according to Travel Daily Media news, Typhoon Mangkhut jolts Hong Kong and China leaving the tourism, aviation, and transportation industry at standstill. Therefore, the possibility of natural events is probably restraining the growth of the tourism industry including the online travel agent market during the coming years.

Growing initiatives by the government of various countries to promote tourism and built strong tourism infrastructure to boost the revenues generated from the tourism industry is a major trend propelling the growth of the online travel agent market during the period. For instance, according to The Budget 2022, the Government of India allocated an additional amount of INR 2400 crores ($307.12 million) to the Ministry of Tourism. This budget is 18.42% higher than 2021-22, and it will be used by the Ministry of Tourism for developing tourism infrastructure, marketing and promotion, and capacity building. Therefore, the government initiatives and steps to promote tourism and develop tourism infrastructure are to act as a key trend in the online travel agent market over the period.

In January 2020, Despegar, a Latin America-based online travel company acquired Best Day Travel Group for USD 136 million. This acquisition allows Despegar to increase revenues by 25%, further strengthening its market position as the leading travel agency both in Mexico and Latin America. Best Day Travel Group is a Mexico-based online travel agency.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis

Scope
Markets Covered:

1) By Service Type: Vacation Packages; Transportation; Accommodation
2) By Platform: Mobile/Tablets Based; Desktop Based
3) By Category: Hotel Bookings; Tickets; Other Categories

Key Topics Covered:

1. Executive Summary

2. Online Travel Agent Market Characteristics

3. Online Travel Agent Market Trends And Strategies

4. Online Travel Agent Market - Macro Economic Scenario

5. Online Travel Agent Market Size And Growth

6. Online Travel Agent Market Segmentation

7. Online Travel Agent Market Regional And Country Analysis

8. Asia-Pacific Online Travel Agent Market

9. China Online Travel Agent Market

10. India Online Travel Agent Market

11. Japan Online Travel Agent Market

12. Australia Online Travel Agent Market

13. Indonesia Online Travel Agent Market

14. South Korea Online Travel Agent Market

15. Western Europe Online Travel Agent Market

16. UK Online Travel Agent Market

17. Germany Online Travel Agent Market

18. France Online Travel Agent Market

19. Eastern Europe Online Travel Agent Market

20. Russia Online Travel Agent Market

21. North America Online Travel Agent Market

22. USA Online Travel Agent Market

23. South America Online Travel Agent Market

24. Brazil Online Travel Agent Market

25. Middle East Online Travel Agent Market

26. Africa Online Travel Agent Market

27. Online Travel Agent Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Online Travel Agent Market

29. Online Travel Agent Market Future Outlook and Potential Analysis

30. Appendix

A selection of companies mentioned in this report includes

• Booking.com
• Expedia Inc.
• Ctrip
• TripAdvisor
• Trivago
• eDreams Odigeo
• Despegar
• MakeMyTrip
• Lastminute
• and On the Beach
• Alibaba Group Holding Limited
• Hostelworld Group
• Hotel Urbano Travel and Tourism SA
• Fareportal Inc.
• Trivago GmbH
• ThomasCook Group
• Priceline Group Inc.
• HRS
• Agoda
• Airbnb Inc.
• Hotel.de.

For more information about this report visit https://www.researchandmarkets.com/r/m79fou-travel?w=5

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

View original content:https://www.prnewswire.com/news-releases/online-travel-agent-global-market-report-2023-sector-to-reach-1-06-trillion-by-2027-at-a-5-2-cagr-301749193.html

SOURCE Research and Markets

FAQ

What is Trivago's stock symbol and how is it related to the online travel agent market?

Trivago's stock symbol is TRVG, and it operates within a growing online travel agent market projected to reach $1.06 trillion by 2027.

What are the growth projections for the online travel agent market?

The online travel agent market is expected to grow from $761.9 billion in 2022 to $1.06 trillion by 2027, at a CAGR of 5.2%.

What are the major trends affecting the online travel agent market?

Key trends include increasing smartphone usage, rising internet penetration, and government initiatives to boost tourism.

How did COVID-19 impact the online travel agent market?

COVID-19 is projected to cause a 20-30% decline in global international tourist arrivals, leading to significant losses in travel spending.

Which regions are leading in the online travel agent market?

Asia Pacific is the largest market for online travel agents, followed by Western Europe.