Global Online Travel Agent Market Report 2022
New York, 15 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the “Online Travel Agent Global Market Report 2022” – https://www.reportlinker.com/p06229758/?utm_source=GNW
, Trivago GmbH, ThomasCook Group, Priceline Group Inc., HRS; Agoda, Airbnb Inc. and Hotel.de.
The global online travel agent market is expected to grow from $664.42 billion in 2021 to $761.90 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $1,002.45 billion in 2026 with a CAGR of 7.1%.
The online travel agency market consists of the sale of travel services through online channels. Online travel agents or agencies are those people or companies that have websites that allow consumers to book various travel-related services through the Internet.
Travel agents sell travel services such as flights, buses, vacation packages, hotels and rental cars through online networks.
The main types of services offered by online travel agencies are vacation packages, transportation and accommodation. A package tour, package holiday or package holiday is a combination of transportation and accommodation advertised and offered by a tour operator.
Different platforms include mobile/tablet, desktop and are available in various categories such as hotel bookings, tickets, etc.
Rising number of smartphone users along with growing internet penetration are expected to boost the online tourism industry and travel agent business during the period. Rising internet penetration and growth in the number of smartphone users are contributing to the shift of consumers towards online travel channels including ticket and hotel reservations.
For example, according to a special report on Digital 2020 published by We Are Social’s in January 2020, the number of Internet users in 2020 increased to 4.54 billion compared to January 2019, registering a growth of 7% or 298 million. users around the world. Additionally, the number of smartphone users increased by 100 million or 2% to 5.11 billion in 2019 from the previous year. Hence, increasing number of smartphone users coupled with growing internet penetration is expected to propel the online travel agent market revenue over the coming years.
According to UNWTO estimates, international tourist arrivals worldwide in 2020 are expected to fall by 20-30% compared to the previous year (2019), which translates into a loss of 30-50 billion dollars in travel expenditure by international visitors.
Thus, the online travel agent market is expected to register a decline in 2020 due to the impact of COVID19 across the globe. Additionally, according to news from Travel Daily Media, Typhoon Mangkhut is rocking Hong Kong and China, bringing tourism, aviation and transportation industries to a standstill.
Therefore, opportunities for natural occurrences are likely to restrain the growth of the tourism industry, including the online travel agent market, over the coming years.
Growing initiatives by governments of various countries to promote tourism and build sound tourism infrastructure to increase the revenue generated from the tourism industry is a major trend propelling the growth of the online travel agent market during the period. For example, according to the Press Information Bureau – Ministry of Tourism, Government of India report released in July 2019, the Ministry of Tourism is providing financial assistance under the National Mission on Pilgrimage Rejuvenation and Tourism Campaign. Increasing Spiritual Heritage (PRASHAD) and Swadesh Darshan programs to various states and union territories for the development of tourism related infrastructure in the country.
Hence, government initiatives and measures to promote tourism and develop tourism infrastructure are expected to be a key trend in the online travel agent market during the period.
In January 2020, Despegar, an online travel company based in Latin America, acquired Best Day Travel Group for 136 million USD. This acquisition allows Despegar to increase its revenues by 25%, strengthening its market position as the leading travel agency in Mexico and Latin America. .
Best Day Travel Group is an online travel agency based in Mexico.
Asia Pacific was the largest region in the online travel agent market in 2021. Western Europe was the second largest region in the online travel agent market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Countries covered in the Online Travel Agents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06229758/?utm_source=GNW
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