Description
Countries Covered: Australia, Brazil, China, France, Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, Philippines, Poland, Russia, Saudi Arabia, South Africa, Singapore, Spain, Thailand, UAE, UK, USA, Vietnam
Pages: 98
Publication Date: 26/07/2022
Questions Covered in the report:
- What are the emerging trends currently and, in the future, impacting the Online travel market?
- Which are the leading Online Travel Apps and websites globally?
- What is the projected development of online travel booking in the Southeast Asian market by 2024?
- What is the expected growth of Online Travel bookings in Europe as of 2025?
- As of 2021, which are the top payment methods used by travelers in Mexico to book travel online?
- What are the most preferred travel booking channels in the Middle Eastern and African regions?
Key Findings:
Online travel market is expected to recover between 2022 and 2025: new yStats.com report.
The latest report published by the German online research firm yStats.com, “Global Online Travel Market 2022” highlights the major disruptive consumer trends. Other key revelations of the publication include the regional growth dynamics, key market players and their shares within the online travel market.
Online travel agencies to regain their lost position from 2022 onwards in regions across the world.
After being affected by the outbreak of the COVID-19 pandemic, the online travel market of 2021 saw a decline in sales. 2022 is expected to bring some improvement, as restrictions are lifted, and consumers resume travel activities. Most of travelers now are inclined to use mobile applications for booking their next holidays, as a result, the share of mobile in travel booking significantly increased. In terms of booking related travel services such as reservation of accommodation or vacation rental, online travel agencies are expected to maintain a strong position in 2022 as booking channels. In Asia-Pacific, for example, close to two-thirds of online travel sales will come from online travel agencies. The Southeast Asian economies including Thailand, Singapore, Indonesia, Vietnam, Philippines, and Malaysia are anticipated to witness double-digit growth through 2025, according to a source cited in yStats.com report. Furthermore, in the European online travel market, Germany and the UK will witness a significant rise in the use and sales of OTA for booking travel. The Latin American market will also observe a spur in the growth of the online travel market sales.
Disruptive consumer trends are changing the conventional norms of the global online travel industry
Due to the outbreak of COVID-19, many travelers are now apprehensive about visiting a physical store and therefore are leaning more towards contactless methods of booking their next travel. Given this trend, the sales of online travel intermediaries are rising. The global travel industry is also now moving towards ecotourism and virtual tourism, the demand for which is seen to be increasing tremendously. Moreover, with the advancement in technology, players in the online travel market are making use of AI and big data to provide tailor-made travel suggestions to mobile application users. Consequently, a majority of the respondents of a survey cited in the yStats.com report now prefer to use Chatbots for booking their upcoming holidays. The top players such as Airbnb, Expedia Group, etc. in the online travel market are already experimenting with these changing consumer trends as of 2022.
