Growth and change of COVID-19 until 2030

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The main players in the online travel agent market are Booking. com, Expedia Inc., Ctrip, TripAdvisor, Trivago, eDreams Odigeo, Despegar, MakeMyTrip, Lastminute and On the Beach. The global online travel agent market is expected to grow by $ 432.

New York, April 27, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Online Travel Agent Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com / p06064498 /? utm_source = GNW
$ 14 billion in 2020 to $ 561.36 billion in 2021 at a compound annual growth rate (CAGR) of 29.9%. The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 833.52 billion by 2025 at a CAGR of 10%.

The online travel agent market consists of the sale of travel services through online channels. Online travel agents or agencies are individuals or businesses that have websites that allow consumers to book various travel-related services over the Internet.

Travel agents sell travel services such as flights, buses, vacation packages, hotels and rental cars through online networks.

The online travel agents market covered in this report is segmented by type of service into vacation packages, transportation, accommodation, and by mobile / tablet and desktop platform.

The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.

Growing possibilities of uncertain events such as the COVID19 outbreak or natural disasters are expected to limit the growth of the tourism industry and online travel agencies. According to UNWTO estimates, international tourist arrivals around the world in 2020 are expected to drop by 20-30%. compared to the previous year (2019), which translates into a loss of $ 30-50 billion in travel spending by international visitors.

Thus, the online travel agent market is expected to decline in 2020 due to the impact of COVID19 across the world. In addition, according to Travel Daily Media news, Typhoon Mangkhut rocked Hong Kong and China, leaving the tourism, aviation and transportation industries to a halt.

Therefore, the possibilities of natural events are likely to constrain the growth of the tourism industry, including the online travel agent market, over the next few years.

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

Best Day Travel Group, an online travel agency based in Mexico.

The increase in the number of smartphone users as well as the growing internet penetration are expected to boost the online tourism industry and the activities of travel agents during the period. ticket and hotel reservations.

According to a special report on Digital 2019 published by We Are Social’s in January 2019, the number of Internet users in 2019 rose to 4.39 billion compared to January 2018, registering a growth of 9% or 366 million users across the world. Moreover, the number of smartphone users increased by 100 million or 2% to 5.11 billion in 2019 compared to the previous year. Hence, the increase in the number of smartphone users coupled with increasing internet penetration is expected to propel the online travel agent market revenue over the coming years.

The increasing initiatives of the government of various countries to promote tourism and build a strong tourism infrastructure to increase the revenue generated by the tourism industry is a major trend propelling the growth of the online travel agents market over the years. period. For example, according to the Press Information Office – Ministry of Tourism, Indian government report released in July 2019, the Ministry of Tourism is providing financial assistance under the National Mission on Pilgrimage Rejuvenation and Campaign for ‘Increased Spiritual Heritage (PRASHAD) and Swadesh Darshan programs to various State and Union territories for the development of tourism related infrastructure in the country.

Therefore, 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.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
Read the full report: https://www.reportlinker.com/p06064498/?utm_source=GNW

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