DUBLIN--(BUSINESS WIRE)--The "Online Travel Agent Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides the strategists, marketers and senior management with the critical information they need to assess the global online travel agent market.
The global online travel agent market is expected to decline from $744.73 billion in 2019 to $595.78 billion in 2020 at a compound annual growth rate (CAGR) of -20%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, restriction on cross-border travel and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $820.18 billion in 2023 at CAGR of 11.24%.
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The online travel agent market consists of sales of travel services through online channels. Online travel agents or agencies are those individuals or companies that have websites that allow consumers to book various travel related services via the internet. Travel agents are engaged in sales of travel services such as flights, buses, vacation packages, hotels, and rental cars via online networks.
Rising possibilities of uncertain events such as COVID-19 outbreak or natural calamities is projected to limit the growth of the tourism industry and online travel agents. According to the UNWTO estimates, the global international tourist arrivals in 2020 is predicted to fall by 20% to 30% compared to the previous year (2019), which translates into a loss of $30-50 billion in travel spending by the 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's new published in September 2018, the Typhoon Mangkhut jolts Hong Kong and China leaving tourism, aviation, and transportation industry at standstill. Therefore, possibilities of natural events are probably expected to restrain 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 in order 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 Press Information Bureau - Ministry of Tourism, Government of India's report published in July 2019, ministry of tourism is providing financial assistance under National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) and Swadesh Darshan schemes to various state and union territories for the development of tourism-related infrastructure in the country. Therefore, similar government initiatives and steps to promote tourism and develop tourism infrastructure are expected to act as a key trend in the online travel agent market over the forecast period.
Key Topics Covered:
1. Executive Summary
2. Online Travel Agent Market Characteristics
3. Online Travel Agent Market Size and Growth
3.1. Global Online Travel Agent Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers of the Market
3.1.2. Restraints on the Market
3.2. Global Online Travel Agent Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers of the Market
3.2.2. Restraints on the Market
4. Online Travel Agent Market Segmentation
4.1. Global Online Travel Agent Market, Segmentation by Service Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Online Travel Agent Market, Segmentation by Platform, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Online Travel Agent Market Regional and Country Analysis
5.1. Global Online Travel Agent Market, Split by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Online Travel Agent Market, Split by Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Mentioned
- Booking.com
- Expedia, Inc.
- Ctrip
- Tripdvisor
- Trivago
- eDreams Odigeo
- Despegar
- MakeMyTrip
- Lastminute
- 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/i3ouwn
