Dec 28, 2020

The online travel industry is extremely large and constantly growing, even with the large market decline of over 20% in 2020 due to the COVID-19 Pandemic. This article will cover the online travel market size from 2022 into the future, as well as information on the online travel agent market. Below are the main topics of this article. 

Article Contents

This article reports the online travel industry market in 2020 and beyond, encompassing data from the different service types of the travel industry including vacation packages, accommodations, and transportation. Below are some of the top statistics regarding online travel. 

Statistics (Editor's Picks)

  • The online travel industry is segmented into 3 service types, vacation packages, accommodations, and transportation.
  • The market size of the global online travel industry is $595.78 Billion.
  • In 2023, the market size of the global online travel industry is expected to reach $820.18 Billion.
  • The online travel market demographic mainly consists of the age group between 21 and 33 years old.
  • People between the age of 21 and 33 spend about $200 Billion on travel every year.
  • For Millenials, most travel searches take place on their mobile devices, but for the actual booking itself, most use a desktop device.
  • The most valuable market players in the online travel industry include Expedia, Priceline, and TripAdvisor.
  • In 2019, Trip Advisor published 859 million user reviews.
  • The market size of the global travel agency industry is $315 billion.
  • The largest seven public online travel agencies have lost an estimated $11.5 billion in revenue in 2020 due to the pandemic.
  • The largest region of the global online travel agent market is the Asia Pacific, accounting for 31.3% of sales.

Online Travel Industry

Online Travel Industry Sales & Market Size

Key Statistics

  • The online travel industry is segmented into 3 service types, vacation packages, accommodations, and transportation.
  • The market size of the global online travel industry is $595.78 Billion.
  • In 2023, the market size of the global online travel industry is expected to reach $820.18 Billion.
  • The online travel market demographic mainly consists of the age group between 21 and 33 years old.
  • People between the age of 21 and 33 spend about $200 Billion on travel every year.
  • For Millenials, most travel searches take place on their mobile devices, but for the actual booking itself, most use a desktop device.
  • The most valuable market players in the online travel industry include Expedia, Priceline, and TripAdvisor.
  • In 2019, Trip Advisor published 859 million user reviews.

The global online travel industry was $595.78 billion in 2022. This is down almost 20% from the previous year due to the COVID-19 outbreak and following pandemic. However, this market is expected to rebound and reach $820.18 billion by 2023, past the 2019 highs. Those who are ages 21-33 drive the growth for this online travel industry, as people between these ages spend about $200 billion on travel every single year. In terms of industry market share, the top 3 market players hold the majority of the value - Expedia, Priceline, and TripAdvisor. As an indicator of size within this market, TripAdvisor published 859 million user reviews in 2019.

Travel Agency Industry

Travel Industry Sales & Market Size

Key Statistics

  • The market size of the global travel agency industry is $315 billion.
  • The largest seven public online travel agencies have lost an estimated $11.5 billion in revenue in 2020 due to the pandemic.
  • The largest region of the global online travel agent market is the Asia Pacific, accounting for 31.3% of sales.

The travel agency industry is a large portion of the travel industry as a whole, with a total market size of $315 billion. Just like the travel industry as a whole, the COVID-19 pandemic has affected the travel agency industry sales significantly. It is estimated that the top seven online public travel agencies have lost $11.5 billion in revenue in 2022. When looking at the online travel agency industry market as a whole, the region drawing the most significant money in total sales is the Asia Pacific region. 

Conclusion

The online global travel market is huge and is expected to grow to over $800 billion in total sales by 2023. Though it has been hit hard by the global pandemic in 2020, these sales are expected to rebound in the coming years. We will have to wait and see how this market grows in 2021 and in the next coming years.

Sources

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