In a recent published report, Kenneth Research has updated the Market report for Online Travel Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Online Travel Market Products.
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With the world’s largest internet user base of over 450 mn, the online travel market is set to gain immense popularity within the local tourist community.
The report begins with the market overview section, providing a snapshot of online travel market in Asia, which is expected to be the most important driver affecting the overall Asian travel market in 2012. This is followed by the online travel market in China, with details on the domestic online travel market size in terms of online travel market value and its growth. China’s online travel market is estimated to grow at a CAGR of 35.2% annually up to 2012. It also mentions the size of the online travel booking consumer base and its growth over past few years. The share of population indulging in different types of online travel booking services has been included in this section. Further, the report provides an illustration of the online travel industry business model wherein it depicts the structure of the market, followed by the description of various kinds of services offered by the online travel industry and the corresponding players. Another detailed illustration about the commission charged by the players operating in the online travel market has been included.
Factors driving the growth of online travel market in China are also explained in detail. Increasing internet usage coupled with growth in mobile internet subscribers is providing impetus to the growth in online travel market. China has the world’s largest internet user base, representing 23% of the global online population. Mobile internet users have been growing at a CAGR of 45%. Rising middle class and increasing income will lead to increasing demand for online travel booking services. Rise in credit card holders will allow online travel agencies (OTAs) to increase their customer base. Credit card holders have grown at a CAGR of 24%. Growth in tourism along with reduced visa restrictions on Chinese Travelers provides growth prospects for the market. Outbound tourists are expected to grow at a CAGR of 16.9% up to 2012. Changing consumer lifestyle and untapped market potential provide opportunities for the players to capitalize upon.
According to the statistics by the Bureau of Economic Analysis (BEA) of the U.S. Dept. of Commerce, the gross output registered from the data processing, internet publishing and other information services industry grew from USD 162.5 Billions in 2010 to USD 530.4 Billion in 2020.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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The players operating in the market also face challenges which are impeding their development and growth prospects. Increasing competition and lack of automation have been identified as major challenges, threatening the position of existing market leaders. Regulation on foreign-invested travel agency restricts the entry of the foreign players in the domestic online travel industry.
The report also mentions the government regulations adopted for supporting the sustainable development of the overall online travel industry. It provides a detailed illustration of the new travel agency regulations benefiting the foreign players alongwith key penalties charged for misconduct by the OTAs.
Emerging trends in the online travel market include widening service offerings by the players, coordination with online communities and growing investments for facilitating the overall functioning and development of the market.
Mergers and acquisitions section covers the key deals taken place in the online travel space of China. This section includes the announced date, closing date, target, buyer/investor, seller and deal size.
The competition section outlays the competitive landscape of the online travel industry in China briefing about the domestic and foreign players existing in the market. This section provides a three dimensional analysis of domestic key players’ revenues, profits and market capitalization. The report also features brief profiles of major domestic and foreign players in the market and a snapshot of their corporation, financial performance along with the key financial ratios, business highlights and their product portfolio providing an insight into the existing competitive scenario.
Some of the key statistics or factors impacting the online travel market in China covered in the report includes factors impacting the Asian travel industry, domestic market size, online travel booking consumer base, online travel booking activities, online travel market structure, online travel business model and commission charged, internet population and penetration, share of internet users indulged in online travel booking, mobile internet users, share of mobile internet users accessing online travel booking services, share of Chinese urban households, Share of preferred leisure activities, urban consumer spending, urban disposable income, Share of total spending including basic and discretionary, growth in credit card holders, consumer credit card spending, rise in outbound tourism and inbound tourism, government regulatory framework, services offered, tie up with online communities and investments in the online travel market.
Key takeaway section summarizes the entire market in terms of opportunities, trends and challenges persisting in the online travel market in China.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Online Travel Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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