North America Online Travel Market By Mode of Booking, By Service Type 2023

 

Market Overview:

The online travel market is a global industry that encompasses the booking of travel services online. This includes flights, hotels, car rentals, vacation packages, and other activities. The online travel market has grown rapidly in recent years, as more and more travelers are turning to the internet to book their trips.

The online travel market is segmented into two main types of players: online travel agencies (OTAs) and direct travel suppliers. OTAs are intermediaries that aggregate travel services from a variety of suppliers and offer them to consumers on a single platform. Direct travel suppliers are companies that sell their travel services directly to consumers, such as airlines, hotels, and car rental companies.

North America Online Travel Market By Mode of Booking

The North American online travel market is segmented into two modes of booking: direct booking and travel agents.

  • Direct booking: This involves travelers booking their travel arrangements directly with the travel supplier, such as an airline, hotel, or car rental company.
  • Travel agents: These are intermediaries that help travelers book their travel arrangements. They can be either offline or online.

In North America, direct booking is the dominant mode of booking, accounting for over 70% of the market. This is due to the convenience and ease of booking directly with travel suppliers, as well as the growing popularity of online travel agencies (OTAs). OTAs offer travelers a one-stop shop for booking flights, hotels, car rentals, and other travel services.

However, travel agents still play an important role in the North American online travel market, especially for travelers who need assistance planning complex itineraries or who are booking business travel.

North America Online Travel Market By Service Type

The North American online travel market is segmented into three main service types: accommodation booking, transportation booking, and vacation package booking.

  • Accommodation booking: This is the largest segment of the North American online travel market, accounting for over 40% of the market. This is due to the high number of travelers who book their hotels online.
  • Transportation booking: This segment accounts for over 30% of the North American online travel market. It includes airlines, car rental companies, and bus lines.
  • Vacation package booking: This segment accounts for over 20% of the North American online travel market. It includes packages that combine accommodation, transportation, and other activities, such as tours and attractions.

Trends in the North America Online Travel Market

The North America online travel market is expected to grow at a compound annual growth rate (CAGR) of over 10% in the next five years. This growth is being driven by a number of factors, including:

  • The increasing popularity of online travel agencies (OTAs)
  • The growing number of travelers who use their smartphones and tablets to book their travel
  • The rising demand for leisure travel
  • The increasing number of business travelers

The North America online travel market is also becoming more competitive, as new players enter the market and existing players expand their offerings. This is leading to lower prices and more innovative products and services for travelers.

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