Travel and Tourism is one of the key sectors that play a pivotal role in any Country’s Economy and make a significant contribution to the country’s GDP. This growth in travel and tourism activities globally has led to the rise of travel intermediaries and forms an important part of selling travel products to customers.
The market size of the Online travel sector in Europe reached a value of $72 billion in 2021. In recent years, the rise in the number of online travel intermediaries was aided by the growth in the number of internet users along with the demand for convenience among travelers further supported the rise in the market for online travel Intermediaries.
The online travel market in Europe grew by 19% in 2021 as the sector witnessed a recovery in the demand after easing the restrictions which were placed on account of the Outbreak of the pandemic COVID-19 and online travel intermediaries’ sharp rise in travel products as the consumers planned their travel activities after the gap of close to two years.
Meanwhile, the growth which the travel and tourism sector was going to see was reversed as the Outbreak of the COVID-19 pandemic completely devastated the industry in 2020. During the year 2020, the market value of online travel in the Europe region saw a de-growth of a whopping 58%, and the sectors allied with the industry were severely impacted.
Key travel destinations among travelers in Europe include Denmark, France, Paris, Milan, Rome, and Poland.
The Online travel market in Europe grew at a compound annual growth rate of negative 20% during the period 2018-2021. The global travel industry along with its allied sectors saw a slump in market value with the pandemic in 2020. Prior, to 2020, the industry was also witnessing slow growth due to low economic growth.
The major companies that have a strong presence in the online travel market include Skyscanner and Expedia, Hotwire, and Agoda.
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