Online Travel in Asia-Pacific : Industry Overview
Travel and tourism is a major sector that plays a critical role in the economic growth of a country. This sector makes a significant contribution to a country’s GDP. The growth in global travel and tourism led to an increase in the number of travel intermediaries, who sell travel-related products.
The market size of the online travel sector in Asia-Pacific reached $79 billion in 2021. The increase in the number of online travel intermediaries in recent years was aided by the growth in the number of internet users. The demand for convenience also aided the growth of the market for online travel intermediaries.
The online travel market in Asia-Pacific grew 32% in 2021 owing to the recovery in demand due to the easing of travel restrictions that were enforced after the outbreak of the COVID-19 pandemic. Online travel intermediaries reported sharp increase in the sale of travel products as consumers planned their travel after nearly two years.
Prior to the outbreak of the pandemic, there was an increase in travel and tourism infrastructure due to high demand.
In recent years, international tourist arrivals in Asia-Pacific increased significantly in comparison to the overall global average arrivals.
The major travel destinations in Asia-Pacific include Thailand, Vietnam, and Indonesia.
The online travel market registered negative growth of 16.5% during 2017–2021. The market value fell significantly due to the pandemic in 2020, which led to lower consumption amid travel restrictions and a decrease in disposable income owing to the loss of jobs. These factors affected the growth of online travel globally.
The major companies that have a strong presence in the online travel market include OTM Group, Camplify, GoZayaan, and Bloomex.
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