North America Online Travel Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 235 Billion |
| Market Size (2029) | USD 375.04 Billion |
| CAGR (2024 - 2029) | 9.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Online Travel Market Analysis
The Online Travel Market size is estimated at USD 235 billion in 2024, and is expected to reach USD 375.04 billion by 2029, growing at a CAGR of 9.80% during the forecast period (2024-2029).
The North American online travel market has showcased its strength by generating significant revenue this year and is poised to maintain a robust trajectory in the forecast period. A key driver behind the market's impressive performance is the flourishing hospitality industry, which has led to an increase in transactions. In the United States, the market benefits from a growing influx of international leisure travellers and a simultaneous rise in domestic business travel, resulting in a thriving online travel landscape. Similarly, Canada also experiences a dynamic online travel market driven by millennial preferences and an increasing number of international travellers, reflecting the region's diversity. The Canadian market distinguishes itself with a mix of globally recognized brands and their collaborative operating partners.
Recent market drivers and opportunities further underscore the growth potential of the North American online travel market. Technological advancements, offering personalized travel experiences, and the evolving trend towards sustainable and experiential tourism are key factors propelling the market forward. These drivers create avenues for expansion, ensuring the market stays attuned to changing consumer demands and preferences, contributing to its sustained growth and competitiveness.
North America Online Travel Market Trends
The Expanding Tourism Industry in the United States is Helping the Market in Recording More Transactions
The tourism sector is on a growth path in the United States, owing to the country's rising number of tourist arrivals. Chinese tourists account for the highest spenders among the other tourists and are growing in recent years, and for luxury hotel companies, the Chinese are the second-largest source. For instance, Four Seasons Hotels and Resorts stated that China is its second-largest source market. Revenue from Chinese travelers increased steadily for Four Seasons, with double-digit growth in revenue in recent years, and thus the total number of transactions. People traveling to the United States for business purposes, health, and wellness purposes are also on the rise, and leisure travel to the country is helping the online travel market record a growing number of transactions.
High Internet Penetration in the Region is Helping the Market in High Revenue Generation
North America is one of the regions with the highest internet penetration rates globally. This high penetration rate is one of the major driving factors for users to participate in online travel booking. The recent trends revealed that the desktop is a dominant mode of accessing and booking online travel agencies. As per recent publications in North America, more than 75% of travelers are booking tickets online through their desktops. The mobile penetration rates show the shift towards this platform. It is still significantly lesser compared to desktop usage. However, the use of mobile phones, especially with the launches of mobile applications by travel booking agencies, is expected to drive the market with more mobile bookings during the forecast period in the region.
North America Online Travel Industry Overview
The Online Travel Market in North America is expected to be competitive with major players like Airbnb, Expedia, and Booking.com, among others. The market is expected to be moderately consolidated. Yet, due to the strong market activity, like the entrance of new players from the global market and the rise of startups within the region, the market is foreseen to be volatile.
North America Online Travel Market Leaders
-
Airbnb
-
Expedia
-
Booking Holdings
-
TripAdvisor
-
eDreams
*Disclaimer: Major Players sorted in no particular order
North America Online Travel Market News
- In November 2023, Airbnb has acquired a startup called Gameplanner.AI in a deal valued at USD 200 million. Some of Airbnb's AI initiatives will be accelerated by Gameplanner.AI.
- In July 2023, Tripadvisor has partnered with OpenAI on travel itinerary generator. The AI-powered planning tool will create personalized day-by-day trip itineraries using traveller reviews.
North America Online Travel Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Market
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMERY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Technological Trends Influencing the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Service Type
5.1.1 Accommodation Booking
5.1.2 Travel Tickets Booking
5.1.3 Holiday Package Booking
5.1.4 Other Services
5.2 By Mode of Booking
5.2.1 Direct Booking
5.2.2 Travel Agents
5.3 By Booking Platform
5.3.1 Desktop
5.3.2 Mobile/Tablet
5.4 By Geography
5.4.1 United States
5.4.2 Canada
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Airbnb
6.2.2 Expedia
6.2.3 Travelzoo
6.2.4 TripAdvisor
6.2.5 Booking Holdings
6.2.6 eDreams
6.2.7 American Express Global Business Travel
6.2.8 Travel Leaders Group
6.2.9 JTB Americas Group
6.2.10 Travel and Transport Inc*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER
North America Online Travel Industry Segmentation
"The online travel agent market consists of sales of travel services through online channels. Online travel agents or agencies are individuals or companies with websites allowing consumers to book travel-related services via the Internet. The report covers a complete background analysis of the Online Travel Market in North America. It includes an assessment of the emerging trends by segment, significant changes in market dynamics, and a market overview.
The Online Travel Market in North America is segmented by service type, mode of booking, booking platform, and geography. By service type, the market is sub-segmented into accommodation booking, travel ticket booking, holiday package booking, and other services. By mode of booking, the market is sub-segmented into direct booking and travel agents. By booking platform, the market is sub-segmented into desktop and mobile/tablet. By geography, the market is sub-segmented into the United States and Canada. The report offers market size and forecasts for the online travel market in North America in value (USD) for all the above segments."
| By Service Type | |
| Accommodation Booking | |
| Travel Tickets Booking | |
| Holiday Package Booking | |
| Other Services |
| By Mode of Booking | |
| Direct Booking | |
| Travel Agents |
| By Booking Platform | |
| Desktop | |
| Mobile/Tablet |
| By Geography | |
| United States | |
| Canada |
North America Online Travel Market Research FAQs
How big is the Online Travel Market?
The Online Travel Market size is expected to reach USD 235 billion in 2024 and grow at a CAGR of 9.80% to reach USD 375.04 billion by 2029.
What is the current Online Travel Market size?
In 2024, the Online Travel Market size is expected to reach USD 235 billion.
Who are the key players in Online Travel Market?
Airbnb, Expedia, Booking Holdings, TripAdvisor and eDreams are the major companies operating in the Online Travel Market.
What years does this Online Travel Market cover, and what was the market size in 2023?
In 2023, the Online Travel Market size was estimated at USD 211.97 billion. The report covers the Online Travel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Online Travel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging trends shaping the North America Online Travel Market?
The emerging trends shaping the North America Online Travel Market are a) The rise of personalized itinerary planning and frictionless booking interfaces b) Real-time destination insights, the use of artificial intelligence and machine learning algorithms c) The increasing demand for unique, locally-driven travel accommodation experiences
North America Online Travel Industry Report
The North America online travel market is experiencing substantial growth, driven by tech-savvy consumers and high internet penetration. This market is characterized by a dynamic ecosystem where economic trends, technological innovations, and consumer preferences collectively propel its evolution. The market overview highlights the integration of digital platforms with travel services, which has become seamless and user-friendly.
Industry analysis reveals that the market is segmented by service type, including accommodation booking, travel tickets booking, and holiday package booking. The market size and market value are significant, presenting opportunities for investors and strategic investments. Online travel agencies are capturing a larger market share due to their convenience and comprehensive options.
Industry statistics show that artificial intelligence and machine learning algorithms have ushered in a new era of personalized travel recommendations, ensuring that travelers can discover hidden gems tailored to their interests. The market segmentation also includes other services like travel insurance and currency exchange.
Industry research indicates that the North America online travel market by mode of booking is segmented into direct bookings and online travel agencies. Growth rate and market growth are driven by the convenience and comprehensive options offered by these agencies. The market forecast and market predictions suggest continued expansion, making it an attractive destination for capital deployment.
Market leaders in the industry are leveraging these trends to enhance user experiences and capture a larger market share. Industry trends and market data show that the use of artificial intelligence and machine learning is becoming increasingly prevalent. The industry outlook and market review suggest that the market is poised for further growth.
Industry reports and market reports provide detailed statistics for the North America online travel market share, size, and revenue growth rate. The industry size and market segmentation indicate a diverse range of services and booking platforms, including desktop and mobile/tablet.
In conclusion, the market overview and market outlook for the North America online travel market are promising. The industry information and industry sales data highlight the significant opportunities for growth and investment. The report example and report PDF provide a comprehensive analysis of the market, making it a valuable resource for research companies and investors alike.
North America Online Travel Market Report Snapshots
