|By Marketwired .||
|July 25, 2014 11:00 AM EDT||
NEW YORK, NY -- (Marketwired) -- 07/25/14 -- After years of controlling the lion's share of the world's online travel transactions, the global dominance of Europe and the U.S. is finally waning. As online penetration in these mature markets begins to plateau, the most rapid growth in online bookings belongs to Asia Pacific (APAC), Latin America (LATAM), Eastern Europe and the Middle East. According to a new report by travel industry research authority PhoCusWright, Global Online Travel Overview Third Edition (www.phocuswright.com/products/4440), these regions have an online penetration rate of less than 30%, while in Europe and the U.S. more than four in 10 travel transactions occur online. These still-emerging markets represent the greatest opportunity for expansion as many travelers are turning to the online channel for the first time.
Over the next two years, APAC and LATAM will see online travel sales climb by 14-16% annually -- but they won't be the fastest growing regions. The Middle East -- with its young population and high mobile ownership -- and Eastern Europe will lead with online bookings growth at 20-25% annually for the next two years. Both regions are advancing four times as fast as the online market in the U.S.
PhoCusWright's Global Online Travel Overview Third Edition compares online and total travel bookings for six global regions: the U.S., Europe, Eastern Europe, APAC, the Middle East and LATAM. The report features market sizing and growth forecasts through 2015 for the total and online leisure travel markets.
Key topics include:
- Global market share by region
- Online travel penetration and regional growth potential
- Analysis of supplier-intermediary dynamics and variation by region
- Market trends for key countries in each region
Despite significant regional differences, online travel has clearly taken hold in all of the world's major travel markets.
Gain insight into the opportunities and dynamics shaping this vibrant industry with PhoCusWright's Global Online Travel Overview Third Edition.
ABOUT PHOCUSWRIGHT INC. (www.phocuswright.com)
PhoCusWright, the travel industry research authority, fosters smart strategic planning and tactical decision-making by delivering primary research on the evolving dynamics that influence travel, tourism and hospitality distribution. To complement its research in North America, Europe and Asia, PhoCusWright partners with and produces several high-profile conferences around the world.
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