Latin America Online Travel Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Online Travel Market Analysis
Online Travel Market in Latin America is expected to achieve a CAGR of 7% during the forecast period. Between 2010 and 2019, the region experienced an increase of roughly 60% in international tourist arrivals, though the COVID-19 pandemic caused a strong reverse. Mexico is the main thriving force for the Latin American tourism sector. Even during the COVID-19 pandemic, Mexico was the region's leading country for international tourism, registering more than the combined total of the other countries on the list.
The online travel market in the Latin American region is expanding with the help of several factors driving the region's current economic growth. Factors including investment stimulation by regional governments and increased skilled labor are causing a surge in new business arrivals from outside the region. Similarly, the increasing middle class worldwide and their growing interest in exploring more countries, coupled with the elimination of visas required between nations, have caused an even greater spike in tourists who are venturing further than the confines of their national borders.
The growing number of travelers in Latin America has benefited both regional and international airlines and hotel chains that drive the market studied. Increased tourist demand in countries such as Argentina, Chile, Colombia, and Mexico has led international hotel chains to focus on stronger presence in the region and expand their service offerings in the region.
The tourism sector has been transformed by the use of e-commerce. In a population where 60% of people have access to the Internet, more and more Latin travellers are using different mobile applications and internet platforms to reserve hotels, book tours and organize transport, foregoing traditional travel agencies, thus helping the market to expand further in the region.
Latin America Online Travel Market Trends
This section covers the major market trends shaping the Latin America Online Travel Market according to our research experts:
Growing Tourism Sector is Helping the Market to Grow Further
The tourism sector, the parent market for the online travel market in the region, has been helping the market record more revenues during the review period. However, in 2020, the tourism market was one of the most hit due to the COVID-19 pandemic. As the situation is returning to normal in most countries worldwide, the online travel market is anticipated to return to the growth track slowly during the forecast period. Tourism in many parts of the world including Latin America has seen an increase in the later half of the year 2021 after the pandemic restrictions were lifted. Increased tourism is also primarily due to rising disposable income across the globe. Factors such as the growing interest of the young generation to visit affordable and unexplored destinations for traveling are also driving the online travel market in Latin America.
Growing Internet Penetration Rate is Driving the Market
The penetration of smartphones and internet connection is improving all over Latin America. This is already increasing the chances of online purchases, and more opportunities are opening daily. Latin Americans are tech-savvy and love to be connected. Consumers are becoming more confident about online security processes. The mobile ecosystem in Latin America continues to thrive and is experiencing rapid innovation, driven by growth in new technologies, services, and use cases. Mobile operators across the region are contributing significantly to the Internet of Things (IoT) market and implementing the necessary infrastructure to take advantage of it.
Latin America Online Travel Industry Overview
The online travel market in Latin America is expected to be competitive with the presence of major players like Airbnb, Despegar, Trivago, CVC Corp, and Booking.com, among others. The market is still expected to be slightly consolidated, with Despeger holding a significant market share.
Latin America Online Travel Market Leaders
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Despegar
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CVC Corp
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Airbnb
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Booking Holdings
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Trivago
*Disclaimer: Major Players sorted in no particular order
Latin America Online Travel Market News
- In November 2022, The European Commission has opened an investigation into the proposed acquisition of Sweden's Flugo Group Holdings AB which operates as Etraveli by Booking Holdings Inc.. The proposed transaction would allow Booking to strengthen its position in the market for online travel agencies, and increase the barrier to entry and expansion for rivals
- In May 2022, Despegar.com, Corp the leading online travel company in Latin America, has agreed to acquire TVLX Viagens e Turismo S.A ('Viajanet'), one of the leading online travel agencies in Brazil, for a total consideration of approximately US$15 million
Latin 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
4.6 Insights on Current Trends and Innovations 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 Service Types
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 Mexico
5.4.2 Brazil
5.4.3 Argentina
5.4.4 Rest of Latin America
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Despegar
6.2.2 Booking Holdings
6.2.3 Airbnb
6.2.4 CVC Corp
6.2.5 Trivago
6.2.6 Hotel Urbano
6.2.7 Decolar
6.2.8 Hoteis
6.2.9 Flutouviagens
6.2.10 Carlson Wagonlit
6.2.11 Pricetravel*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
Latin America Online Travel Industry Segmentation
The online travel market refers to the travel and tourism company that plans travel plans for their customers online through a website or a mobile application. A complete background analysis of the Online Travel Market in Latin America, which includes an assessment of the emerging trends by segments, significant changes in market dynamics, and a market overview, is covered in the report. The Online Travel Market in Latin America is segmented by Service Type (Accommodation Booking, Travel Tickets Booking, Holiday Package Booking, and Other Services), By Mode of Booking (Direct Booking, and Travel Agents), By Booking Platform (Desktop, Mobile/Tablet), and by Geography (Mexico, Brazil, Argentina, and Rest of Latin America). The report offers market size and forecast values for the Online Travel Market in Latin America in USD billion for the above segments.
| By Service Type | |
| Accommodation Booking | |
| Travel Tickets Booking | |
| Holiday Package Booking | |
| Other Service Types |
| By Mode of Booking | |
| Direct Booking | |
| Travel Agents |
| By Booking Platform | |
| Desktop | |
| Mobile/Tablet |
| By Geography | |
| Mexico | |
| Brazil | |
| Argentina | |
| Rest of Latin America |
Latin America Online Travel Market Research FAQs
What is the current Latin America Online Travel Market size?
The Latin America Online Travel Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Latin America Online Travel Market?
Despegar, CVC Corp, Airbnb, Booking Holdings and Trivago are the major companies operating in the Latin America Online Travel Market.
What years does this Latin America Online Travel Market cover?
The report covers the Latin America Online Travel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Online Travel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Online Travel Industry Report
The Latin America Online Travel market is segmented by service type, including accommodation booking, travel tickets booking, holiday package booking, and other services. The market is further divided by mode of booking into direct booking and travel agents, and by booking platform into desktop and mobile/tablet. Geographically, the market covers Mexico, Brazil, Argentina, and the rest of Latin America.
The industry analysis provides a comprehensive overview of the market, highlighting key industry trends and market growth. The market overview reveals significant insights into the market value and market segmentation, offering a detailed industry outlook. The market forecast predicts continued expansion in the market, driven by increasing adoption of online booking platforms.
Industry reports indicate that the market leaders are capitalizing on the growth rate to expand their market share. The industry size and industry statistics underscore the substantial market potential, while industry research and industry information provide in-depth knowledge about market dynamics.
The market review emphasizes the importance of understanding market data and market predictions for strategic planning. Research companies play a crucial role in compiling market reports and market research that inform decision-making processes. The market outlook is optimistic, with industry sales expected to rise in the coming years.
The report example and report PDF offer valuable resources for stakeholders seeking detailed market analysis. The industry profile highlights the largest companies and their strategies to maintain a competitive edge. Market trends suggest a shift towards mobile/tablet booking platforms, reflecting changing consumer preferences.
In summary, the Latin America Online Travel market is poised for significant growth, driven by advancements in technology and changing consumer behaviors. The market analysis and market forecast provide a clear picture of the industry's future, making it essential for stakeholders to stay informed through industry reports and market research.
