ASEAN Online Accommodation Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 5.00 %|
*Disclaimer: Major Players sorted in no particular order
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ASEAN Online Accommodation Market Analysis
Southeast Asia's internet travel market is intriguing and exciting; it is a rapidly rising region with a digitally engaged and highly aspirational middle class currently underserved.
COVID-19 caused Cross- border travel restrictions in ASEAN countries, and the accommodation sector experienced multiple challenges in 2020 and 2021. However, it benefitted online accommodation bookings, and more people started using it.
The growing interest of tourists in more travel has been the major driver. Inbound tourism has been offering a major share to the market owing to the growing number of youngsters and middle-aged people in the country who are highly interested in travel and tourist activities. Inbound tourism helped the market expand further in 2020 when the world was under lockdown during the COVID-19 pandemic. Travel & Tourism, a driver for Online accommodation booking, is about to cross USD 20 billion in 2022, and 70% of total revenue will be generated through online sales by 2026.
ASEAN Online Accommodation Market Trends
This section covers the major market trends shaping the ASEAN Online Accommodation Market according to our research experts:
Rise in Usage of Online Travel Agencies Driving the Market
Usage of online travel agencies increasing in many ASEAN countries especially in Singapore and Malaysia. According to a survey by Rakuten Insight on the usage of online travel agencies in Singapore conducted in November 2020, 81% of the respondents stated that their main reason for using an online travel agency is to book accommodation. 73% of Malaysian respondents stated that they had used an online travel agency in 2020. This is because of convenience, offers, and discounts. 52% of Indonesian respondents stated that they had used an online travel agency called Traveloka. 51% of the Thai respondents stated that they have used an online travel agency, and 69% of these used Agoda.
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Increasing Internet Users in ASEAN Region Boosting the Market
Technology has been critical in helping Southeast Asians get through the COVID-19 pandemic. 10 years ago, 4 in 5 Southeast Asians had only limited access to the internet. Today, Southeast Asians are the most engaged Internet users worldwide, with 90% of them connecting to the internet primarily through their mobile phones. Brunei had the highest internet penetration rate within the Southeast Asian region, at 104.5 % in 2021, followed by Malaysia with 89%. Timor-Leste had the least internet penetration rate of 38.3 %.
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ASEAN Online Accommodation Industry Overview
The report covers major players operating in ASEAN online accommodation. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Agoda, Traveloka, Expedia, Hotels.com, and booking.com.
ASEAN Online Accommodation Market Leaders
*Disclaimer: Major Players sorted in no particular order
ASEAN Online Accommodation Market News
On June 8, 2022, Agoda partnered with WWF-Singapore (World Wide Fund for Nature Singapore) and launched its Eco-deal programs to provide funds for and to raise awareness of marine habitat restoration initiatives in Southeast Asia.
On April 4, 2022, Traveloka partnered with Accor. This strategic partnership with Accor will continue to cement Traveloka's commitment to providing the best, seamless travel experience for customers and accelerate stronger business growth in Southeast Asia.
ASEAN Online Accommodation Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights on impact of technology and innovation in the market
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Platform
5.1.1 Mobile application
5.2 By Mode of Booking
5.2.1 Third party online portals
5.2.2 Direct/captive portals
5.3 By Country
5.3.5 Rest of ASEAN
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.8 Hotel combined
6.2.9 Trip advisor
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
ASEAN Online Accommodation Market Research FAQs
What is the current ASEAN Online Accommodation Market size?
The ASEAN Online Accommodation Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).
Who are the key players in ASEAN Online Accommodation Market?
Booking.com, TripAdvisor, Expedia, Hotels.com and Agoda are the major companies operating in the ASEAN Online Accommodation Market.
ASEAN Online Accommodation Industry Report
Statistics for the 2023 ASEAN Online Accommodation market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Online Accommodation analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.