Need a report that reflects how COVID-19 has impacted this market and its growth?
According to Bussiness Travel News (BTN ) Europe , COVID - 19 pandemic has taken the industry in new direction. Pandemic delivers shift in attitudes to long-stay solutions. Post-pandemic, travellers – with or without families – want more space to live, work and play and this has created a tremendous uptick in the use and popularity of online accommodation for leisure purposes. The market is growing rapidly due to its increased influence in overall lodging market. Online Travel Agencies (OTA) are currently controlling the majority of the online accommodation market. Direct suppliers, such as hotels, are recognizing the need to rack up their loyalty programs and highlight experiences in order to respond to the OTA threat.
One of the reasons OTAs are preferred comes down to content aggregation: they allow customers to compare lots of products based on price, availability and guest reviews all in one place. 30% of OTA bookers said they preferred OTAs because they felt they had lower rates. Leisure travelers are even more convinced of this fact.
Students and Youth shifting to Europe from rest of the world has given preference to online accommodation . This has taken up as opportunities by many companies and they have added a feature of hostels and students accommodations on their website. Online accommodation has made it convinent , easy and reliable for students to find accommodation in a completely new space. With the advancement of technology, low internet costs it is easier for people to book hotels or homes from the comfort of their house and plan their travel. This has caused the online accommodation services to become popular.
Scope of the Report
Online Accommodation allows a customer to book and pay for an accommodation directly through website/portals. It is of the key things travellers do when planning a trip is to go online to search for and book the right accommodation. Various accommodation booking websites provide a range of accommodation options and relevant information such as rates, star ratings , customer riview ratings , reviewer's comments , reservation policies , facilities , and so on. Europe Online Accommodation Market is segmented By Platform type (Mobile application & Website), By Mode of Booking Type (Third Party online portals & Direct/Captive portals) & By Countries (United Kingdom, Italy, Germany, France, Spain and Rest of Europe).
|By Mode Of Booking|
|Third Party Online Portals / Online Travel Agencies ( OTA )|
|Direct / Captive portals|
Key Market Trends
Increasing Internet Penetration is Augmenting the Market
Ecommerce and Internet Banking services are growing at an rapid rate in the entire world. People from every age right from children to the old get excited to shop online from numerous e-stores. Internet accessibility to large number of people means the increased market penetration for online accommodation providers. The more people have internet access to the farther the reach of the accommodation providers. During COVID lockdown a large number of people have shifted to online modes for shopping. Therefore, people are also more likely to go online when looking for an accommodation. Online mode of shopping saves the time and provide a great deal of options for the customers to choose from. This is the same in case of online accommodation booking. Therefore, the industry may see a huge entry of new customers from diverse geographical regions.I
Ecommerce industry along with online accomodation is expected to witness rapid proliferation in the coming years. The rate of online shopping is growing beyond measure and this is driving e-commerce owners crazy to keep their solid place in the online race. Thus, the online accommodation is gaining pace on similar lines across entire Europe.
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Easy Booking Facilities Promoting Healthy Tourism
The OTA have brought many hotels and accommodation services provided in an area at one platform. Easy comparison between two or more places located in the same region on the basis of their pictures, rates, facilities, discount offers have made it very easy to find an accommodation for travellers as per their needs. All the transactions takes place from authenticated websites ensuring safety to both customer and OTA 's. Customer's also have options like cancellation of bookings , changes to be done in bookings, switching options, installment options etc, which has made booking accommodation much flexible for the customers. All thses facilities have impressed the customers and hence promoted the tourism. The companies in the industry know this and that is why technology is being integerated to create a greater in room experience for customer. Also, the total contribution of travel and tourism to the gross domestic product (GDP) in Europe increased by 28 percent in 2021 over the previous year, following a sharp drop in 2020 due to the coronavirus (COVID-19) pandemic. Overall, the total contribution of these industries to Europe's GDP amounted to roughly 1,450 billion U.S. dollars in 2021, rising from around 1,133 billion U.S. dollars in 2020 but remaining below pre-pandemic levels.
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The Europe Online Accommodation Market is highly fragmented market, with existance of many local and international players in each region across the globe. Few of the major players in Europe Online Accommodation Market are HRS , Hotelbeds Group SL , Booking.com, edreams , InterContinental Hotels Group. The top players hold less than 40 % market share of the entire market. The market is highly competiative. The top players as well as the other players are trying to get a hold over market by introducing new travel schmes and discounts , by offering more ease and facilities. The industry has a great scope of development beacuse of tourist attraction towards Europe is increasing. The market is estimated to grow post COVID - 19 pandemic.
- On 8 December 2021 , Hostelworld has announced its collaboration with G-adventures . This joint collaboration is named as Roamies. This new collaboration launches with a collection of 38 trips in 15 countries staying across more than 50 hostels, and sees travellers exploring iconic destination. The Roamies collection is the start of a longer-term partnership that will see more trips being added across furthur locations.
- On 21 september 2021 , Agoda published that Hotels are going to leverage online travel agency (OTA) technology to grow value-add deals business with Agoda. Agoda launches Agoda Special Offers to help hotels leverage its technology and marketing reach. Customer's can access agoda’s platform exclusive and non-exclusive packages of value-added benefits with their rooms, such as early check-in and late check-out perks, food and beverage vouchers, onsite or offsite experiences, and special room upgrade deals.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints / Challenges
4.4 Porters 5 Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Insights on Technology Innovations in the Market
4.6 Impact of COVID - 19 on the Industry
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 / Online Travel Agencies ( OTA )
5.2.2 Direct / Captive portals
5.3 By Country
5.4 United Kingdom
5.9 Rest of Europe
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Competition Overview
6.2 Company Profiles
6.2.2 Hotelbeds Group SL
6.2.3 InterContinental Hotels Group
6.2.9 G- Adventures
6.2.10 Travel Talk
6.2.11 Click Tours
6.2.13 Expat Explore Travel
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Europe Online Accommodation Market market is studied from 2018 - 2027.
What is the growth rate of Europe Online Accommodation Market?
The Europe Online Accommodation Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in Europe Online Accommodation Market?
HRS, Hotelbeds Group SL, InterContinental Hotels Group , Booking.com, eDreams are the major companies operating in Europe Online Accommodation Market.