United States' $51.8B Online Hotel Booking Market, 2024-2029: Booking Holdings and Expedia Group Dominate with a Collective $14.5 Billion Revenue in 2024

Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Online Hotel Booking in the US - Industry Research Report" report has been added to ResearchAndMarkets.com's offering.

Over the past five years, more individuals willing to make online reservations have benefited the industry. Nevertheless, the industry was hit by the unprecedented COVID-19 that led to a substantial decline in travel rates, causing industry revenue to fall sharply in 2020. As travel restrictions were lifted in 2021, revenue has recovered strongly due to the release of pent-up demand. Over the five years to 2024, industry revenue is expected to grow at an annualized rate of 2.8% to $51.8 billion, including a 6.5% growth in 2024 alone.

Report Scope:

• Market estimates from 2014-2029

• Competitive analysis, industry segmentation, financial benchmarks

• Incorporates SWOT, Porter's Five Forces and risk management frameworks

2024 U.S. Online Hotel Booking Market Statistics:

• Revenue: $51.8 Billion

• Employees: 150 Thousand

• Businesses: 5,281

Market share concentration for the Online Hotel Booking industry in the US is low, which means the top four companies generate less than 40% of industry revenue. The average concentration in the Administrative and Support and Waste Management and Remediation Services sector in the United States is 20%.

Biggest companies in the Online Hotel Booking industry in the US:

• Booking Holdings Inc.

  • Revenue: $8.11 Billion

  • Profit: $1.36 Billion

  • Profit Margin: 16.8%

• Expedia Group, Inc.

  • Revenue: $6.39 Billion

  • Profit: $405.1 Million

  • Profit Margin: 6.3%

Online Hotel Booking in the US Industry Analysis:

• The Online Hotel Booking industry has been growing due to the increasing use of the internet.

  • The added convenience of online booking services has spurred demand for industry services over the past five years.

• Many companies offer ancillary services to enable customers to book full vacations with travel, dining reservations and other activities.

  • Demand has fallen slightly as customers reduce discretionary spending on travel when unemployment and inflation increase.

• Industry establishments are primarily online.

  • However, companies are often located near critical downstream markets and upstream web developers to create and maintain search engines and access to hotels and accommodation providers.

• Travelers are price sensitive since airfare and accommodation are discretionary purchases.

  • Travel agencies compete fiercely on price in a highly saturated market where consumers are attracted to the best deal.

Key Trends and Insights:

• Higher internet usage drives industry growth.

  • Before online hotel booking services, travelers relied on brick-and-mortar travel agencies or hotels to plan their trips. Nonetheless, an increasing number of internet users, coupled with more services conducted online, has bolstered demand for online booking services over the past five years.

• Travel activities plummeted in 2020 due to COVID-19.

  • The impact of COVID-19 was severe, with large swaths of the economies curtailed to slow the spread of the virus. In conjunction with plummeting consumer sentiment, travel restrictions weighed on travel considerably.

• Continued improvements in the travel sector will aid revenue growth.

  • Travel rates will strengthen during the outlook period when consumer confidence recovers. As inflation growth is anticipated to slow and unemployment is expected to fall, more individuals will feel confident traveling, benefiting the industry.

• The industry has a low level of concentration.

  • Companies such as Expedia and Booking operate in the industry through various well-known brands, making it difficult for new entrants to gain market share.

For more information about this report visit https://www.researchandmarkets.com/r/qavycm

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