Global Hostel Online Travel Agency (OTA) Market (2024 Edition): Analysis By Platform (Mobiles/Tablets, Desktop), User Type (Students, Corporates, Others), By Age Group, By Region, By Country: Market Insights and Forecast (2020-2030)

Global Hostel Online Travel Agency (OTA) Market (2024 Edition): Analysis By Platform (Mobiles/Tablets, Desktop), User Type (Students, Corporates, Others), By Age Group, By Region, By Country: Market Insights and Forecast (2020-2030)

Executive Summary

Azoth Analytics has released a research report titled ‘Global Hostel Online Travel Agency (OTA) Market (2024 Edition)’ which provides a complete analysis of the Global Hostel Online Travel Agency (OTA) industry in terms of market segmentation By Platform (Mobiles/Tablets, and Desktop), User Type (Students, Corporates, and Others), Age Group (15-25, 26-35, 36-45, and Above 45 years), By Region (North America, Europe, Asia-Pacific, and ROW), and By Country for the historical period of 2020-2023, the estimates of 2024 and the forecast period of 2025-2030.

The research report covers a detailed analysis of the regions (North America, Europe, APAC, Rest of the World) and 10 countries (United States, Canada, United Kingdom, Germany, France, Italy, China, Japan, India, South Korea). Additionally, the research report presents data including market size, yearly growth & potential analysis, the competitive study of market players, investment opportunities and demand forecast.

The research report also assesses growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market evolution.

Global Hostel Online Travel Agency (OTA) Market attained a market value of USD 2933.25 Million in 2023. Global hostel market recovering strongly, driven by tailwinds to both supply and demand coupled with improving confidence in post-Covid recovery and resumed growth trajectory. Additionally, various companies focusing on young millennial/Gen Z travellers, and a rise in solo travellers looking for shared experiences with young travellers spending twice as much as the average international tourist throughout their entire trip, and traveling twice as often per year according to a trend report, has been anticipated to bolster the market growth.

The Global Hostel Online Travel Agency (OTA) Market is expected to grow in the forecast period and register a market value of USD 6498.36 Million in 2030 at a CAGR of 12.42% during the forecast period. Hostel Online Travel Agency (OTA) market is propelled by ever increasing young population across the globe, burgeoning demand for sustainable hostels, clubbed with escalating urge to travel among youth and ever-changing preferences with respect to accommodation will spur the market growth in future.

In contrast, the World Travel & Tourism Council forecasts global Travel and Tourism GDP to grow at an average annual rate of 5.8% between 2023 and 2032. With a larger share of the travel market moving online, this should benefit OTAs in the hostel segment, the most dominant online booking channel, as fewer customers book through offline channels such as walk-ins. This should be boosted by the fact that younger consumers, the main customer group for hostels, tend to make more travel bookings online than older age groups.

Additionally, various European conferences and events originally scheduled for February postponed or cancelled by COVID-19 concerns. For events slated for March, that number climbed to 76. Early in March, companies worldwide restricted or banned business travel and schools began to close, leading to a swift, sharp decline in group travel. Both factors contributed to a rise in cancellation fees and no-shows, which buoyed hostel revenue even as demand fell and led to an unlikely increase in Average Daily Rate (ADR).

Scope of the Report

• The report analyses the Hostel Online Travel Agency (OTA) Market by Value (USD Million)
• The report presents the analysis of Hostel Online Travel Agency (OTA) Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030.
• The report analyses the Hostel Online Travel Agency (OTA) Market by Platform (Mobiles/Tablets, Desktop).
• The report analyses the Hostel Online Travel Agency (OTA) Market by User Type (Students, Corporate, and Others).
• The report analyses the Hostel Online Travel Agency (OTA) Market by Age Group (15-25, 26-35, 36-45, and Above 45 years)
• The key insights of the report have been presented through the frameworks of SWOT and Porters Five Forces Analysis. Also, the attractiveness of the market has been presented by region, by services, by mode of operation & by end users.
• Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include HostelWorld Group PLC, hostelz.com, Zostel, The Hosteller, A&O Hostels, Safestay, HostelGeeks, Green Tortoise Hostel, Hostelling International (HI), and Generator Hostels.