LONDON–(BUSINESS WIRE)–The travel services market in India is expected to grow at a CAGR of almost 19% during the period 2020-2024, according to Technavio’s latest market research report. Request a free sample report
The number of international tourists to India has seen a tremendous increase in recent years. The growth of inbound tourism can be attributed to the increasing number of travelers visiting India for international and domestic business trips, leisure and sports trips. In addition, business travel spending in India is expected to increase at a CAGR of almost 12% over the forecast period as more multinational companies conduct business visits to India for employees. working around the world. This increasing growth in the tourism industry will have a positive impact on the growth of the Indian travel services market over the forecast period.
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According to Technavio, the introduction of low cost airlines will have a positive impact on the market and contribute significantly to its growth over the forecast period. This research report also analyzes other important trends and market drivers that will affect the growth of the market over the period 2020-2024.
India Travel Services Market: Introduction of Low Cost Airlines
Airlines are one of the preferred modes of transport for tourists and travelers due to their comfort and short travel time. Group booking of airline tickets often proves to be quite cumbersome for customers. Therefore, travelers are increasingly looking for cheap or economy airfares to meet their needs without having to bear the burden of additional costs. The introduction of low cost airlines has been a relief for travelers and holiday and tour service providers. It has also encouraged companies in the SME sector to opt for the plane for their business trips. Thus, increasing investments in development and introduction of low-cost airlines are expected to further increase the travel services market in India during the forecast period.
“The growing number of marketing and promotional activities and technological advancements in mobile and website-based travel service platforms will drive the growth of the India travel service market over the forecast period. “says a senior analyst at Technavio.
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India Travel Services Market: Segmentation Analysis
This market report segments the travel services market in india by service (domestic flight services, hotel accommodation services, train ticketing services, taxi/taxi services, domestic bus services and vacation packages) and booking method (online and offline).
Online booking mode accounted for the largest travel services market share in India in 2019. The segment will continue to dominate the market owing to the extensive penetration and geographic reach of online travel providers including MakeMyTrip, IRCTC, Yatra and TripAdvisor. In addition, benefits such as secure transactions, convenient return policies, centralized customer service, multiple payment options, and 24/7 shopping convenience are expected to attract more and more customers to opt for the mode of online reservation in the years to come.
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Some of the main topics covered in the report include:
Market Segmentation Analysis
Market size and forecast
Five forces analysis
Main leading countries
Ranking of suppliers
Positioning on the supplier market
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