India Travel Services Market – Forecast, Drivers and Segments by Technavio

LONDON–(BUSINESS WIRE)–According to the latest market research published by Technaviothe travel services market in india is expected to reach USD 53.28 billion by 2021, growing at a CAGR of over 18%.

This research report titled ‘India travel services market 2017-2021‘ provides in-depth market analysis in terms of emerging market revenue and trends. This market research report also includes up-to-date analyzes and forecasts for various market segments and all geographical regions.

The travel services market in India is the second largest market in the world, after China. The growing influx of tourists to the country will boost the market over the forecast period. Travel service providers are focusing on increasing strategic alliances with other companies. For example, MakeMyTrip acquired part of travel startup Bona Vita Technologies in 2015. Online travel companies are expanding their presence through offline mode to gain a wider customer base. The aim was to meet the needs of the segment that is not comfortable booking through online portals.

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Technavio consumer and retail Research analysts categorize the travel services market in India into the following segments by services. They are:

  • Domestic flights

  • Hotel accommodation

  • Train ticket

  • Taxi

  • Domestic bus

  • Holiday package

The three major revenue-generating service segments for the travel services market in India are described below:

Domestic flights

The domestic flight services market in India is driven by factors such as increased connectivity, advancements in information technology, and foreign investment in domestic airlines. The growth of the domestic flight market in India depends on the increase in the number of air travelers.

According to Poonam Saini, a track retail goods and services Technavio research analyst, “The domestic flight services market in India is expected to witness significant growth owing to the improvement plans that will be implemented by the Indian government. For example, in 2017 he announced the plan to open 45 new airports in India and approved the construction of 18 new airports.

Hotel accommodation

The number of hotels in India is expected to increase. Both international and national hotel chains have planned expansions in the coming years. For example, in 2014, Marriott International announced its plans to expand into India, where it will add 49 hotels by 2018. Similarly, in 2015, Hyatt announced that it would launch 8-10 hotels under the Hyatt Place brand. now until 2020.

Offline sales are higher than online sales in the hotel accommodation services market in India. However, over the next five years, the online hotel booking segment is expected to grow rapidly. This is mainly due to the increase in the number of Internet users and the convenience offered by online booking applications and different payment methods.Poonam says.

Train ticket

The Indian Railway is the largest railway network in the world under a single management. It is one of the most popular modes of travel in the country, especially in rural areas. As the rural population in India is higher than the urban population, Indian Railway has a huge customer base in the rural market.

In India, more than 20 million passengers travel by train daily, and this huge customer base generates high revenue for the travel services market. The allocation of new trains will drive the growth of the rail ticketing services market in India. For example, four new trains were awarded by Indian Railway in 2017; this was presented with the general budget. The most important player offering train tickets is Indian Railway Catering and Tourism Corporation (IRCTC).

The top vendors highlighted by Technavio research analysts in this report are:

  • helmsman and kings
  • MakeMyTrip
  • SOTC
  • thomas cook
  • yatra

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Willie R. Golden