India’s travel services market is expected to grow by USD 11.11 billion
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NEW YORK – The “India Travel Services Market by Service (Domestic Flight Services, Hotel Accommodation Services, Rail Ticketing Services, Taxi Services and Others) and Market Landscape (Online and Offline)- Forecasts and Analysis 2021-2025″ report has been added to Technavio’s offerings. With ISO 9001:2015 certification, Technavio is proud to partner with over 100 Fortune 500 companies for over 16 years.
The difference in potential growth for the travel services market in India between 2020 and 2025 is USD 11.11 billion.
Key Market Dynamics:
- market engine
- Market challenge
Growing international tourist visitation is driving the growth of travel services market in India. This factor, coupled with the advent of technologies, has increased the usage of online travel services, which will fuel the growth of the India travel services market over the forecast period. In India, inbound tourism has been growing at a rapid rate owing to international and domestic business, leisure and sports travel. The drastically increasing number of multinational corporations are major contributors to business travel spending in India. In addition, governments are taking initiatives to promote tourism to incoming tourists. These factors will propel the demand for travel services in India during the forecast period.
Factors such as huge competition among players leading to price war can challenge the growth of the market. The travel services market in India is dominated by 10 global vendors. However, these providers face fierce competition from various other global, regional and local players. Additionally, regional and local providers compete to market and sell unique services. Moreover, the intense competition in the market leads to price wars among vendors, which negatively affects their profit margins. The growing trend of offering high discounts and other offers offered by some vendors is another major challenge facing the market.
The India travel services market report is segmented by service (domestic flight services, hotel accommodation services, rail ticketing services, taxi services and others) and booking (online and offline).
By service, the domestic flight services segment will witness the fastest growth during the forecast period. This is mainly due to the significant growth in the number of passengers. This growth is mainly due to the introduction of several low cost airlines, government initiatives, increase in disposable income, foreign direct investment (FDI) in the Indian civil aviation sector, improvement connectivity, an expanding labor force and a high number of national companies. travellers.
Some companies mentioned:
- Airbnb inc.
- Cleartrip Pvt. ltd.
- Cox and Kings Ltd.
- Indian Railway Catering and Tourism Corp. ltd.
- ITC Ltd.
- MakeMyTrip Ltd.
- Oravel Stays Pvt. ltd.
- Thomas Cook India Ltd.
- TripAdvisor LLC
- Yatra Online Inc.