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

LONDON–(COMMERCIAL THREAD) – According to the latest market research published by Technavio, the India travel services market is expected to reach $ 53.28 billion by 2021, with a CAGR of over 18%.

This research report titled ‘India Travel Services Market 2017-2021‘provides an in-depth analysis of the market in terms of revenues and emerging market trends. This market research report also includes up-to-date analysis and forecast for various market segments and all geographies.

India’s travel services market is the second largest in the world, after China. The increasing influx of tourists to the country will boost the market during the forecast period. Travel service providers are focused on increasing strategic alliances with other businesses. For example, MakeMyTrip acquired part of the travel start-up Bona Vita Technologies in 2015. Online travel companies are expanding their presence via offline mode to acquire larger customers. The aim was to respond to the segment that is not comfortable with booking through online portals.

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

  • Domestic flights

  • Hotel accommodation

  • Train ticket

  • Taxi

  • Domestic bus

  • Vacation package

The major three revenue-generating service segments for India travel services market are discussed 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 leader retail goods and services Technavio research analyst, “The domestic flight services market in India is expected to experience significant growth due to the improvement plans that will be implemented by the Indian government. For example, in 2017 it announced the plan to open 45 new airports in India and approved the construction of 18 completely new airports.

Hotel accommodation

The number of hotels in India is expected to increase. International and national hotel chains are planning expansions in the coming years. For example, in 2014, Marriott International announced its expansion plans in India, where it will add 49 hotels by 2018. Similarly, in 2015, Hyatt announced that it would open 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 reservation segment is expected to experience rapid growth. 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., says Poonam.

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 income for the travel services market. The allocation of new trains will lead to 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 in providing train tickets is Indian Railway Catering and Tourism Corporation (IRCTC).

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

  • Coxswain and kings
  • DoMyTravel
  • SOTC
  • Thomas cook
  • Yatra

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