India Travel Services Market to Hit $56 Billion by 2024, Airbnb Inc., Cleartrip Pvt. Ltd., and Yatra Online Inc, emerge as key contributors to growth | Technavio

LONDON–(BUSINESS WIRE)–Technavio monitors the travel services market in India and it is poised to grow by $56 billion during the period 2020-2024, growing at a CAGR of around 19% over the period of forecast. The report offers up-to-date analysis regarding the current market scenario, latest trends and drivers, and overall market environment.

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Frequently Asked Questions:

  • What are the major market trends?

    The introduction of low cost airlines is a major trend driving the growth of the market.
  • How fast is the market expected to grow?

    Year-over-year growth for 2020 is estimated at 18.05% and incremental market growth is expected to be $56 billion.
  • Who are the best market players?

    Airbnb Inc., Cleartrip Pvt. Ltd., Cox & Kings Ltd., Indian Railway Catering and Tourism Corp. Ltd., ITC Ltd., MakeMyTrip Ltd., Oravel Stays Pvt. Ltd., Thomas Cook (India) Ltd., TripAdvisor Inc. and Yatra Online Inc. are some of the major players in the market.
  • What is the main market driver?

    The increase in international tourist visitation is one of the main drivers of the market.
  • What is the size of the online booking market?

    The online booking segment will contribute 82% of the market share

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The market is fragmented and the degree of fragmentation will accelerate over the forecast period. Airbnb Inc., Cleartrip Pvt. Ltd., Cox & Kings Ltd., Indian Railway Catering and Tourism Corp. Ltd., ITC Ltd., MakeMyTrip Ltd., Oravel Stays Pvt. Ltd., Thomas Cook (India) Ltd., TripAdvisor Inc. and Yatra Online Inc. are some of the major players in the market. The increase in international tourist visitation will provide immense opportunities for growth. To make the most of the opportunities, sellers in the market should focus more on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Travel Services Market in India 2020-2024: Segmentation

The travel services market in India is segmented as follows:

  • A service

    • Domestic Flight Services, Hotel Accommodation Services

    • Rail ticketing services

    • Taxi/taxi services

    • National bus services

    • Vacation Packages

  • Reservation

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India Travel Services Market 2020-2024: Scope

Technavio presents a detailed picture of the market through the study, synthesis and summation of data from several sources. the travel services market report covers the following areas:

  • India travel services market size

  • Travel Services Market Trends in India

  • India Travel Services Market Industry Analysis

This study identifies the introduction of low cost airlines as one of the major reasons for the growth of the travel services market in India over the next few years.

Technavio offers three forecast scenarios (optimistic, probable and pessimistic) considering the impact of COVID-19. Technavio’s extensive research has had a direct and indirect impact on market research reports on COVID-19.

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India Travel Services Market 2020-2024: Key Highlights

  • Market CAGR over the forecast period 2020-2024

  • Detailed information on the factors that will contribute to the growth of the India travel services market over the next five years

  • Estimation of the India travel services market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the travel services market in India

  • Market Competitive Landscape Analysis and Detailed Vendor Information

  • Comprehensive details of the factors that will challenge the growth of the India Travel Services Market vendors

Contents:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF REPORT

  • Preface

  • Currency conversion rates for the US dollar

PART 03: MARKET LANDSCAPE

  • Market ecosystem

  • Market characteristics

  • Market Segmentation Analysis

PART 04: MARKET SIZE

  • Market definition

  • Market size 2019

  • Market Outlook

  • Market Size and Forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

  • The bargaining power of buyers

  • Bargaining power of suppliers

  • The threat of new entrants

  • The threat of substitutes

  • Threat of rivalry

  • Market state

PART 06: MARKET SEGMENTATION BY SERVICE

  • Market segmentation by service

  • Comparison by service

  • Domestic Flight Services – Market size and forecast 2019-2024

  • Hotel accommodation services – Market size and forecast 2019-2024

  • Rail Ticketing Services – Market size and forecast 2019-2024

  • Taxi/Taxi Services – Market size and forecast 2019-2024

  • Domestic Bus Services – Market size and forecast 2019-2024

  • Vacation packages – Market size and forecast 2019-2024

  • Market opportunity by service

PART 07: CUSTOMER LANDSCAPE

PART 08: MARKET SEGMENTATION BY BOOKING METHOD

  • Market segmentation by booking method

  • Comparison by booking method

  • Online – Market size and forecast 2019-2024

  • Offline – Market size and forecast 2019-2024

  • Market opportunity by booking method

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

  • Market factors

  • Market challenges

PART 11: MARKET TRENDS

  • Introduction of low cost airlines

  • Increased contribution of travel and tourism to GDP and employment

  • Technological Advancements in Mobile and Website Travel Services

  • platforms

PART 12: VENDOR LANDSCAPE

  • Overview

  • Landscape disturbance

  • Competitive scenario

PART 13: SUPPLIER ANALYSIS

  • Suppliers Covered

  • Ranking of suppliers

  • Positioning on the supplier market

  • Airbnb inc.

  • Cleartrip Pvt. ltd.

  • Cox & Kings Ltd.

  • Indian Railway Catering and Tourism Corp. ltd.

  • ITC Ltd.

  • MakeMyTrip Ltd.

  • Oravel Stays Pvt. ltd.

  • Thomas Cook (India) Ltd.

  • TripAdvisor Inc.

  • Yatra Online, Inc.

PART 14: APPENDIX

  • Research methodology

  • Abreviations list

  • Definition of the market positioning of suppliers

PART 15: EXPLORE TECHNAVIO

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