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NEW YORK - The "Travel Services Market In India by Service (Domestic flight services, Hotel accommodation services, Rail ticket services, Cab services, and Others) and Market Landscape (online and offline) - Forecast and Analysis 2021-2025" report has been added to Technavio's offerings. With ISO 9001:2015 certification, Technavio has been proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the travel services market in India between 2020 and 2025 is USD 11.11 bn.
Key Market Dynamics:
- Market Driver
- Market Challenge
The increasing international tourist footfall is driving the travel services market growth in India. This factor, along with the advent of technologies, has increased the use of online travel services, which will fuel the growth of the travel services market in India during the forecast period. In India, inbound tourism has been increasing at a rapid pace owing to international and domestic business, leisure, and sports trips. The significantly rising number of multinational companies is primarily contributing to business travel spending in India. In addition, governments are taking initiatives to promote tourism for inbound 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 may challenge market growth. The travel services market in India is dominated by 10 global vendors. However, these vendors face stiff competition from various other global, regional, and local players. Moreover, regional and local vendors compete among themselves to market and sell unique services. In addition, the intense competition in the market leads to price wars among vendors, which adversely affect their profit margins. The growing trend of offerings high discounts and other offers provided by some vendors is another major challenge faced by the market.
The travel services market in India report is segmented by service (domestic flight services, hotel accommodation services, rail ticket services, cab services, and others) and booking (online and offline).
By service, the domestic flight services segment will grow the fastest during the forecast period. This is mainly due to the significant growth in the number of passengers. This growth is primarily driven by the introduction of multiple low-cost airlines, government initiatives, increasing disposable income, foreign direct investment (FDI) in the Indian civil aviation sector, improved connectivity, expanding working population base, and a high number of domestic business 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.