LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the travel services market in India is expected to reach USD 53.28 billion by 2021, growing at a CAGR of more than 18%.
This research report titled ‘Travel Services Market in India 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The travel services market in India is the second-largest market globally, after China. The growing tourist inflows to the country will drive the market during the forecast period. The travel service vendors are focusing on increasing strategic alliances with other companies. For instance, MakeMyTrip acquired a part of the travel startup company Bona Vita Technologies in 2015. E-traveling companies are expanding their presence through the offline mode to gain a larger customer base. The aim was to cater to the segment that is not comfortable with booking through online portals.
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Technavio’s consumer and retail research analysts categorize the travel services market in India into the following segments by services. They are:
- Domestic flights
- Hotel accommodation
- Rail ticket
- Domestic bus
- Holiday package
The top three revenue-generating services segments for the travel services market in India are discussed below:
The domestic flight services market in India is driven by factors such as increased connectivity, information technology advancements, and foreign investment in domestic airlines. The growth of the domestic flight market in India depends on the increase in the number of airline travelers.
According to Poonam Saini, a lead retail goods and services research analyst from Technavio, “The domestic flight services market in India is expected to have a significant growth due to the improvement plans that will be implemented by the government of India. For instance, in 2017, it announced the plan of opening 45 new airports in India and approved the construction of 18 greenfield airports.”
The number of hotels in India is expected to increase. Both international and domestic hotel chains have planned expansions in the coming years. For instance, in 2014, Marriott International announced its plans of expansion in India, where it will add 49 hotels by 2018. Similarly, in 2015, Hyatt announced that it would start 8-10 hotels under the brand Hyatt Place by 2020.
“The offline sales are higher than online sales in the hotel accommodation services market in India. However, in the next five years, the online hotel booking segment is expected to have a fast-paced growth. This is mainly because of an increase in the number of internet users and the convenience provided by online booking apps and the different modes of payment,” says Poonam.
Indian railway is the largest railway network in the world under a single management. It is one of the most preferred 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 trains daily, and this huge customer base generates high revenue for the travel services market. The allocation of new trains will lead to the growth of the rail ticket services market in India. For instance, four new trains were allocated by Indian Railway in 2017; this was presented with the general budget. The most prominent player offering rail tickets is Indian Railway Catering and Tourism Corporation (IRCTC).
The top vendors highlighted by Technavio’s research analysts in this report are:
- Cox & Kings
- Thomas Cook
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