NEW YORK, Oct. 4, 2023 /PRNewswire/ — The India – Travel Services Market is estimated to increase by USD 13.46 billion, accelerating at a CAGR of 11.72%, during the forecast period. The travel services market in India is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer travel services market in India are Airbnb Inc., ANI Technologies Pvt. Ltd., Booking Holdings Inc., Cleartrip Pvt. Ltd., Cox and Kings Ltd., Easy Trip Planners Ltd., Expedia Group Inc., Indian Railway Catering and Tourism Corp. Ltd., ITC Ltd., Kesari Tours Pvt. Ltd., Le Travenues Technology Ltd, Mahindra and Mahindra Ltd., MakeMyTrip Ltd., Oravel Stays Ltd., The Travel Corp, Thomas Cook (India) Ltd., Treebo Hotels, TripAdvisor Inc., Uber Technologies Inc., and Yatra Online Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample Report before buying
Technavio has announced its latest market research report titled Travel Services Market in India 2023-2027
India – Travel Services Market 2023 – 2027: Company Offering:
Airbnb Inc.: The company offers travel services which include short-term and long-term stay aggregation services through its Airbnb online platform ranging from Apartment rentals, Villa rentals, and House rentals to monthly stays in India.
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India – Travel Services Market 2023 – 2027: Market Dynamics:
Impactful driver- One of the primary drivers of the growth of the Indian travel services market is the rising number of international tourists. India has witnessed a notable increase in inbound tourism, leading to a rise in the demand for travel services. Tourists from various parts of the world are visiting India for a range of purposes, including international and domestic business trips, leisure vacations, and sports-related journeys. Moreover, the presence of numerous multinational companies is significantly influencing the number of business visits of corporations in India from across the globe.
Key Trend – An influential factor driving the growth of the Indian travel services market is the progression of technology in mobile and web-based travel platforms. Numerous providers in this market are introducing inventive concepts and technologies to maintain their market presence and provide customers with fresh and creative services. Additionally, many industry participants are integrating advanced technologies into their service platforms, encompassing websites and mobile apps, to offer functionalities like refined search filters and voice-guided assistance.
Major Challenges – Intense competition among players leading to price wars
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India – Travel Services Market 2023 – 2027: Market Segmentation:
The market is segmented by mode of booking (online and offline) and service (domestic flight services, hotel accommodation services, rail ticket services, cab services, and others).
The online travel segment is expected to experience substantial growth during the forecast period. More consumers are choosing to book travel services online due to the convenience these platforms offer. This shift is also driven by the expanding presence and accessibility of online travel service providers like MakeMyTrip, TripAdvisor, IRCTC, and Yatra.
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Related Reports:
Travel Market: The travel market size is estimated to grow at a CAGR of 14.18% between 2022 and 2027. The market size is forecast to increase by USD 3,392.95 billion.
Online Travel Booking Platform Market: The Global Online Travel Booking Platform Market size is estimated to grow by USD 1,107.21 billion at a CAGR of 14.85% between 2022 and 2027.
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Travel Services Market In India Scope |
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Report Coverage |
Details |
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Historic period |
2017-2021 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.72% |
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YoY growth 2022-2023 (%) |
11.23 |
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Regional analysis |
India |
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Mode of Booking
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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SOURCE Technavio
