Travel Services Market in India Will Grow at 19% CAGR by 2024 | Technavio

LONDON–(BUSINESS WIRE)–#TravelServicesMarketinIndia–Technavio has been monitoring the travel services market in India, operating under the consumer discretionary industry. The latest report on the travel services market in India, 2020-2024 estimates it to register an incremental growth of by $ 56 bn at a CAGR of about 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 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 among some of the major market participants.

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The rise in international tourist footfall has been instrumental in driving the growth of the market. However, a significant price war led by stiff competition among players might hamper the market growth.

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Travel Services Market in India 2020-2024: Segmentation

Travel Services Market in India is segmented as below:

Based on geographic segmentation, over 82% f the market’s growth originated from the online mode of booking during the forecast period. In addition, domestic flight services dominated the growth under the services segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the travel services market size in India.

• Service
  • Domestic Flight Services, Hotel Accommodation Services
  • Rail Ticket Services
  • Taxi/cab Services
  • Domestic Bus Services
  • Holiday Packages
• Mode of Booking
  • Online
  • Offline

Travel Services Market in India 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The travel services market in India report covers the following areas:

• Travel Services Market Size in India
• Travel Services Market Trends in India
• Travel Services Market Industry Analysis in India

This study identifies the introduction of low-cost airlines as one of the prime reasons driving the travel services market growth in India during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Travel Services Market in India 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist travel services market growth in India during the next five years
• Estimation of the travel services market size in India 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
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of travel services market vendors in India

Table of Contents:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

• Preface
• Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

• Market ecosystem
• Market characteristics
• Market segmentation analysis

PART 04: MARKET SIZING

• Market definition
• Market sizing 2019
• Market outlook
• Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

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 ticket services – Market size and forecast 2019-2024
• Taxi/cab services – Market size and forecast 2019-2024
• Domestic bus services – Market size and forecast 2019-2024
• Holiday packages – Market size and forecast 2019-2024
• Market opportunity by service

PART 07: CUSTOMER LANDSCAPE

PART 08: MARKET SEGMENTATION BY MODE OF BOOKING

• Market segmentation by mode of booking
• Comparison by mode of booking
• Online – Market size and forecast 2019-2024
• Offline – Market size and forecast 2019-2024
• Market opportunity by mode of booking

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

• Market drivers
• Market challenges

PART 11: MARKET TRENDS

• Introduction of low-cost airlines
• Increased contribution of travel and tourism to GDP and employment
• Technological advances in mobile-based and website-based travel service
• platforms

PART 12: VENDOR LANDSCAPE

• Overview
• Landscape disruption
• Competitive scenario

PART 13: VENDOR ANALYSIS

• Vendors covered
• Vendor classification
• Market positioning of vendors
• 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
• List of abbreviations
• Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

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