India travel & tourism market stood at $ 56 billion in 2017 and is projected to grow at a CAGR of over 7.5% to reach $ 86 billion by 2023, on account of growing domestic and foreign tourist footfall and increasing number of religious and leisure trips. Rising infrastructural developments, increasing standards of living, and growing regional and central government’s focus on promoting tourism sector are some of the other major factors expected to aid the country’s travel & tourism market in the coming years. Growth in the market is also anticipated to be backed by increasing interest in the country’s culture and heritage among domestic travelers coupled with booming rural tourism across India.
Years considered for this report
Historical Years2013-2016
Base Year2017
Estimated Year2018
Forecast Period2019–2023
Objective of the Study
- To analyze and forecast the India travel & tourism market size, in terms of value as well as volume.
- To define, classify and forecast India travel & tourism market by product/service offering, type, purpose of visit, tourist profile, and average duration of stay.
- To scrutinize the detailed market segmentation and forecast the market size in terms of value, by segmenting India travel & tourism market into four regions namely, North, West, East and South.
- To identify tailwinds and headwinds for India travel & tourism market.
- To examine competitive developments such as expansions, new offerings and mergers & acquisitions in India travel & tourism market.
- To strategically profile the leading players operating in travel & tourism sector of India.
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Some of the major players operating in India travel & tourism market are MakeMyTrip (India) Private Limited, SOTC Travel Services Pvt. Ltd., Yatra Online Private Limited, Indian Railway Catering and Tourism Corporation Ltd., Cleartrip Pvt. Ltd., Jet Airways (India) Limited, Air India Ltd., Indian Hotels Company Limited, Cox & Kings Ltd., Travel Corporation (India) Ltd., etc.
Market insights research performed primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of travel & tourism companies in India. Subsequently, we conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research was able to include companies that could not be identified due to the limitations of secondary research. Market insights research analyzed product offerings, end use sector/s, and regional presence of all major travel & tourism service providers across the country.
Market insights research calculated the India travel & tourism market size using a bottom-up approach, where companies’ value & volume sales data for different types (Domestic, Inbound and Outbound) was recorded and forecast for future years. Market insights research sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective companies to arrive at the overall market size. Various secondary sources such as company annual reports, white papers, investor presentations, financial reports,
Key Target Audience
- Travel & tourism companies operating in India
- Associations, organizations, associations and alliances related to travel & tourism
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as travel & tourism service providers, agents and policymakers. The report provides vital insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
