Travel Services Market in India by Service and Booking - Forecast and Analysis 2021-2025

  • Published: Feb 2021
  • Pages: 120
  • SKU: IRTNTR40267
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The travel services market share in India is expected to increase by USD 11.11 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 11.55%.

This travel services market research report of India provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by service (domestic flight services, hotel accommodation services, rail ticket services, cab services, and others) and booking (online and offline). The travel services market report of India also offers information on several market vendors, including 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, and Yatra Online Inc. among others.

What will the Travel Services Market Size in India be During the Forecast Period?

Download the Free Report Sample to Unlock the Travel Services Market Size in India for the Forecast Period and Other Important Statistics

 

Travel Services Market in India: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing international tourist footfall is notably driving the travel services market growth in India, although factors such as huge competition among players leading to price war may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the travel services industry in India. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Travel Services Market Driver in India

The overall rise in international tourist footfall and the advent of technologies have increased the use of online travel services, which will fuel the travel services market growth in India during the forecast period. Inbound tourism in India has been growing at a rapid pace owing to international and domestic business, leisure, and sports trips. The significantly growing number of multinational companies is primarily contributing to business travel spending in India. Governments are also taking initiatives to promote tourism for inbound tourists. These factors will fuel the demand for travel services in India during the forecast period.

Travel Services Market Trend in India

The availability of low-cost airlines has positively influenced the tourism industry in India. The introduction of low-cost airlines, which is one of the key travel services market trends in India, is reducing the extra cost burden on travelers. The increasing competition in the airline industry has resulted in the introduction of low-cost airlines. Global airlines are also planning to invest in the low-cost fare segment of the Indian aviation industry. 

Travel Services Market Challenge in India

The huge competition among players leading to price war is a major challenge for the travel services market growth. The travel services market in India is dominated by 10 global vendors, but these vendors face stiff competition from various other globals, regional, and local vendors. Regional and local vendors compete among themselves mostly to market and sell unique services. Also, the intense competition in the market triggers price wars among vendors, which adversely affect their profit margins. The growing trend of huge discounts and other offers provided by some vendors is another major challenge faced by the market. 

Parent Market Analysis

Technavio categorizes the travel services market in India as a part of the global airlines market within the transportation market. The parent global airlines market covers services and companies engaged in providing primarily passenger air transportation. The market excludes companies involved in airlines manufacturing, heli taxi services, and air freight and logistics. Technavio calculates the global airlines market size based on combined revenue generated by services provided by various airlines with respect to air travel, boarding, and luggage. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market in focus during the forecast period.

This travel services market analysis report of India also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Travel Services Market Vendors in India?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • 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.

 

This statistical study of the travel services market in India encompasses successful business strategies deployed by the key vendors. The travel services market in India is fragmented and the vendors are deploying growth strategies such as M&A, partnerships, and strategic alliances to compete in the market.

Product Insights and News

  • Cleartrip Pvt. Ltd. - In October 2019, Cleartrip launched a transformative solution ‘Cleartrip for Work’ a transformative travel product for the individual traveler
  • Yatra Online Inc. - In August 2020, Yatra Online, Inc. announced its collaboration with Amazon Business to provide hospitality partners with products catering to the hospitality segment.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The travel services market forecast report of India offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Travel Services Market Value Chain Analysis in India

Our report provides extensive information on the value chain analysis for the travel services market in India, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of airlines includes the following core components:

  • Inputs
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Services
  • Industry innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

What are the Revenue-generating Service Segments in the Travel Services Market in India?

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In terms of service, the domestic flight services segment is the fastest-growing segment of the travel services market in India, primarily attributable to the significant growth in the number of passengers. The growth in the number of passengers is largely driven by the introduction of multiple low-cost airlines, rising disposable income, government initiatives, improved connectivity, foreign direct investment (FDI) in the Indian civil aviation sector, expanding working population base, and a high number of domestic business travelers.

This report provides an accurate prediction of the contribution of all the segments to the growth of the travel services market size in India and actionable market insights on post COVID-19 impact on each segment.

 

Travel Services Market Scope in India

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 12%

Market growth 2021-2025

$ 11.11 billion

Market structure

Fragmented

YoY growth (%)

7.23

Regional analysis

India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Companies profiled

Airbnb Inc., ANI Technologies Private Ltd., Cleartrip Pvt. Ltd., Cox and Kings Ltd., Expedia Group Inc., Indian Railway Catering and Tourism Corp. Ltd., ITC Ltd., MakeMyTrip Ltd., Meru Mobility Tech Private Ltd., One97 Communications Ltd., Oravel Stays Pvt. Ltd., Radiant Info Systems Ltd.,  Thomas Cook India Ltd., Treebo Hotels, TripAdvisor LLC,  trivago NV, Uber Technologies Inc., and Yatra Online Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Travel Services Market Report of India?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive travel services market growth in India during the next five years
  • Precise estimation of the travel services market size in India and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • A thorough 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 

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

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

Market Segmentation by Service

  • Market segments
  • Comparison by Service
  • Domestic flight services - Market size and forecast 2020-2025
  • Hotel accommodation services - Market size and forecast 2020-2025
  • Rail ticket services - Market size and forecast 2020-2025
  • Cab services - Market size and forecast 2020-2025
  • Others - Market size and forecast 2020-2025
  • Market opportunity by Service

Market Segmentation by Booking

  • Market segments
  • Comparison by Booking
  • Online - Market size and forecast 2020-2025
  • Offline - Market size and forecast 2020-2025
  • Market opportunity by Booking

Customer landscape

  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 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.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The travel services market growth will increase by $11106.27 million during 2020-2025.
The travel services market is expected to grow at a CAGR of 11.55% during 2020-2025.
Technavio has segmented the travel services market by service (Domestic flight services, Hotel accommodation services, Rail ticket services, Cab services, and Others) ,other1 (Online and Offline) , and geographic (APAC and India).
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. are a few of the key vendors in the travel services market.
APAC will register the highest growth rate of 86.31% among the other regions. Therefore, the travel services market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the travel services market growth are:
  • Increase in the number of M&A, partnerships, and strategic alliances
The travel services market vendors should focus on grabbing business opportunities from the domestic flight services segment as it accounted for the largest market share in the base year.
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