India Travel & Tourism Market is projected to attain US$378 billion by 2025
Published | March 2019
According to BlueWeave Consulting, The India travel &tourism market is projected to attain US$378 billion by 2025, grow with a significant CAGR of 7.3% e during the forecast period 2019-2025. With increasing economic development, the level of anxiety and stress has also been increased in the Indian corporate world. People are finding it hard to find work-life balance & are looking for some refreshments. To reduce these entire problem people nurture themselves with different recreation activities.
In less than 10 years, the World Travel & Tourism Council expects India to become the fourth-largest travel and tourism economy behind China, US, and Germany. The Indian travel & tourism market is progressively attractive and it is anticipated to grow with a healthy growth rate over the forecast period 2019-2025.
Owing to the Growing infrastructural developments, increasing standards of living, and rising government focus on promoting tourism sector. India accounted for 4.81% of international tourist arrivals in the Asia Pacific in 2017, with rank 7th. Top 10 Source Countries for Foreign Tourist Arrivals (FTAs) in India in 2017 accounted for about 65.80%. Fast growth in India medical travel & tourism market can be attributed to the availability of cost-effective and high-quality medical treatment procedures offered at internationally renowned healthcare facilities.
Leisure & Recreation segment is the leading segment in the India travel & tourism market over the forecast period.
Leisure & Recreation is projected to be the dominating segment in India travel & tourism market followed by Medical purpose. Due to increasing stress, workloads, and anxiety people are finding it hard to find work-life balance. To reduce these entire problem people go with leisure and recreation activities help to nurture oneself provides a sense of balance and self-esteem. Medical tourism is one of the fastest growing segments in India travel & tourism market. The main factor that attracts medical value travel to India is cost-effectiveness and treatment from recognized facilities at par with developed countries at a much lower cost. Growth in the market is also anticipated to be backed by growing world-class and standardized medical services and care with the help of the latest technology.
Southern Region accounts for largest share of the India travel & tourism market during the forecast period.
Southern India is the leading region in the India travel & tourism market and project to dominate the market during the forecast period 2019-2025. Medical facilities and wellness tourism are the major factors for the growth of this region. Leisure & recreation, which is the main purpose of visit in the country, accounts for the largest market share, on the back of increasing number of people visiting families and friends for various occasions and tour operators offering cheap packages. Tamil Nadu is the most visited tourist states destination in the Southern region by both Indian and International tourists.
India Travel & Tourism Market Competitive Landscape
Companies such as MakeMyTrip (India) Private Limited, Yatra Online Private Limited, India, Cleartrip Pvt. Ltd., Indian Railway Catering and Tourism Corporation Ltd., Thomas Cook (India) Ltd., Travel Corporation (India) Ltd., SOTC Travel Services Pvt. Ltd., Air India Limited,
Mahindra Holidays and Resorts India Limited (MHRIL), Jet Airways (India) Limited, Cox & Kings Ltd., Indian Hotels Company Limited (IHCL) are the key players of travel & tourism market in India.
Browse Detailed Analysis with TOC, “India Travel & Tourism Market, By Product/Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Foreign Exchange, and Others), By Type (Domestic, Inbound and Outbound), By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity and Others), By Tourist Profile (Indians and Foreign Nationals), By Average Duration of Stay (Number of Days), By Region (North, South, East and West), Size and Forecast, 2015-2025”
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of India travel & tourism Market size & forecast. The report promises to provide state-of-the-art strategies of travel & tourism and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.