The market for travel & tourism in India is forecast to grow at a CAGR of around 7.23% during 2016-2021, on account of increasing trend of medical, wellness and adventure tourism in the country and rising number of online bookings due to growing smartphone and internet penetration. Additionally, Government of India has also been focusing on the launch of several marketing and branding initiatives such as Incredible India! and Athiti Devo Bhava.
This is projected to further propel growth in India travel & tourism market over the course of next five years. Domestic tourism dominated India travel & tourism market in 2015, on account of increasing number of local excursions, reginal trips, national level trips, etc., and the segment is expected to maintain its dominance in the market through 2021. Additionally, leisure and recreation is anticipated to emerge as the highest revenue generating segment in India travel and tourism market during the forecast period.
Increasing domestic and international tourist footfall, and introduction of e-tourist visas are anticipated to boost growth in India travel & tourism market during the forecast period. Rising demand for travel & tourism coupled with entry of new players in the market is leading to a stiff competition and this is projected to boost growth in India travel & tourism market.
Further, government of India has realized the country's potential in travel & tourism industry and has taken several steps to make India a global tourism hub. Moreover, increasing trend of comparative pricing and online bookings is anticipated to fuel growth in India travel & tourism market through 2021. Changing lifestyles, increasing disposable income levels, rising urbanization and growing fleet of low cost airline carriers are also anticipated to augur well for the growth of travel and tourism market in India in the coming years.
India Travel & Tourism Market:
- India Travel & Tourism Market Size, Share & Forecast
- Segmental Analysis - By Product/Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Foreign Exchange, Foreign Exchange, Conference/ Trade Fair/MICE and Others), By Type (Domestic, Inbound and Outbound), By Purpose of Visit (Leisure & Recreation, Social, Religious, Business, Medical and Education), By Tourist Profile (Indians and Foreign Nationals), By Average Duration of Stay (0-7, 8-14, 15-30 & 31 and above), By Mode of Travel (Land, Air and Sea)
- Policy & Regulatory Landscape
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape & Strategic Recommendations
Market Trends & Developments
- Emergence of Online Travel Services
- Growth of Wellness Tourism
- Rising Concept of B-leisure
- Visa on Arrival Policy
- Increasing Rural Tourism
- Air India Ltd.
- Cleartrip Pvt. Ltd.
- Cox & Kings Ltd.
- Indian Hotels Company Limited
- Indian Railway Catering and Tourism Corporation Ltd.
- Jet Airways (India) Limited
- MakeMyTrip (India) Private Limited
- SOTC Travel Services Pvt. Ltd.
- Travel Corporation (India) Ltd.
- Yatra Online Private Limited, India
For more information about this report visit http://www.researchandmarkets.com/research/3gd455/india_travel_and
Laura Wood, Senior Manager
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SOURCE Research and Markets