Fragmented market but $56bn potential
The travel service market in India to reach US$56 billion by 2024, progressing at a CAGR of about 19% during the forecast period of 2020-24, according to Technavio.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied, said the report titled “Travel Services Market in India 2020-2024”.
While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, according to the report.
The introduction of low-cost airlines is a major trend driving the growth of the market.
The rise in international tourist footfall is one of the major factors driving the market.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period, said the report.
Top players in the market include 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. #tourism #travel #IATA #Economy /fiinews.com
