India Travel & Tourism Market Value - By Travel Days (Within 7 Days, 7-15 Days, and More Than 15 Days), By Service Offering (Hotel Booking, Ticket Reservation, Holiday/Tour Packages, Travel Insurance, Foreign Exchange), By Type (Domestic, Inbound, and Outbound), By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity), By Tourist Profile (Indians and Foreign Nationals), By Industry Analysis, Size, Share & Forecast, 2023 – 2032

MVI Statistics and Viewpoints:

• India Travel & Tourism Market size exceeded USD 15.78 Billion in 2022. 
• The market is expected to showcase a CAGR of over 12.2% from 2023 to 2032. 
• By the end of the forecast period, the market is anticipated to reach a valuation of around USD 49.91 Billion.

The India travel & tourism industy is a vibrant and evolving industry, with key manufacturers contributing to its growth and diversification. As India's tourism sector continues to adapt to changing traveler preferences and market dynamics, it offers promising opportunities for both domestic and international tourists.

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Market Overview:

The India Travel & Tourism Market is a dynamic and multifaceted sector that encompasses a wide spectrum of experiences and services within the travel industry. It represents the totality of activities and businesses involved in facilitating travel, exploration, and leisure experiences within the diverse and culturally rich landscape of India. This market is a significant contributor to the country's economy and plays a vital role in showcasing India's cultural heritage, natural beauty, and historical significance to the world.

At its core, the Indian travel & tourism market comprises a diverse range of services, including transportation (airlines, railways, roadways), accommodation (hotels, resorts, homestays), tour operators, travel agencies, adventure tourism providers, cultural attractions, and more. It caters to a broad spectrum of travelers, from those seeking spiritual and wellness retreats to adventure enthusiasts, heritage explorers, and leisure tourists.

As a vital contributor to India's GDP and employment, the travel & tourism market is poised for continuous growth, driven by factors such as government initiatives to promote tourism, the expansion of infrastructure, and the growing interest of both domestic and international travelers in exploring the myriad wonders of India. Additionally, emerging trends in sustainable and responsible tourism are reshaping the industry's future, positioning India as a compelling destination for travelers seeking authenticity and cultural immersion.

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Growth Drivers:

• Cultural Heritage and a Wide Range of Attractions: India is well-known for its diverse attractions and rich cultural heritage. The country has a diverse range of experiences to offer, including UNESCO World Heritage Sites, ancient temples, palaces, wildlife sanctuaries, and scenic landscapes. These attractions' cultural and historical significance, combined with India's vibrant festivals and traditional arts, draws tourists from all over the world. The desire to explore and experience India's unique cultural heritage drives the travel and tourism market.
   
• Online Travel Platforms and Growing Digital Influence: The growing internet penetration and the rise of online travel platforms have transformed the way people plan and book their vacations. Online travel platforms make information, booking options, and personalised travel experiences easily accessible. These platforms' convenience and transparency have encouraged more people to travel and explore destinations within India. The digital influence and availability of online travel services have both contributed significantly to the growth of the travel and tourism market.
   
• Rising Disposable Incomes and a Growing Middle-Class Population: The middle-class population in India is rapidly growing, as are disposable incomes. This increase in purchasing power has resulted in an increase in domestic travel. Indian tourists are exploring different parts of the country, increasing demand for transportation, lodging, and other travel-related services. The growing middle-class segment provides a strong customer base for the travel and tourism industry, which helps it to grow.

Restraints:

• Limited Marketing and Awareness: Although India has a diverse range of attractions and experiences, limited awareness and marketing efforts limit the industry's potential. Due to insufficient promotional activities, a lack of brand positioning, or inadequate representation in travel itineraries, some regions and lesser-known destinations struggle to attract tourists. Effective domestic and international marketing campaigns are essential for highlighting India's diverse offerings and capturing the attention of potential tourists.

By Service Offering Synopsys:    

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The market is classified by service offering into ticket reservation, hotel booking, holiday/tour packages, travel insurance, foreign exchange, and others. Among these segments, the ticket reservation segment is expected to hold the largest share of the India Travel & Tourism Market during the study period. The ticket reservation segment deals with the purchase of transportation tickets such as flights, trains, buses, and cruises. Travellers can now easily search for available options, compare prices, and make reservations using online booking platforms. The segment is being driven by the increasing adoption of digital platforms that provide convenience and flexibility when booking transport tickets. In India, online travel agencies and airline websites are popular channels for making ticket reservations.

By Purpose of Visit Synopsys:    

The India Travel & Tourism Market is segmented by purpose of visit into business, leisure & recreation, education, medical, social activity and others. Among these segments, the leisure & recreation segment is estimated to hold the largest share of the India Travel & Tourism Industry  during the forecast period. Leisure and recreation travellers participate in tourism activities for relaxation, entertainment, and personal enjoyment. Individuals and families taking vacations, visiting tourist attractions, participating in recreational activities, and exploring new destinations are included in this segment. Leisure travellers increase demand for lodging, transportation, dining, and entertainment services. The desire for leisure and recreational experiences, cultural exploration, and vacation getaways drives this segment.

Top Companies Includes In The India Travel & Tourism Market:

• 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 Limite
• Mahindra Holidays and Resorts India Limited (MHRIL)
• Jet Airways (India) Limited, Cox & Kings Ltd.
• Indian Hotels Company Limited (IHCL)
• Others

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In-depth analysis of India Travel & Tourism Market along with industry coverage and forecasting for the following segments:

Market Size, By Travel Days

• Within 7 Days
• 7-15 Days
• More Than 15 Days

Market Size, By Service Offering

• Ticket Reservation
• Hotel Booking
• Holiday/Tour Packages
• Travel Insurance
• Foreign Exchange
• Others

Market Size, By Type

• Domestic
• Inbound
• Outbound

Market Size, By Purpose of Visit

• Business
• Leisure & Recreation
• Education
• Medical
• Social Activity
• Others

Market Size, By Tourist Profile

• Indians
• Foreign Nationals