India Travel & Tourism Market to Grow with a CAGR of 13.45% through 2029
India Travel & Tourism market is driven by rising
disposable incomes and middle-class aspirations, the digital transformation of
the industry, and government initiatives aimed at enhancing infrastructure and
promoting tourism.
According to TechSci Research report, “India Travel
& Tourism Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2029”, the India Travel & Tourism Market stood at USD18.92
billion in 2023 and is anticipated to grow with a CAGR of 13.45% in the
forecast period, 2025-2029. The India Travel & Tourism market is a vibrant
and diverse sector that has long been a significant contributor to the
country's economy and cultural fabric. Renowned for its rich history, diverse
landscapes, and a wealth of cultural attractions, India has consistently attracted
travelers from around the world.
Travel and tourism in India have deep historical
roots. From the ancient trade routes that crossed the Indian subcontinent to
the arrival of European explorers and the British colonial era, India has been
a crossroads of cultures and civilizations. Its historical sites, such as the
Taj Mahal, Jaipur's palaces, and the temples of Varanasi, continue to draw
tourists seeking a glimpse into the past.
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Travel & Tourism Market”
The travel and tourism sector plays a significant role
in India's economy. It contributes to GDP, generates employment, and fosters
growth in various related industries. Domestic tourism has been a driving force
in India. The country's vast geographical and cultural diversity offers a
wealth of experiences to its own citizens. From the snow-capped Himalayas in
the north to the sun-soaked beaches of the south, domestic tourists explore a
wide range of destinations. The "Incredible India" campaign by the
government has encouraged Indians to explore their own country.
India has also been a favorite destination for
international tourists. The country's blend of historical, cultural, and
natural attractions has drawn visitors from all corners of the globe. Foreign
tourist arrivals (FTAs) had been steadily increasing before the COVID-19
pandemic, with India attracting millions of tourists annually.
The COVID-19 pandemic, which emerged in late 2019,
severely impacted the travel and tourism sector worldwide. India was no
exception. Lockdowns, travel restrictions, and health concerns led to a
dramatic decline in both domestic and international tourism. The sector faced
significant challenges, including job losses, business closures, and the need
to adapt to new safety protocols.
Despite the challenges posed by the pandemic, the
India Travel & Tourism market has displayed resilience. As vaccination
campaigns progress and travel restrictions ease, the industry has been on a
path to recovery. A shift toward domestic tourism has been observed, with
travelers exploring local destinations, hill stations, and nature-centric
locations.
The pandemic accelerated the adoption of digital
technologies in the travel industry. Online bookings, contactless check-ins,
and digital health certificates became common practices to enhance safety and
convenience. Travel companies and agencies swiftly adapted to these changes to
meet evolving consumer expectations.
Sustainability and responsible tourism have gained
prominence in India. Travelers increasingly seek experiences that are
environmentally friendly and contribute positively to local communities.
Eco-friendly accommodations, wildlife conservation efforts, and community-based
tourism initiatives are becoming more prevalent.
India's rich cultural and heritage assets continue to
be a major draw for tourists. The Golden Triangle circuit, which includes
Delhi, Agra, and Jaipur, is a popular route for exploring historical and architectural
marvels like the Taj Mahal and Amer Fort. These sites offer insights into
India's fascinating history and artistic achievements.
The diverse landscapes of India, from the Himalayas to
the Western Ghats, provide ample opportunities for adventure tourism. Treks,
mountaineering, white-water rafting, and wildlife safaris attract adventure
enthusiasts looking for adrenaline-pumping experiences.
India has emerged as a prominent destination for
medical tourism. The country's world-class healthcare facilities offer
cost-effective medical treatments and procedures, attracting patients from
around the world. This segment continues to grow as India's healthcare
infrastructure improves.
The industry is susceptible to global events, such as
health crises, geopolitical tensions, and economic downturns, which can disrupt
travel patterns and reduce tourist arrivals. Additionally, the need for
continued infrastructure development, including transportation, accommodations,
and sanitation facilities, is crucial for the industry's growth. Furthermore, balancing
the growth of tourism with sustainability and environmental conservation is a
complex challenge. Overcrowding and environmental degradation in popular
destinations must be managed responsibly.
The ongoing need for health and safety protocols, such
as sanitation, social distancing, and vaccination requirements, poses
operational and logistical challenges for businesses. Additionally, the
industry requires skilled professionals in various roles, from hospitality and
tour guiding to digital marketing and sustainable tourism management.
Addressing the skills gap is essential. Furthermore, effective marketing
strategies and promotion campaigns are needed to attract tourists, both
domestic and international. Coordinated efforts by the government and private
sector are vital.
India Travel & Tourism market is segmented into type,
sales channel, and region.
Based on type, the market is segmented into domestic,
inbound and outbound. Among these, domestic segment has a significant share in
the India travel & tourism market. India is a vast and diverse country,
offering a wide range of destinations, landscapes, and cultural experiences.
From the snow-covered peaks of the Himalayas to the pristine beaches of Goa and
the historical marvels of Rajasthan, India's domestic travelers have an
abundance of choices.
Based on region, the market is segmented into East,
West, North, and South. Among these, the North region has a significant
share of the India travel & tourism market. The North region is a treasure
trove of historical and cultural heritage. It is home to iconic cities like
Delhi, Agra, Jaipur, and Varanasi, each of which boasts a rich history and an
array of UNESCO World Heritage Sites. The Taj Mahal in Agra, the forts and
palaces of Rajasthan, and the ancient temples of Varanasi are just a few
examples that draw history enthusiasts and culture seekers from around the
world.
Major companies operating in India Travel &
Tourism market are:
- Makemytrip Pvt. Ltd.
- Thomas Cook Ltd.
- Country Holidays Inn & Suites Pvt
Ltd
- Yatra Online Limited
- Riya Travel And Tours (India) Private
Limited
- Cox & Kings Limited
- Cleartrip Private Limited
- Ibibo Group Private Limited
- Le Travenues Technology Pvt. Ltd. (Ixigo)
- Sotc Travel Services Private Limited
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“India Travel
& Tourism market is a multifaceted and dynamic sector that plays a vital
role in the country's economy and cultural identity. While it has faced
significant challenges, including the impact of the COVID-19 pandemic, the
industry continues to display resilience and adaptability. As travelers seek
diverse experiences, including cultural, adventure, and sustainable tourism,
the India Travel & Tourism market remains poised for growth and
transformation in the years to come.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“India Travel & Tourism Market By Type
(Domestic, Inbound and Outbound), By Service Offering (Ticket Reservation,
Hotel Booking, Holiday/Tour Packages, Others), By Purpose of Visit (Business,
Leisure & Recreation, Education, Medical, Social Activity and Others), By
Booking Type (Travel Companies, Travel Agencies, Online, and Others), By
Region, By Competition Forecast & Opportunities, 2019-2029F, has evaluated
the future growth potential of India travel & tourism market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India travel & tourism market.
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