Travel Services Market Expected to Grow by $56 Billion in India During 2020-2024 | The Domestic Flight Services Segment Will Present Significant Opportunities | Technavio

LONDON–(BUSINESS WIRE)–Technavio monitors the travel services market and it is poised to grow by $56 billion between 2020 and 2024, growing at a CAGR of around 19% during the forecast period. The report offers up-to-date analysis regarding the current market scenario, latest trends and drivers, and overall market environment.

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Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, many others will remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the travel services market. Market growth in 2020 is expected to increase compared to market growth in 2019.

Frequently Asked Questions:

  • Based on segmentation by service, what is the leading segment of the market?

    The domestic flight services segment dominated the market in 2019.
  • What are the major market trends?

    The introduction of low-cost airlines is the major market trend.
  • How fast is the market expected to grow?

    The market is expected to grow at a CAGR of around 19% during the period 2020-2024.
  • Who are the best market players?

    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. are the major players in the market.
  • What are the main market drivers and challenges?

    The market is driven by the increase in international tourist numbers. However, a significant price war led by fierce competition between players could jeopardize growth.
  • What is the size of the online booking market?

    The online booking segment dominated the market with an 82% share in 2019.

Related reports on Consumer Discretionary Include:

Global business travel market – Global business travel market is segmented by spend (travel, accommodation, catering and other spend), age (over 40s and under 40s), application (marketing, internal meeting, trade show professional and product launch) and geography (APAC, Europe, MEA, North America and South America). Click here for an exclusive free sample report

Global luxury travel market – The global luxury travel market is segmented by type (adventure, custom, cruise and yachting, culinary and others) and by geography (Europe, North America, APAC, MEA and South America). Click here for an exclusive free sample report

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The market is fragmented and the degree of fragmentation will accelerate over the forecast period. 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. are some of the major players in the market. Although the increase in international tourist visitation will provide immense opportunities for growth, a significant price war driven by fierce competition between players is likely to pose a challenge to sellers in the market. With the aim of helping players to strengthen their presence in the market, this Travel Services Market forecast report provides a detailed analysis of the major vendors in the market. The report also gives the big names in the industry insight into the competitive landscape and information about the different product offerings offered by various companies.

Technavio’s custom research reports offer detailed insights into the impact of COVID-19 at the industry level, regional level, and subsequent supply chain operations. This custom report will also help clients track new product launches in direct and indirect markets related to COVID-19, upcoming vaccines and pipeline analysis, and important developments in vendor operations and regulations. governmental.

Travel Services Market 2020-2024: Segmentation

The travel services market is segmented as follows:

  • A service

    • Domestic Flight Services, Hotel Accommodation Services

    • Rail ticketing services

    • Taxi/taxi services

    • National bus services

    • Vacation Packages

  • Reservation method

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Travel Services Market 2020-2024: Scope

Technavio presents a detailed picture of the market through study, synthesis and summation of data from multiple sources. The Travel Services Market report covers the following areas:

  • Travel services market size

  • Travel Services Market Trends

  • Travel Services Market Industry Analysis

This study identifies the introduction of low-cost airlines as one of the major reasons for the growth of the travel services market over the next few years.

Technavio offers three forecast scenarios (optimistic, probable and pessimistic) considering the impact of COVID-19. Technavio’s extensive research has had a direct and indirect impact on market research reports on COVID-19.

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Travel Services Market 2020-2024: Key Highlights

  • Market CAGR over the forecast period 2020-2024

  • In-depth information on factors that will contribute to the growth of the Travel Services Market over the next five years

  • Estimation of the travel services market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the travel services market

  • Market Competitive Landscape Analysis and Detailed Vendor Information

  • Comprehensive details of the factors that will challenge the growth of the Travel Services Market vendors

Contents:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF REPORT

  • Preface

  • Currency conversion rates for the US dollar

PART 03: MARKET LANDSCAPE

  • Market ecosystem

  • Market characteristics

  • Market Segmentation Analysis

PART 04: MARKET SIZE

  • Market definition

  • Market size 2019

  • Market Outlook

  • Market Size and Forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

  • The bargaining power of buyers

  • Bargaining power of suppliers

  • The threat of new entrants

  • The threat of substitutes

  • Threat of rivalry

  • Market state

PART 06: MARKET SEGMENTATION BY SERVICE

  • Market segmentation by service

  • Comparison by service

  • Domestic Flight Services – Market size and forecast 2019-2024

  • Hotel accommodation services – Market size and forecast 2019-2024

  • Rail Ticketing Services – Market size and forecast 2019-2024

  • Taxi/Taxi Services – Market size and forecast 2019-2024

  • Domestic Bus Services – Market size and forecast 2019-2024

  • Vacation packages – Market size and forecast 2019-2024

  • Market opportunity by service

PART 07: CUSTOMER LANDSCAPE

PART 08: MARKET SEGMENTATION BY BOOKING METHOD

  • Market segmentation by booking method

  • Comparison by booking method

  • Online – Market size and forecast 2019-2024

  • Offline – Market size and forecast 2019-2024

  • Market opportunity by booking method

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

  • Market factors

  • Market challenges

PART 11: MARKET TRENDS

  • Introduction of low cost airlines

  • Increased contribution of travel and tourism to GDP and employment

  • Technological Advancements in Mobile and Website Travel Services

  • platforms

PART 12: VENDOR LANDSCAPE

  • Overview

  • Landscape disturbance

  • Competitive scenario

PART 13: SUPPLIER ANALYSIS

  • Suppliers Covered

  • Ranking of suppliers

  • Positioning on the supplier market

  • 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.

  • Yatra Online, Inc.

PART 14: APPENDIX

  • Research methodology

  • Abreviations list

  • Definition of the market positioning of suppliers

PART 15: EXPLORE TECHNAVIO

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