India Travel and Tourism Market Industry Trends & Forecast Report, 2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Travel and Tourism Market size at USD 78 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Travel and Tourism Market size to expand at a CAGR of 7.77% reaching a value of USD 131.7 billion by 2030. The travel and tourism sector in India is anticipated to grow over the course of the projection period for a variety of reasons, including growing disposable income, easily accessible travel locations, reasonably cost transport, and the emergence of new travel trends. Demand is also expected to be fueled by increasing government funding in the travel and tourism sector in the coming years.
Opportunity: Increasing awareness about India's diverse cultural heritage on digital media platforms
Implementing more targeted digital marketing campaigns on various platforms, such as Facebook, Instagram, Twitter, and YouTube, and utilizing visually appealing contents showcasing India's cultural richness and natural wonders to capture the attention of a global audience could further boost the growth of India Travel and Tourism Market. Partnering with travel influencers, bloggers, and content creators who have a substantial international following could also help in reaching wider audience among global tourists. These influencers can create engaging content, share their experiences, and highlight the uniqueness of India's cultural and natural attractions.
Impact of Geopolitical Tensions on India Travel and Tourism Market
An atmosphere of fear and insecurity brought on by geopolitical tensions may result in fewer tourists visiting the country. Travelers' concerns about safety and security may make them reluctant to visit a location that they consider to be politically unstable. Geopolitical difficulties can impact a nation's reputation abroad. Political upheaval-related negative opinions could deter prospective travelers, harming India's reputation and tourism brand. Travel plans may be disrupted by political unrest, with flights being cancelled, crossings being closed, or tourists having to put up with more security measures.
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India Travel and Tourism Market
Segmental Information
India Travel and Tourism Market - By Traveler Type
Based on traveler type, the couple traveler segment is expected to grow at the highest CAGR during the forecast period, due to increase in disposable income, couples are more inclined to invest in travel experiences. The financial stability among double income couples enables them to explore various destinations, indulge in luxury accommodations, and participate in a range of activities. Many couples choose to travel to celebrate special occasions, such as anniversaries, honeymoons, or romantic getaways. India's diverse landscapes, from picturesque beaches to scenic hill stations, offer an array of options for couples seeking romantic destinations.
Competitive Landscape
The India Travel and Tourism Market is fragmented, with numerous players serving the market. The key players dominating the India Travel and Tourism Market include MakeMyTrip, Yatra, Cleartrip, Goibibo, Booking.com, Tripadvisor, Thomas Cook, Easemytrip, and Thrillophilia. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
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