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Travel Services Market in India 2020-2024 | Introduction of Low-Cost Airlines to Boost Growth

Dec 18,2019
Business Wire

The travel services market in India is expected to post a CAGR of close to 19% during the period 2020-2024, according to the latest market research report by Technavio. The introduction of low-cost airlines has been a relief for travelers and holiday and tour package service providers. This has also encouraged companies from the SME business sector to opt for air travel for business trips. Thus, the growing investments in the development and introduction of low-cost airlines are further expected to augment the travel services market in India during the forecast period. Online mode of booking accounted for the largest travel services market share in India during 2019. The segment will continue to dominate the market due to the extensive penetration and geographical reach of online travel providers including MakeMyTrip, IRCTC, Yatra, and TripAdvisor. Also, advantages such as secured transactions, convenient return policies, centralized customer service, multiple payment options, and 24/7 shopping convenience are expected to attract more and more customers to opt for online mode of booking in the upcoming years.