Market Trends of India Online Travel Industry
Growth of the Tourism Industry in India is Driving the Market
The travel and tourism industry in India was the seventh-largest contributor to the country's GDP according to a new report by the World Travel and Tourism Council (WTTC). India's economic growth has been among the highest in the world in the past decade. Positive developments on the economic front should contribute to propelling the country's tourism industry as an increasing number of Indians with rising disposable incomes make a greater number of domestic and international trips.
Players looking to capitalize on growing inbound and outbound international trips from India include MakeMyTrip, which announced its plans to expand into the UAE, and EaseMyTrip, which is expanding its international footprint, particularly in international cities where Indians travel the most. With an expanded international presence, EaseMyTrip expects to provide better service to their customers as well as better rates on local hotels and restaurants that are reluctant to work with companies outside their home countries.
Increasing trend of YOLO and desire for education in international universities will boost the market.
Since March 2020, all of us have faced several losses and challenges. The COVID-19 epidemic left the entire world in a state of lockdown, affecting businesses and households in general. As the world looked forward to a new dawn in 2021, the effects looked slightly different than last time.
According to Ministry of External Affairs (MMEA) data, a significant drop in scholars studying overseas has been observed. Around 2.6 lakh scholars went abroad in 2020, compared to 5.9 lakh scholars in 2019. In 2021 (until February 28, 2021), an estimated 7,699 Indians studied abroad. According to another report, as the number of Indian scholars completing advanced education abroad increases year after year, their overseas spending is expected to increase from USD 28 billion to USD 80 billion by 2024.
