Online travel services market
Consumers in general avail both online and offline sources of information for booking their journeys, among which ~12% of the consumers prefer to use offline sources for research, ~57% believe that the online channels give them better deals and find it more convenient to book online. With the advent of internet and emergence of artificial reality (AR), the online travel industry in India is changing rapidly due to which a growing number of Indians have turned to the convenience of the web for better travel prices and accommodations.
As smartphones have progressively become ubiquitous, mobile applications have emerged as the most critical point of interaction with consumers for any travel business, and a number of niche offerings such as medical tourism and eco-tourism are expected to create more demand for travelling. Several hotel chains and airlines are focusing on generating direct hotel bookings through their own websites and mobile applications.
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The online travel services market in India is segmented by category into railway tickets, hotel bookings and others (air, tour packages). Air tour package segment is expected to be the largest growing segment due to the availability of greater number of deals, offers and many more. In case of air travel, the flight tickets are more expensive, and hence revenue generation is more from air tickets.
Key growth factors
o Mobile applications have brought the most significant reform in travel, which have enabled the entire user experience to be available on the go. On an average, the consumers spend many hours on different online websites to plan, research and make a booking for vacations. Travellers have started opting for numerous shorter holidays throughout the year which in turn is driving the sales of various travel products and services.
o Government has taken up several projects pertaining to the development of roads, railways and airports, which is likely to boost tourism. Several measures have been taken to curb frauds in the digital platform by introducing safer avenues and gateways for making payments.
Threats and key players
o People in India still use 3G or even slower networks, which result in people taking the traditional routes to book tickets
o The internet penetration in the rural areas is low.
o Middle-aged and elderly people are reluctant to opt for online travel bookings due to technological involvement, which becomes very inconvenient for them, and hence, they opt for offline modes for booking tickets.
o Cox & Kings Limited, International Travel House Limited, Thomas Cook (India) Limited Cleartrip Private Limited, Expedia Corporate Travel Online India Private Limited, Ibibo Group Private Limited, MakeMyTrip (India) Private Limited, Oravel Stays Private Limited RedBus.in and Yatra Online Private Limited are some of the major players operating in the Indian online travel services market.
What is covered in the report?
1. Overview of the online travel services market in India
2. Historical, current and forecasted market size data for the Indian online travel services market (2016 to 2023)
3. Qualitative analysis of the Indian online travel services market and its segments (by category- railway tickets, hotel booking and others)
4. Qualitative analysis of the major drivers and challenges affecting the market
5. Analysis of the competitive landscape and profiles of major players operating in the market
6. Key recent developments associated with the online travel services market in India
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1. Get a broad understanding of the online travel services market in India, the dynamics of the market and current state of the sector
2. Strategize marketing, market-entry, market expansion and other business plans by understanding the factors driving growth in the market
3. Be informed regarding the key developments in the online travel services market in India
4. Understand major competitors’ business strategies and market dynamics and respond accordingly to benefit from the market