India’s travel market projected to grow to $125 billion by 2027


Bangalore: India’s travel market is projected to grow to $125 billion by FY2027 and as the pandemic complicates travel, from over 3 lakh agents to over $65 billion of total market size at the same time Hoping to accomplish more. A new report was given about this on Tuesday.

Amid the uncertainties related to the pandemic, customers now prefer to book travel through agents. Eighty percent of international air travel and international leisure travel is being booked through agents in the country.

According to data provided by Bengaluru-based market research firm RedSeer’s Redcore, the top 750 agents are doing a turnover of Rs 3-4 crore per month, with agents occupying 12 per cent of the travel market. These agents mainly focus on air travel and form corporate alliances.

They are followed by 60,000 agents who are medium sized and do a turnover of Rs 20 lakh per month. They focus on selling holiday packages. These agents capture more than 50 percent of the agent market share.

The remaining 35 per cent of the travel agent market share is held by a long chain of 250,000 smaller agents, the report said.

Anuj Kumar, Director, Redcore said, “Travel in India is still heavily dependent on agents. Agents not only provide convenience and trust, but are also competitive for direct bookings. They represent over 50 percent of the travel market share and are expected to maintain this share in the coming years.

The total travel market in India stood at $75 billion in FY15 and is expected to cross $125 billion by FY27.

The report said, the travel market contracted significantly in FY21, but recovery is expected to continue in FY22, and is expected to see a pick-up in subsequent years due to pick-up in demand.

The findings revealed that there is a dearth of players operating in the package segment, who can curate packages as per the requirements of the customers.

The Indian travel market is dominated by 300,000 travel agents, representing the largest share by booking channels of 52 per cent, and the role of agents has increased significantly in the times of Covid, the report said.

Disclaimer: This is a news published directly from IANS News Feed. With this, the News Nation team has not done any editing of any kind. In such a situation, any responsibility regarding the related news will be with the news agency itself.





Source link