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Travel Services Market in India 2020-2024 | Rise in International Tourist Footfall to Boost Growth | Technavio

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Business News first on FIR:

LONDON–()–Technavio has been monitoring the travel services market in India and it is poised to grow by USD 56 bn during 2020-2024, progressing at a CAGR of almost 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. MakeMyTrip Ltd., Oravel Stays Pvt. Ltd., Thomas Cook (India) Ltd., TripAdvisor Inc. and Yatra Online Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Rise in international tourist footfall has been instrumental in driving the growth of the market. Request a free sample report

Travel Services Market in India 2020-2024: Segmentation

Travel Services Market in India is segmented as below:

Service

  • Domestic Flight Services, Hotel Accommodation Services
  • Rail Ticket Services
  • Taxi/cab Services
  • Domestic Bus Services
  • Holiday Packages

Mode of Booking

  • Online
  • Offline

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40267

Travel Services Market in India 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our travel services market in India report covers the following areas:

  • Travel Services Market in India Size
  • Travel Services Market in India Trends
  • Travel Services Market in India Industry Analysis

This study identifies introduction of low-cost airlines as one of the prime reasons driving the travel services market growth in India during the next few years.

Travel Services Market in India 2020-2024: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the travel services market in India, including some of the vendors such as MakeMyTrip Ltd., Oravel Stays Pvt. Ltd., Thomas Cook (India) Ltd., TripAdvisor Inc. and Yatra Online Inc. Backed with competitive intelligence and benchmarking, our research reports on the travel services market in India are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

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Travel Services Market in India 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist travel services market growth in India during the next five years
  • Estimation of the travel services market size and its contribution to the parent market in India
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the travel services market in India
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of travel services market vendors in India

Table of Content

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

  • 2.1 Preface
  • 2.2 Preface
  • 2.3 Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

PART 04: MARKET SIZING

  • Market definition
  • Market sizing 2019
  • Market outlook
  • Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

PART 06: MARKET SEGMENTATION BY SERVICE

  • Market segmentation by service
  • Comparison by service
  • Domestic flight services – Market size and forecast 2019-2024
  • Hotel accommodation services – Market size and forecast 2019-2024
  • Rail ticket services – Market size and forecast 2019-2024
  • Taxi/cab services – Market size and forecast 2019-2024
  • Domestic bus services – Market size and forecast 2019-2024
  • Holiday packages – Market size and forecast 2019-2024
  • Market opportunity by service

PART 07: CUSTOMER LANDSCAPE

PART 08: MARKET SEGMENTATION BY MODE OF BOOKING

  • Market segmentation by mode of booking
  • Comparison by mode of booking
  • Online – Market size and forecast 2019-2024
  • Offline – Market size and forecast 2019-2024
  • Market opportunity by mode of booking

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

  • Market drivers
  • Market challenges

PART 11: MARKET TRENDS

  • Introduction of low-cost airlines
  • Increased contribution of travel and tourism to GDP and employment
  • Technological advances in mobile-based and website-based travel service platforms

PART 12: VENDOR LANDSCAPE

  • Overview
  • Landscape disruption
  • Competitive scenario

PART 13: VENDOR ANALYSIS

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Airbnb Inc.
  • Cleartrip Pvt. Ltd.
  • Cox & Kings Ltd.
  • Indian Railway Catering and Tourism Corp. Ltd.
  • ITC Ltd.
  • MakeMyTrip Ltd.
  • Oravel Stays Pvt. Ltd.
  • Thomas Cook (India) Ltd.
  • TripAdvisor Inc.
  • Yatra Online, Inc.

PART 14: APPENDIX

  • Research methodology
  • List of abbreviations
  • Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Jamaica Secures Airlift arrangements Post Thomas Cook – Bartlett

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Jamaica Tourism Minister, Hon. Edmund Bartlett, has secured airlift arrangements with Condor Airlines as part of efforts to lessen the impact of the recent collapse of Thomas Cook.

Following a meeting with Oliver Feess, Manager announced that ground will be broken in Hanover for the 2000 room Princess Hotel and Resort by year end. The Announcement follows a meeting with chairman of the hotel chain, Mr. Robert Plana yesterday at World Travel Market in London.

“Today we met with Chairman of Princess Hotels who will be in Jamaica next Monday for meetings to finalize arrangements for ground breaking and commencement of construction within the shortest possible time.

We are anticipating that construction will begin in the first quarter of next year given that all the developmental approvals have been completed and 18months after, the first 1000 rooms will be ready to be opened,” said Minister Bartlett.

Princess Hotels & Resorts is a hotel chain specialising in holiday and urban hotels in top class tourist resorts. Founded in 1967, it is ranked eighth in the Spanish market, with 3.700 employees and 19 establishments, offering 7.140 rooms. Earlier this year, the Spanish hotel chain committed to investing US$500 million in the construction of 2,000 rooms in Hanover.

Minister Bartlett added that, “We have been in dialogue with Princess for quite a while and my last visit to FITUR in Spain culminated in the announcement then, that they had acquired the properties in Green Island in Hanover and that they were ready to start construction as soon as possible.

Time elapsed and the necessary approvals have been sought through our local authorities and planning agencies and we are satisfied now that they are fully ready to begin operations.” 

Currently, Jamaica’s room stock is 32,000. Under the 5x5x5 growth strategy, the aim is to have 15,000 additional rooms by 2022.

Speaking on the significance of the addition of these new rooms, Minister Bartlett says that “Hanover will have, when we add the component in Negril, along with the Grand Palladium, Round Hill and Tryall, close to 6000 rooms.

MEDIA CONTACT: Jamaica Ministry of Tourism, Corporate Communications, 64 Knutsford Boulevard, Kingston 5, Tel: 920-4926-30, Fax: 920-4944

Minister Bartlett: Jamaica recovered all lost seats from Thomas Cook collapse

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Jamaica’s Tourism Minister, Hon. Edmund Bartlett says that Jamaica has recovered all the lost seats following Sunday’s collapse of Thomas Cook, which flies a significant number of visitors to the island from Manchester, England.

“Today Jamaica became the first country to conclude fully, all the arrangements to recover the loss airlift occasioned by the collapse of Thomas Cook,” said Minister Bartlett.

The Minister, who is currently in London for the Jamaica Travel Market, also noted that all partners have responded positively to Jamaica and his Ministry is projecting an increase in flights from the region for the upcoming winter season.

“We have met with all our key partners, our three major airlines – TUI, Virgin and British Airways and we have completely restored all the seats that would have been lost for the period and we are expecting additional arrivals for the winter,” said the Minister

He also noted that Jamaica will increase rotations but the exact number of new seats for the winter season will be announced when he returns to the island.

During a press briefing on Tuesday, the Minister stated that Thomas Cook was expected to fly 16 charters to Jamaica between now and March 2020. Those charters represent 7,300 visitors to Jamaica and a potential loss of US$10 million in tourism spend.

“The fallout that we expect will be minimal in terms of the six rotations that are immediate. The way we look at it is that they will be re-booking with some of the other carriers like Virgin Atlantic, British Airways, and so on. That would minimize that fallout, so instead of the 1,800, we could recoup about 900,” said Minister Bartlett during the briefing.

The Minister and the Director of Tourism, Mr Donovan White, will return to the island on September 30, 2019.

MEDIA CONTACT: Jamaica Ministry of Tourism, Corporate Communications, 64 Knutsford Boulevard, Kingston 5, Tel: 920-4926-30, Fax: 920-4944

Seychelles highlighted in Reunion Senior Trade Fair

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The destination was featured in Reunion’s 3rd edition of the distinguished Senior Trade Fair held in Reunion between May 31 to June 2, 2019.

The Seychelles Tourism Board’s (STB) participation in the 3-day consumer event focused on reinforcing Seychelles as a leisure destination for group travelers. The event, which regrouped over 100 exhibitors including service-providing experts in leisure, travel, and technologies under one roof, is viewed as the fundamental event in Reunion.

The Senior Trade Fair designed for group travelers – 50 and above – remains an opportunity for the STB to make its presence significant in increasing the number of tourism arrivals from the Reunion territory.

In their approach to the Reunion public, STB and Thomas Cook did not only share a co-branded stand to promote Seychelles as a holiday destination, the Reunion Travel Trade professional partner also proposed to all visitors special promotional offers for Seychelles. The features of the promotion custom-made a package specifically for this segment of travelers.

In addition, Thomas cook collaborated with its Destination Management Company in Seychelles, Mason’s Travel offering 2 nights at Indian Ocean Lodge and 2 nights at Carana Beach hotel in a draw held during the 3-day stand. Mason’s Travel also offered other prizes such as excursions and transfers.

Speaking about  the importance of STB’s participating to the Senior Trade Fair, STB Senior Marketing Executive based in Reunion, Ms. Bernadette Honore mentioned the remarkable turnout which will provide increased visibility for Seychelles as a destination that can be explored by group travelers for leisure

“Firming up our continued collaboration with Thomas Cook on this annual consumer trade fair highlighted the desire of Reunion Travel Trade professionals to grow this segment market to Seychelles. Reunion elderly population continued to be on the increase. Travelling is also one of their preferred hobbies. STB plans to continued working with this group travelers for leisure ensuring Seychelles capture part of this business,” said Ms. Bernadette Honore.

The STB representative also mentioned presence of important media such as Le Quotidien and Reunion Première at the Seychelles stand providing added visibility to the destination.

According to information gathered on an annual basis, 50 years and above are among one of the key potential travelers for leisure in Reunion, representing one quarter of Reunion population or around 62,000 people.

MEDIA CONTACT: STB News Bureau, Tel: +248 4 671 354 / +248 4 671 313, stbnews@seychelles.travel  www.seychelles.travel

Mediterranean Resort & Hotel Real Estate Forum returns to Greece

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Now in its fifth year, the Mediterranean Resort & Hotel Real Estate Forum (MR&H) will return to Greece for the second year in succession this October. The event, hosted by Questex, is dedicated to the investment, development and operation of resorts and hotels within the Mediterranean region. This niche, but highly specialized area, comprises various elements; hotel, residential, marinas, health clubs, children’s activities, retail, sports facilities, F&B, all of which need to be carefully woven together with seamless operation to create a successful resort.

The conference will be held at the Hilton Athens on the 29-31st October 2019. A fitting venue for Hilton’s celebration of 100 years in hospitality and the continuation of the premise that the group was founded on; “travel can make the world a better place”.

The dynamic growth of tourism in Greece continues to boost investment activity throughout the country and throughout the wider Mediterranean region. Speaking at MIPIM last month, Secretary General for Tourism Policy and Development George Tziallas said; “Half of all funding under Greece’s 2016 development law has been channeled into tourism ventures, while more than 400 investment plans have been submitted in the last three years to the tourism ministry for approval.”

This statement is supported by data recently released by Horwath HTL during the International Hotel Investment Forum (IHIF) which revealed Greece is a prime investment opportunity for international hotel chains as only 1.7% of total units currently operate under an international brand. Results from the joint investor sentiment survey from Tranio and IHIF showed Greece listed as one of the European countries that is most attractive for hotel real estate investment.

Stakeholders from leading operators including Thomas Cook, Club Med and Nobu attend the event alongside investors from KSL, Starwood Capital Group and Dolphin Capital all recognizing the value of coming together as a collective to debate, converse and discuss.

Registration for MR&H 2019 is now open and delegate tickets can be purchased at the best value Early Bird rate until the end of May.

Enterprise Greece have pledged their continued support for MR&H and Grigoris Stergioulis, Chairman & CEO at Enterprise Greece said in relation to the ongoing collaboration; “Building on the success of the event last year, the positive working relationship with Questex and the significant opportunities that exist for investors in the Greek hotel market, we’re thrilled to once again partner with MR&H and look forward to welcoming the event to Greece for the second year.”

Alexi Khajavi, Managing Director of EMEA Hospitality + Travel Group, Questex said; “The tourism and hospitality prosperity that Greece is enjoying is leading to significant activity from serious investors and developers. As a conference host, our role is to facilitate these meetings, connections and interactions in an environment that is educational and energizing. With the continued support from Enterprise Greece, Hilton providing the setting, and amongst very encouraging industry data, we’re confident that MR&H will prove to be an event not to be missed for those currently active or keen to do business within the Mediterranean resort and hotel space”.

Travel News | eTurboNews

Thomas Cook selling its travel business: Chinese investment fund interested

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Thomas Cook is the world’s oldest tour operator and was founded in Market Harborough in 1841 by businessman Thomas Cook. It started off with organized railway outings for members of the local temperance movement.

The travel company received approaches for parts of its business and the company as a whole, according to reports. The business put its airline up for sale in February and it said last month it would close 21 stores across the country and cut more than 300 jobs.

Chinese investment firm Fosun International could be a bidder for the company’s tour operating business, which runs a joint venture with Thomas Cook in China. It could be months before any formal offer is lodged, and there is no guarantee one will be made.

Thomas Cook now has annual sales of £9bn, 19 million customers a year and 22,000 staff operating in 16 countries.

In September, Thomas Cook said profits would be hit after the summer heat wave saw many take their holidays in the UK. It issued a second profit warning in November, when it said winter bookings were also down.

The shop closures will take the number of Thomas Cook outlets down to 566. It said a consultation with staff and unions had begun.

Travel News | eTurboNews

WTTC launches global taskforce on human trafficking

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The World Travel & Tourism Council (WTTC) has today announced the formation of a global taskforce to help prevent and combat human trafficking – an illicit activity that affects 30 million victims worldwide and relies on travel networks to operate.

The taskforce comprises WTTC members and sector associations to become the first global industry-wide initiative to assert zero tolerance and share best practice.

As an industry, human trafficking is worth $150 billion annually and contributes heavily to modern slavery in which 40 million people worldwide are entrapped. One-quarter of trafficking victims worldwide are children (or 5.5 million). Meanwhile, 19% of victims are trafficked for sexual purposes, which makes up 66% of the illicit income generated.

Human trafficking is present virtually everywhere, yet not all criminalize it in all its forms.

The WTTC taskforce has thus been established for the purposes of:

  1. PREVENTION: to increase industry and consumer awareness of human trafficking. It is proven the more we know the more can be prevented.
  2. PROTECTION: to train employees and travelers on how to identify and report suspected cases.
  3. ACTION: to encourage governments to enact legislation which recognizes human trafficking as a crime throughout the entire chain and develop resources and support needs such as national hotlines.
  4. SUPPORT: to provide assistance, employability training, and employment opportunities to survivors.

The founding members of the taskforce are Airbnb, Amex GBT, The Bicester Village Shopping Collection, Ctrip.com International, CWT, Emirates, Expedia Group, Hilton, JTB Corp., Las Vegas Convention and Visitor Authority, Marriott International, Silversea, Thomas Cook, and TUI.

On the formation of the taskforce, Gloria Guevara, President & CEO of WTTC, commented: “Human trafficking is a devastating widespread and critical issue that unfortunately relies on Travel & Tourism networks to operate. As a sector, we must do everything in our power to help eradicate the problem so that people may move freely and safely across the globe, but never coerced.

“I am proud to today launch this vital taskforce comprised of the world’s most powerful travel leaders from across hotels, retails, airlines, cruise, technology, finance, and destination management, and are wholly committed to preventing trafficking, protecting victims, supporting survivors, and engaging with governments so that this pandemic ends once and for all.”

Travel News | eTurboNews