IBEF: October 20, 2021
According to a report titled ‘Travel market in India,’ published by RedCore – RedSeer’s unit which focuses on early stage companies, the travel market in India, which was worth about US$ 75 billion in FY20, is projected to cross US$ 125 billion by FY27.
The rise in travel is powered by developing airport infrastructure and increasing access to passports. The travel market represents both domestic travel, inbound and outbound travel made by Indians.
Accroding to report, the travel market dwindled significantly in FY21 but revival is expected to continue in FY22. It also assumes to see a spike in the later years due to rising demand.
The Indian travel market is led by ~ 300,000 travel agents who represent the largest share by booking channel of around 52%.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.