Setting Sail: Exploring Opportunities in India's US$ 55388.41...

Setting Sail: Exploring Opportunities in India's US$ 55388.41 million Outbound Tourism Market by 2034.

Posted 2024-04-02 09:19:05

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India's outbound tourism market is projected to reach US$ 18817.72 million in 2024 and expand at 11.4% CAGR between 2024 and 2034. The growth in the market is primarily attributed to the increasing desire of Indians, especially millennials, to visit international destinations. The market value is projected to reach US$ 55388.41 million by 2034.

Foreign tourist boards are preparing to accommodate the increasing number of Indians who are travelling overseas and overspending. The initial step is to start direct flights. There is encouraging news from the travel and tourism industry and a slow economy. India is now the outbound market with the most significant growth rate in volume, coming in second only to China.

The South African tourism board agrees that India has emerged as a significant source of international travel. The number of Indian tourists visiting Thailand surpassed 1 million for the first time. Thai Airways has begun offering direct flights between Delhi and Phuket and Mumbai and Phuket to meet the growing demand from Indians seeking vacation and destination wedding locations.

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Further, the demand for packaged holidays offered by companies such as Cox & Kings is rising as more Indians travel overseas for the first time. Indian travelers are growing more daring and like to customize their travels by selecting unexpected locales and novel activities. To improve the outbound tourist business, the government might take measures like increasing direct links to popular and emerging places, permitting foreign cruise ships to sail in Indian waters, and making deliberate and coordinated efforts on several fronts.

Key Takeaways from the India Outbound Tourism Market Study:

European and North American destinations, is currently dealing with issues like exceptionally long visa processing times and scarce air connectivity with high prices.
Top three tourist destinations for Indians are expected to be Thailand, Singapore, and the U.S.
Business travels and holiday/leisure are the most popular purpose types in the India outbound tourism market
Online booking channels is expected to dominate the India outbound tourism market in terms of booking channel.

Key Players: