Travel and Tourism in India Market – Opportunity and Forecast 2016

Travel and Tourism in India Market Share, Size, Trends and Growth, Marketing Strategies and Forecasts 2020

The expanding economy reflected the increased disposable income of the Indian population, encouraging them to take more trips. The trend is expected to continue over the coming years (2016-2020). Tamil Nadu and Uttar Pradesh maintained their first and second rank respectively in terms of domestic tourist visits in 2014. Inbound tourist volume grew at a CAGR of 6.8% during 2010-2015, and the governments visa friendly policy will spur the growth of inbound tourism.

Key Findings

The Indian travel and tourism sector is flourishing. Domestic trips grew by 9.7% in 2015, while expenditure increased by 7.6%. The rising middle class and increasing disposable incomes continued to support the growth of domestic and outbound tourism. Outbound trips totaled 19.9 million in 2015, up by 8.7%. Inbound trips grew at a CAGR of 6.8% during the historic period (2010-2015). The US is the largest source market for India and the continued depreciation of the Indian currency against the US$ in recent years has supported the growth of inbound tourism. The Indian Rupee fell against the US$ at a CAGR of -6.5% during 2010-2015 and trips grew by. Trips from Russia, another key source market, slowed from 46% in 2013 to 4.1% in 2014 and -2.5% in 2015 as Russia removed India from its safe travel destinations list as Goa, the top destination for Russians, registered cases of robbery and molestation against foreign tourists. This, along with the weak Russian Rouble, resulted in fewer arrivals to India. Over the forecast period (2015-2019), domestic trips, inbound trips, and outbound trips are projected to grow at an average annual rate of 9.7%, 8.4%, and 4.6% respectively.

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