Travel & Tourism - India

  • India
  • The Travel & Tourism market in India is expected to generate a revenue of US$23.72bn in 2024.
  • The projected annual growth rate (CAGR 2024-2028) of 9.62% is expected to result in a market volume of US$34.25bn by 2028.
  • The largest market in India is the Package Holidays market, which is expected to reach a market volume of US$10.48bn in 2024.
  • By 2028, the number of users in the Package Holidays market is expected to amount to 64.74m users.
  • In 2024, user penetration is expected to be 7.8%, which is expected to increase to 10.0% by 2028.
  • The average revenue per user (ARPU) is expected to be US$209.70.
  • By 2028, online sales are expected to generate 60% of the total revenue in the Travel & Tourism market in India.
  • In comparison to other countries, United States is expected to generate the highest revenue of US$199bn in 2024.
  • India's tourism industry is currently focusing on promoting sustainable and eco-friendly travel options to attract responsible and conscious travelers.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

Region comparison

Analyst Opinion

India's Travel & Tourism market has been experiencing significant growth in recent years, attracting both domestic and international travelers.

Customer preferences:
Travelers in India are increasingly seeking unique and authentic experiences, driving the demand for off-the-beaten-path destinations and cultural immersion. Additionally, there is a growing preference for sustainable and eco-friendly travel options among Indian tourists.

Trends in the market:
One notable trend in the Indian Travel & Tourism market is the rise of digital platforms and online booking services, making travel more accessible and convenient for consumers. Another trend is the increasing popularity of adventure tourism and wellness retreats, catering to the evolving preferences of travelers.

Local special circumstances:
India's diverse cultural heritage, rich history, and scenic landscapes make it a popular destination for both domestic and international tourists. The country's vibrant festivals, bustling markets, and mouth-watering cuisine also contribute to its appeal as a travel destination.

Underlying macroeconomic factors:
The growing middle class in India, coupled with rising disposable incomes, has fueled the demand for travel and tourism services. Government initiatives to promote tourism, improve infrastructure, and simplify visa processes have also played a crucial role in driving the growth of the industry. Additionally, the increasing connectivity through air, road, and rail networks has made travel within India more convenient and affordable for travelers.


Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.


  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Travel Behavior
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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