The travel market in India, which was worth about $75 billion in FY20, is expected to cross $125 billion by FY27, a report titled "Travel market in India," released by RedCore – RedSeer’s arm which focuses on early stage companies, has found.
The surge in travel is fueled by improving airport infrastructure and increasing access to passports. The travel market represents both domestic travel, inbound and outbound travel made by Indians.
It found that the travel market shrunk significantly in FY21 but recovery is expected to continue in FY22. It also expects to see a spike in the later years due to pent-up demand.
The Indian travel market is dominated by around 300,000 travel agents who represent the largest share by booking channel of around 52 per cent.
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