Indian Outbound Tourism Market is expected to surpass US$ 42 Billion by the end of year 2024
India poses all such things necessary to become an intimidating outbound tourism market. Owing to the world’s second most populous state and the fastest growing major economy, it is already showing sign of its influence, along with indicators that the real boom is yet to come. Economic growth of India signifies that people are earning more disposable income to spend on travel. In response, air travel within and out of the country has stretched significantly and with passports in hand, the millennial is expected to explore new destinations, to have exceptional travel experiences. India Outbound Tourism Market will exceed US$ 42 Billion by the end of year 2024.
In the latest Renub Research report, India Outbound Tourism Market, the report offers an in-depth primer of this upcoming market including how the India outbound tourism market has grown and what it holds for the future, along with the key factors that are driving the growth and challenges which are restraining the market growth.
Witnessing the immense outbound tourism potential from India, more than 70 National Tourist Organizations (NTOs) have set up their local offices in India from across the world and are actively marketing their destinations. The top five outbound destinations are Saudi Arabia, Thailand, Kuwait, the United States, and Singapore, while Australia and European countries are also posing good examples in attracting Indian tourists. For instance, France has recently launched a campaign named ‘France Celebrates India’ to lure more of the Indian visitors to France with an array of the travel itinerary. Nonetheless, destinations like Dubai and South Africa also have hastened their efforts to boost Indian visitors to their respective nations.
The United States is one among the most preferred outbound destinations for Indians and is in the way to become topmost destinations for Indian travelers. In the last two years, on an average, nearly 1.2 million visitors visited the United States every year, which itself is a record. With this, India is claimed to become one of the major inbound tourism markets for the United States, as it is likely to cross 1.5 million visitors mark very soon. The number of Indian visitors visiting the United States is slated to increase at 10 percent Year on Year.
According to the United Nations World Tourism Organization (UNWTO), India is one of the fastest growing outbound tourism markets across the globe, just after China. UNWTO estimates that with current pace, India will account for 50 million outbound tourists by 2020. Despite the rupee fluctuations, the India Outbound Tourism Market has grown at 12 percent over the last seven years. India is a developing country, with a large and increasingly affluent middle-class population, it is expected that these factors certainly contribute to the growth of this market. Further, interest in niche tourism sectors medical and adventure tourism also expected to significantly boost the India Outbound Tourism market over the projection period. Increasing digitalization further helps people to search for new destinations across the world and help them in their booking online.
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