Dublin, June 12, 2023 (GLOBE NEWSWIRE) -- The "India Hotel Market, Size, Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
India Hotel Market will reach $31.63 Billion in 2030 from $9.02 Billion in 2022
The hotel industry in India has witnessed moderate growth in recent years and shows significant potential for even more tremendous growth in the future.
Furthermore, with its rich culture and diversity, India attracts many tourists worldwide, particularly as a destination for spiritual tourism. As a result, India's position in the World Economic Forum's (WEF) travel and tourism competitiveness index has improved from 65th in 2013 to 54th in 2021, reflecting its growing prominence in global tourism.
India's robust economic growth has resulted in a thriving middle class with higher disposable income fueling domestic travel and heightened demand for high-quality hotel accommodations. Additionally, India's favorable business environment is evident through its inclusion in the top 100 clubs for Ease of Doing Business (EoDB), underscoring its appeal as an attractive destination for investment and development.
India's Hotel Market shall experience a CAGR of 16.98% in the coming years 2022 to 2030
The Indian government proactive initiatives, such as the renowned 'Incredible India' campaign and the development of robust tourism infrastructure, have attracted more tourists.
As a result, Market Development Assistance (MDA) scheme guidelines were revised to incentivize tourism stakeholders, expanding its scope and reach, including online promotions, and increased financial assistance to maximize stakeholder benefits. These modifications aim to enhance the scheme's effectiveness and support stakeholders involved in promoting domestic tourism.
Improvements in transportation infrastructure have made travel more accessible and convenient, while online travel platforms have increased market visibility and accessibility. International hotel chains have also invested in the market, improving the quality of accommodations and boosting overall growth.
Additionally, the diversification of hotel offerings, including luxury hotels, budget hotels, boutique hotels, and homestays, caters to different preferences and budgets of travelers, further stimulating market growth. India's hotel market grapples with upholding consistent quality standards across diverse accommodations, from luxury hotels to budget options.
Chandigarh shall thrive in the coming years in India Hotel Market
India hotel market comprises Agra, Ahmedabad, Bengaluru, Chandigarh, Chennai, Goa, Gurugram, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Pune, Udaipur, and other cities.
Chandigarh urban development and modern infrastructure, with its thriving industries and prestigious educational institutions, attract business travelers and visitors, driving the demand for hotel accommodations. The city's well-planned architecture, gardens, and tourist attractions also draw domestic and international tourists, increasing the need for hotel rooms.
Furthermore, Chandigarh's excellent connectivity and proximity to popular destinations make it a convenient transit point, further fueling the hotel market. Additionally, the local government's proactive efforts in promoting tourism and enhancing hospitality infrastructure contribute to the growth of the hotel market in Chandigarh.
However, New Delhi's dominance in India's hotel market stems from its role as an economic and political hub, attracting business travelers and corporate events. As the primary international gateway to India, it receives many foreign tourists.
In addition, the city's cultural and historical significance, a diverse range of accommodations, and the hosting of business conferences and trade fairs contribute to its thriving hotel market. Government support, an established hospitality industry, and cultural events and festivals further enhance New Delhi's position as a preferred destination for travelers.
Key Players
The demand for accommodations fuels competition in India's hotel market, as players compete to offer competitive pricing, superior services, and unique experiences. Price sensitivity drives the competition, with hotels aiming to balance affordability and quality. Differentiation through distinctive services, amenities, and a strong brand reputation gives hotels a competitive edge.
Prime locations and proximity to popular destinations are advantageous, while technology and innovative features enhance the guest experience. Effective marketing strategies, such as targeted advertising and collaborations, are crucial in attracting guests and increasing visibility.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 500 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $9.02 Billion |
| Forecasted Market Value (USD) by 2030 | $31.63 Billion |
| Compound Annual Growth Rate | 17.0% |
| Regions Covered | India |
Company Analysis: Overview, Recent Developments, Revenue
- Marriott International
- Taj Hotel Resort Place Safaris Limited
- ITC Hotels
- Advani Hotels & Resorts (India) Limited
- Hyatt Hotels Corporation
- InterContinental Hotel Groups
- Lemon Tree Hotels Ltd.
Scope of the Report
Cities - India Hotel Market breakup from 3 Viewpoints:
- Agra
- Ahmedabad
- Bengaluru
- Chandigarh
- Chennai
- Goa
- Gurugram
- Hyderabad
- Jaipur
- Kochi
- Kolkata
- Mumbai
- New Delhi
- Pune
- Udaipur
Indian Cities Hotel are Sub-divided into four parts
- Number of Rooms
- Room Average Daily Rate (ADR)
- Revenue per Available Room (RevPAR)
- Occupancy Rate
Type of Hotel - India Hotel Market
- Luxury
- Upper Class
- Middle Class
- Economy
Star Rating- India Hotel Market
- Five Star
- Four Star
- Three Star
- Two Star
Origin Brand - India Hotel Market
- Indian
- International
Booking Type - India Hotel Market
- Hotel website
- Aggregator
- Self-booking/Walk-in Customer
- Agent
Payment Mode - India Hotel Market
- Credit card & Debit card
- Net banking
- UPI
- Cash
Distribution by City
- Existing Supply
- Proposed Supply
- Active Development of Supply
Administrative Region
- North
- West
- East
- South
For more information about this report visit https://www.researchandmarkets.com/r/2rjfe7
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
