Renub Research has recently published a report named “India Hotel Market, Size, Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that consists of market share insights. Furthermore, the report comprises competitor and regional research and contemporary extension in the India Hotel Market. India hotel market shall grow at a CAGR of 12.50% from 2022 to 2030. The tourism industry in India has witnessed a substantial rise in both domestic and international travel, encompassing leisure, business, and medical purposes. In February 2023, the number of Foreign Tourist Arrivals reached 865,779, showing a significant increase compared to 240,896 in February 2022. In addition, the expanding middle class and rising disposable incomes have increased travel and accommodation spending.
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The government’s focus on infrastructure development, like improved transportation and connectivity, has made traveling to different parts of India more convenient. The Market Development Assistance (MDA) scheme guidelines update is to provide incentives to tourism stakeholders, broaden its scope and coverage, incorporate online promotions, and offer increased financial assistance. These revisions aim to improve the scheme’s efficacy and provide more significant support to stakeholders promoting domestic tourism, maximizing their benefits. The development of hospitality services and the entry of international hotel chains have improved the quality and variety of accommodations available. Lastly, the promotion of popular tourist destination through marketing campaigns and initiatives has also contributed to the growth of the India hotel market.
New Delhi is India capital city, attracting many tourists and business travellers due to its political, administrative, and cultural importance. Secondly, the town boasts a well-developed infrastructure with many hotels catering to different budget segments, from luxury accommodations to budget-friendly options. Thirdly, New Delhi is home to major international and domestic airports, making it easily accessible for domestic and international travellers. Additionally, the city is known for its historical landmarks, cultural attractions, and vibrant shopping and dining scenes, further boosting its appeal as a tourist destination. Lastly, New Delhi hosts numerous international conferences, exhibitions, and business events, driving the demand for hotel accommodations and supporting the growth of the hotel market in the city.
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Chandigarh growth in the hotel market can be due to its status as a significant economic and commercial hub, driving business travel. It is also a famous tourist destination for its urban design, gardens, and architectural landmarks, attracting domestic and international tourists. The city’s infrastructural development, including an expanded airport and improved connectivity, has facilitated more accessible travel and contributed to hotel industry growth. Chandigarh’s educational institutions, medical facilities, and government offices also attract students, patients, and officials who require accommodation. Its proximity to popular tourist destinations makes it a convenient stopover, supporting hotel market growth.
ITC Hotels Limited, OYO, Lemon Tree Hotel, Treebo, Hyatt Hotels Corporation, InterContinental Hotel Groups, Marriott International, Radisson Blue Hotels, Shangri La Hotels & Resorts, Taj Hotels Resorts & Places, The Lalit Hotels, The Leela Palace, The Oberoi Group, The Park Hotels, Bharat Hotels Limited, Hotel Leelaventure Limited, The Indian Hotels Company Limited, Sarovar Hotels Private Limited, and Marriott Hotels India Private Limited are critical players in India hotel market.
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