From 2013 to 2019, the share of travel services in commercial service exports in India grew steadily from 12.37 to 14.35 units, reaching a peak of 14.82 units in 2017. However, this upward trend sharply declined to 6.44 units in 2020 and 3.61 units in 2021, reflecting a significant impact, likely due to the COVID-19 pandemic. In 2023, it stood at 6.58 units, showing marginal recovery. The values forecasted for 2024 to 2028 show a consistent decline, culminating at 4.89 units in 2028, with a forecasted 5-year CAGR of -4.76% and a cumulative 5-year growth decline of -21.62%.
Future trends to watch for:
- Technological innovation in travel services, particularly integration with digital platforms and AI.
- Changes in international travel regulations and their impact on travel service demand.
- Recovery patterns in global tourism post-pandemic and shifts in consumer behavior towards sustainable and local travel.
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