9 months ago
India to Lead Global Hospitality Growth
India's hotel and travel industry is growing really fast.
By 2030, it's expected to grow at a rate of 15-17% every year, which is almost double the global growth rate.
This growth is because more people in India are traveling within the country, and they have more money to spend.
The government and private companies are also investing a lot in making travel easier and better.
A company called Viceroy Hotels is even expanding by buying new properties and planning to have 1,000 hotel rooms by 2030.
This is great news for India's economy, as travel and tourism will contribute a lot to its GDP.
India's hospitality sector is projected to grow at a CAGR of 15-17% through 2030, nearly double the global growth rate of 8-9%.
Strong domestic travel demand, rising incomes, and sustained investment in tourism infrastructure are driving this growth.
Viceroy Hotels has acquired Marriott Executive Apartments Hyderabad, strengthening its presence in the premium and extended-stay hospitality segment.
Domestic travel in India is expected to reach nearly five billion trips annually by 2030, contributing over ₹40 trillion to India's GDP by the mid-2030s.
Viceroy Hotels aims to expand its portfolio to 1,000 keys by 2030, supported by its existing portfolio and an upcoming greenfield project in Hyderabad.
- Who
- Anirudh Reddy, Director of Viceroy Hotels
- What
- India's hospitality industry is expected to grow at a CAGR of 15-17% through 2030, nearly double the global growth rate.
- Where
- India, with a focus on key urban markets and domestic travel.
- When
- The growth is projected through 2030, with a strong recovery in FY 2024-25.
- Why
- Due to strong domestic travel demand, rising incomes, sustained investment in tourism infrastructure, and the country's demographic and cultural diversity.
Key facts
- Projected CAGR for India's hospitality sector
- 15-17%
- Projected global hotel industry CAGR
- 8-9%
- Expected domestic travel trips annually by 2030
- 5 billion
- Expected contribution to India's GDP by mid-2030s
- ₹40 trillion
- Viceroy Hotels' target portfolio by 2030
- 1,000 keys
Quotes
Anirudh Reddy
Director of Viceroy Hotels
“Hospitality sector recorded a strong recovery in FY 2024-25, delivering revenue growth of around 7-9%, alongside rising occupancies in premium and upper-upscale hotels, despite supply constraints in key urban markets. Looking ahead, India’s hotel market revenues are expected to grow at a robust 15-17% CAGR through 2030, nearly double the projected global growth rate.”
theprint.in
