MakeMyTrip (MMT), an online travel agency (OTA), has emerged as the market leader in the Indian online travel industry with a 53.8% market share, according to a report by travel consultancy firm Videc. Cleartrip and EaseMyTrip (EMT) follow closely behind with 8.5% and 8.1% market shares respectively. These three players dominate the market, suggesting a trend towards consolidation within the OTA industry.
The Indian online travel market is projected to grow from ₹1,519 billion in 2023 to ₹2,491 billion in 2026, representing a compound annual growth rate (CAGR) of 17.9%. Virendra Jain, CEO of Videc, believes that India has the potential to replicate China’s growth story in the OTA segment, indicating further expansion in the industry.
MakeMyTrip dominates both the airline and hotel segments, holding a 56.9% market share in the airline segment. Cleartrip and EMT trail behind with 13.7% and 13.4% respectively. Yatra.com captures 9.4% of the market, while ixigo accounts for 3.2%. In the hotel segment, MakeMyTrip remains dominant, although Yatra.com surpasses Cleartrip and EMT with a 3.6% market share. Other OTAs collectively hold a majority share of 37.9% in the hotel segment, indicating a diverse and competitive landscape.
In the rail travel segment, IRCTC remains the dominant player, while Ixigo holds a significant 47.7% market share, nearly equal to IRCTC’s position. This demonstrates Ixigo’s stronghold in the rail travel segment and its ability to compete effectively against other OTAs in this domain.