DUBLIN March 12 2021:The "Hotel Industry in India 2020" report has been added to ResearchAndMarkets.com's offering.
The key performance indicators (KPIs) used by the industry to measure business expansion and manage hotels are average room rate (ARR) and revenue per available room (RevPAR). The ARR stood at INR 5,458.68 in FY 2020 as against INR 5,671.00 in FY 2017. It is expected to reach INR 6,292.85 by FY 2025 while expanding at a compound annual growth rate (CAGR) of ~2.49% between FY 2021 and FY 2025.
In FY 2020, the RevPAR was ~INR 1,951.34 and is expected to reach INR 3,336.28 by FY 2025. It is expected that the hotel industry will expand at a promising rate since India will be hosting the ICC Men's World Cup in 2023. It has been assumed that this event would increase foreign tourists' footfall in the country.
Employee management is a major challenge faced by the industry. The attrition rate has gone up due to the lack of workforce quality and increased competition for trained employees from competing service sectors, such as aviation.
The industry is dependent on the tourism sector for business. The Ministry of Tourism, along with the Ministry of Railways and the Ministry of Civil Aviation, promotes tourism in the country. Therefore, government initiatives play a crucial role in its growth.
The Ministry of Tourism has undertaken schemes, such as PRASHAD (National Mission on Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive), SWADESH DARSHAN (Integrated Development of Tourist Circuits around Specific Themes), and the promotion of e-visa to encourage tourist inflow. NABH Nirman, UDAN - Ude Desh ka Aam Nagrik, and Vision 2040 are some of the initiatives undertaken by the Ministry of Civil Aviation to enhance air connectivity, which would bring hotel guests even to the most remote corners of the country.
Companies covered in the report:
Bharat Hotels Limited, Hotel Leelaventure Limited, ITC Hotels Limited, Lemon Tree Hotels Limited, The Indian Hotels Company Limited, Sarovar Hotels Private Limited, The Park Hotels, Hyatt Hotels and Resorts, Marriott Hotels India Private Limited, Radisson Hotels Asia Private Company.