The market for international outbound meetings and incentives from India to Europe is expected to reach US$ 4.4 billion in 2022 and US$ 7.17 billion by 2032, growing at a compound annual growth rate of 5% between 2022 and 2032.
India is one the youngest, yet the fastest growing economies of the world. India has a large thriving and vibrant market stuffed with millennial consumers. The newly rolled out open market policies to usher in FDI has impacted the GDP of the country.
India is revamping its infrastructure to develop a comfortable passage for western investors. In the recent past, the bilateral ties between India and Europe have matured. Both the markets are coming closer with every passing day and developing an apt business friendly climate to promote and expedite the flow of business. India and EU are looking to repair the economic corridors between the two most steadily rising economies of the world.
The Free Trade Agreement has bridged the strategic and economic gulf between both the markets and made India one of the most significant business partners of Europe. European exports to India have surged in the last few years. According to the RBI, the Indian exports to European markets amounts to INR 337 billion approximately.
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Apart from the core industries, the Indian tourism sector is extracting the benefits of the developing relationship between these two markets. The development of the tourism sector in India has enhanced the scene of the India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe.
The India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast predicts a massive change in market behaviour in the coming few years.
The significant change in the India Outbound MICE tourism market will reap the benefits of the economic bonhomie between India and Europe. It will not only expand the India outbound MICE tourism market to Europe, but this gesture shall surely create a suitable atmosphere for new jobs.
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Key Trends in India’s Outbound Meetings and Incentives to Europe Market
In recent years, the landscape of outbound meetings and incentives from India to Europe has undergone a significant transformation. As businesses increasingly recognize the importance of fostering global connections and motivating their workforce, the outbound MICE (Meetings, Incentives, Conferences, and Exhibitions) sector has become a pivotal driver of this change. Here are some key trends shaping the India to Europe MICE market.
- Diverse Destinations: While traditionally popular destinations like Paris and London continue to attract Indian businesses, there is a notable shift towards exploring lesser-known European cities. Destinations like Barcelona, Prague, and Vienna are gaining traction, offering a blend of rich cultural experiences and modern amenities for corporate events.
- Hybrid Events: The global pandemic has accelerated the adoption of hybrid events, combining physical and virtual components. This trend allows businesses to reach a broader audience, ensuring participation from individuals who may be unable to travel. European destinations are actively adapting to provide state-of-the-art virtual event facilities.
- Sustainable Practices: With an increased focus on sustainability, businesses are seeking eco-friendly options for their events. European venues are responding by implementing green initiatives, from energy-efficient infrastructure to sustainable catering, aligning with India’s commitment to environmentally responsible practices.
India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe & Forecast: Game Changers
There are several factors that are promoting the growth of the India Outbound Meetings, Incentives, Conferences, Exhibitions (MICE) Tourism Market to Europe. The enhanced business ambience between the fastest growing regions of the world and revamped market policies are helping Indian business houses establish their footprint in the European market.
The booming tourism market of India and the birth of a new breed of deep-pocketed travellers are cementing the ground for the growth of the India outbound MICE tourism market to Europe. Several investment friendly policies rolled out by European countries to woo investors are also speeding up the growth of the India outbound MICE tourism market to Europe.
Key players:
- Clear Trip Pvt Ltd.
- Ebix Travel Pvt Ltd.
- Kesari Tours Pvt. Ltd.
- Easy Trip Planners Pvt Ltd.
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