✈️ Flight Bookings (Air OTA Gross Booking Value – FY23 figures)

• MakeMyTrip Group (MakeMyTrip + Goibibo + redBus): ~54–60% share of India’s online flight booking market (, )
• Cleartrip: ~8.5–13.7%
• EaseMyTrip: ~8.1–13.4% ()
• Yatra: ~6.6–9.4% ()
• Ixigo & others: Ixigo ~7.5%; smaller players fill remainder (~3–5%) ()

📌 Insight: MakeMyTrip dominates, with Cleartrip, EaseMyTrip, Yatra, and Ixigo neck-and-neck for second-tier positions.

🏨 Hotel Bookings

Detailed market share data for hotels is less commonly published. However:

• MakeMyTrip, via Goibibo and redBus, is the market leader across hotels.
• EaseMyTrip, Yatra, and Cleartrip share the rest, with each holding mid-single-digit to low-teens percent.
• Ixigo, primarily a metasearch engine, influences bookings but holds a smaller share.

🚆 Train Bookings

• IRCTC—not an OTA but government-owned—is the dominant player, commanding over 90% of online Indian railway ticketing (, , , ).
• OTAs like MakeMyTrip, EaseMyTrip, Yatra, and Ixigo act primarily as resellers, offering convenience or bundled bookings. Their volumes in train bookings are minimal compared to IRCTC.

🚌 Bus Bookings

• redBus (owned by MakeMyTrip): ~70% share of the online intercity bus booking segment ()
• EaseMyTrip (via YoloBus) and Yatra operate in this space, but hold single-digit shares.
• Ixigo (AbhiBus acquisition) also participates but remains a smaller player.

📊 Summary Table

*MakeMyTrip includes Goibibo & redBus for flights and bus segments.

🔍 Key Takeaways

• MakeMyTrip Group is the undisputed leader in flight and hotel bookings, and dominates bus bookings via redBus.
• EaseMyTrip holds a clear second-tier position in flights (~8–13%), and has smaller presence in hotels, buses, trains.
• Yatra is also in the second tier (6–10%) across flights and hotels.
• Cleartrip competes closely with EaseMyTrip in flights (~8–13%).
• Ixigo, though smaller in flights, has growing presence in trains and buses via acquisitions (ConfirmTkt, AbhiBus).
• IRCTC controls rail bookings (>90%) and remains outside OTA control.

Overview of India’s Online Travel Market

India’s online travel market has demonstrated remarkable growth, reaching approximately $23.10 billion in 2025 and projected to grow at a CAGR of 7.76% to reach $33.90 billion by 2030 . The market is dominated by several key players including MakeMyTrip, Booking.com, Yatra, EaseMyTrip, and other specialized platforms . With online penetration expected to reach 73-75% by FY27 from the current 66-68%, the digital transformation of travel booking continues to accelerate .

Overall Market Leadership and Rankings

MakeMyTrip’s Dominant Position

MakeMyTrip maintains its position as India’s leading online travel agency with a dominant market share of over 60% in the overall OTA segment . The company reported record gross bookings of $9.8 billion in fiscal year 2025, representing a 30% increase from the previous year . MakeMyTrip’s supremacy is further validated by web traffic data showing 36.4 million total visits compared to EaseMyTrip’s 4.7 million visits in recent months .

In flight search engine bookings specifically, MakeMyTrip takes the top position among Indian consumers, with the highest brand recognition and usage in online flight bookings as of March 2025 . The platform’s dominance extends to Google Hotels’ sponsored results in India, where MakeMyTrip features in 52% of sponsored hotel listings, second only to Booking.com at nearly 60% .

Market Positioning of Other Major Players

Yatra Online holds approximately 5.2% market share in terms of OTA industry revenues . Despite being the third-largest OTA in India, Yatra has faced challenges in maintaining growth momentum compared to its competitors.

EaseMyTrip has experienced significant challenges over the past year, with its stock declining by approximately 51-52% [Previous conversation context]. The company recorded gross booking revenue of ₹8,691.6 crore for FY25, though it remains smaller than MakeMyTrip in overall market presence .

Cleartrip has claimed the second-largest market share in the OTA segment based on a VIDEC industry study, positioning itself as the fastest-growing OTA player following post-pandemic recovery .

Goibibo has consolidated its position as the second-largest OTA brand with a 65% jump in transacting users since January 2022, with nearly 48% of new users coming from tier-II and tier-III markets .

Segment-Specific Market Share Analysis

Flight Bookings Market Share

The flight booking segment shows clear market leadership patterns:

• MakeMyTrip leads in flight search engine bookings among Indian consumers
• Air India tops consumer preference for airline brand bookings, while IndiGo maintains 63.7% domestic market share in terms of passenger traffic
• EaseMyTrip and other players compete for the remaining market share, with EaseMyTrip focusing on expansion into international markets

MakeMyTrip’s air ticketing revenue increased by 12% to $61.6 million for Q4 FY25, with full-year revenue up 20% to $242 million . This growth demonstrates the company’s sustained dominance in the flight booking segment.

Hotel Bookings Market Share

The hotel booking market shows intense competition:

• Booking.com features in nearly 60% of Google Hotels’ sponsored listings in India
• MakeMyTrip follows with 52% presence in sponsored hotel listings
• OYO is focusing on premium expansion, aiming for 44% of bookings from company-serviced hotels by FY25

MakeMyTrip’s hotels and packages revenue increased nearly 17% to $123 million for Q4 FY25, with full-year revenue up 20% to $520 million . EaseMyTrip’s hotels division showed remarkable growth of 189% year-on-year in Q4 FY25, though from a smaller base .

India’s travel accommodation market was valued at $8.12 billion in 2025, with key players including MakeMyTrip, Booking.com, IRCTC, and OYO Rooms actively competing .

Train Bookings Market Share

The train booking segment is dominated by government and specialized platforms:

• IRCTC maintains approximately 80% direct market share in rail e-ticketing
• Third-party OTAs account for about 20% of total ticket sales through indirect bookings
• Ixigo has emerged as a significant player, processing 69.85 million train passenger segments in 9M FY25

The train tickets market in India is projected to reach $17.05 billion in 2025, with 58% of total revenue expected to be generated through online sales by 2030 . Ixigo, in particular, has positioned itself as India’s second-largest online travel agency by gross bookings, with strong dominance in train bookings .

Bus Bookings Market Share

The bus booking segment shows concentrated market leadership:

• redBus holds a commanding 70% share in the Indian online bus ticketing segment as of 2018
• The platform achieved a GMV of ₹50 billion with over 180 million registered trips
• 67% of online bus ticket bookings come from non-metro regions, highlighting the importance of tier-II and tier-III markets

The private bus industry saw gross ticketing value of ₹36.37 billion in November-December 2023, with 36.06 million passengers traveling during the period . redBus continues to maintain its leadership position through partnerships with over 4,468 active private bus operators .

Key Market Trends and Dynamics

Geographic Distribution

Market penetration varies significantly across regions:

• Metro cities contribute 33% to bus bookings, while non-metro areas account for 67%
• Tier-II and tier-III cities are driving growth across all platforms, with Goibibo seeing 48% of new users from smaller towns
• 94% of Ixigo’s users are from tier-2 and smaller cities, representing an underserved but fast-growing market segment

Technology and Mobile Adoption

Mobile platforms are increasingly dominating the booking landscape:

• 58% of train ticket revenue will be generated through online sales by 2030
• Mobile-first usage and app-based convenience are shaping consumer behavior
• AI-powered personalization is becoming central to user engagement, with MakeMyTrip launching ‘Collections’ feature in March 2025

Competition from International Players

Global platforms are intensifying competition:

• Booking.com leads in Google Hotels sponsored listings at nearly 60%
• Agoda expects India to become one of its top 3 markets within 3 years
• Expedia is focusing on the Indian outbound market, projecting 29 million outbound trips by 2025

Conclusion

MakeMyTrip maintains clear market leadership across most segments with over 60% overall market share, while specialized players dominate specific niches – IRCTC in train bookings (80%) and redBus in bus bookings (70%). The market continues to evolve with increasing competition from both domestic players like Cleartrip and Goibibo, as well as international platforms like Booking.com and Agoda. Growth is increasingly driven by tier-II and tier-III markets, mobile adoption, and AI-powered personalization, suggesting continued dynamic competition in India’s rapidly expanding online travel ecosystem.

Add to follow-up