MAKEMYTRIP LIMITED (MMYT): 5 Analyse des forces [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la réservation de voyages en ligne, Makemytrip Limited navigue dans un paysage concurrentiel complexe où la survie dépend de la compréhension stratégique des forces du marché. Alors que la transformation numérique remodèle la technologie de voyage, cette plongée profonde dans les cinq forces de Porter révèle les défis et les opportunités complexes auxquels le MMYT est confronté en 2024 - des négociations des fournisseurs et de la dynamique des clients aux pressions concurrentielles et aux menaces de marché émergentes qui détermineront le positionnement stratégique de l'entreprise dans un numérique de plus en plus compétitif et un numérique de plus en plus compétitif écosystème.

MAKEMYTRIP LIMITED (MMYT) - Porter's Five Forces: Bargaining Power des fournisseurs

Consolidation du marché et paysage des fournisseurs

En 2024, MakeMyTrip Limited fait face à un écosystème de fournisseur complexe avec une dynamique du marché concentré:

Dépendance des fournisseurs et gestion des stocks

La dépendance des fournisseurs de Makemytrip est caractérisée par:

• Indigo Airlines: 42,5% de part de marché dans les voyages intérieurs
• Air India: 24,1% de part de marché
• Vistara: 10,3% de part de marché

Tarification et structures de commission

Effet de levier de négociation de la plate-forme technologique

L'infrastructure technologique de Makemytrip offre des avantages de négociation:

• Intégration API avec plus de 450 compagnies aériennes
• 500+ connexions de réservation d'hôtel
• Systèmes de gestion des stocks en temps réel

Impact financier des négociations des fournisseurs

Le pouvoir des fournisseurs influence directement les performances financières de MakeMyTrip:

MAKEMYTRIP LIMITED (MMYT) - Five Forces de Porter: Pouvoir de négociation des clients

Faible coût de commutation entre les plateformes de réservation de voyage en ligne

Sur le marché de la réservation de voyage en ligne, les clients peuvent facilement basculer entre les plateformes avec un minimum de friction. Selon un rapport de Phocuswright 2023, 68% des consommateurs de voyages en ligne utilisent plusieurs plateformes de réservation pour comparer les prix et les options.

Sensibilité élevée aux prix et comportement d'achat de comparaison

Les consommateurs de voyages en ligne démontrent une sensibilité importante aux prix. Une enquête en 2023 Deloitte Travel Consumer a révélé que 73% des voyageurs hiérarchirent le prix comme le principal facteur de prise de décision lors de la réservation de voyage.

• 73% des voyageurs priorisent le prix
• Temps moyen passé à comparer les prix: 47 minutes
• Tolérance à la différence de prix: dans les 5 à 10% du taux le plus bas disponible

Des attentes croissantes des clients pour les expériences de voyage personnalisées

Le rapport sur l'industrie du voyage de McKinsey en 2023 indique que 61% des voyageurs s'attendent à des recommandations personnalisées en fonction de leurs antécédents et préférences de voyage.

L'augmentation de la littératie numérique permettant des décisions de voyage plus éclairées

Le rapport sur le comportement des consommateurs numériques 2023 de Google montre que 82% des voyageurs utilisent des smartphones pour la recherche et la réservation de voyages, démontrant une littératie numérique élevée.

• 82% utilisent des smartphones pour la recherche sur les voyages
• Points de contact numériques moyens par réservation: 6.2
• Sources d'information principales: critiques en ligne, blogs de voyage, médias sociaux

MAKEMYTRIP LIMITED (MMYT) - Porter's Five Forces: Rivalité compétitive

Paysage compétitif Overview

En 2024, MakeMyTrip fait face à une rivalité concurrentielle importante sur le marché de la réservation de voyage en ligne.

Dynamique concurrentielle clé

L'intensité concurrentielle sur le marché des voyages en ligne montre des défis importants.

• Dépenses de marketing numérique pour makemytrip en 2024: 42,3 millions de dollars
• Investissement technologique pour l'amélioration des plateformes: 18,7 millions de dollars
• Coût d'acquisition du client: 12,50 $ par utilisateur

Métriques d'innovation stratégique

Indicateurs de consolidation du marché

Les partenariats stratégiques et les activités de fusion reflètent un environnement concurrentiel intense.

• Partenariats stratégiques totaux en 2024: 17
• Investissements d'intégration multiplateforme: 22,6 millions de dollars
• Budget d'exploration de fusion et d'acquisition: 35,4 millions de dollars

MAKEMYTRIP LIMITED (MMYT) - Five Forces de Porter: Menace de substituts

Rise des plates-formes de réservation directes des compagnies aériennes et des hôtels

En 2023, 62% des voyageurs ont réservé directement via des sites Web des compagnies aériennes. Les principales compagnies aériennes comme Indigo et Air India ont déclaré que les taux de réservation directs augmentaient de 18,5% par rapport à 2022. Des chaînes hôtelières telles que Marriott et Taj ont vu des plateformes de réservation directes capturant 41,3% de leur marché de réservation en ligne.

Les sites Web de voyages émergents et les applications mobiles

En 2024, les plateformes d'agrégateurs de voyage comme Goibibo, Yatra et ClearTrip détiennent une part de marché combinée de 37,6% dans le segment indien de réservation de voyages en ligne. Les réservations d'applications mobiles représentent 68,4% du total des transactions de voyage en ligne.

• Part de marché de Goibibo: 14,2%
• Part de marché de Yatra: 11,5%
• Part de marché de ClearTrip: 11,9%

Popularité croissante des plateformes d'hébergement alternatives

Airbnb a déclaré 2,1 millions d'annonces actives en Inde en décembre 2023, avec une augmentation de 42,7% des réservations par rapport à 2022. Des plateformes d'hébergement alternatives ont capturé 24,6% du marché total des hébergements de voyage en Inde.

Tendance croissante de la planification des voyages de bricolage

Les médias sociaux et les sites d'examen comme TripAdvisor ont généré 89,3 millions de revues utilisateur en 2023. 73,6% des voyageurs ont utilisé des plateformes de médias sociaux pour la recherche et la planification des voyages, réduisant la dépendance aux agences de voyage en ligne traditionnelles.

• TripAdvisor User Reviews: 89.3 millions
• Recherche sur les voyages sur les réseaux sociaux: 73,6%
• Croissance de la planification des voyages de bricolage: 47,2%

MAKEMYTRIP LIMITED (MMYT) - Five Forces de Porter: Menace de nouveaux entrants

Exigences d'investissement de technologie et d'infrastructure initiales élevées

L'infrastructure technologique de MakeMyTrip nécessite des investissements en capital substantiels. En 2023, les dépenses totales de technologie et de développement de produits de la société étaient de 483,8 crores de livres sterling (environ 58,5 millions de dollars).

Paysage réglementaire complexe

La plate-forme de réservation de voyage en ligne nécessite la conformité à plusieurs cadres réglementaires.

• Enregistrement de la TPS obligatoire pour tous les agrégateurs de voyage en ligne
• Règlements DGCA pour les réservations de vols
• Conformité à la protection des données en vertu de l'Indian IT Act

Reconnaissance de la marque et clientèle

La position du marché de Makemytrip est forte, avec 62,4 millions d'utilisateurs enregistrés Depuis mars 2023.

Capacités technologiques

La plate-forme nécessite une infrastructure technologique avancée. La pile technologique de Makemytrip comprend:

• Algorithmes d'apprentissage automatique pour la personnalisation
• Moteur de tarification en temps réel
• Prise en charge multiplateforme (Web, mobile, application)

L'investissement technologique pour 2023-2024 estimé à 612 crore, ce qui représente 7,8% des revenus totaux.

MakeMyTrip Limited (MMYT) - Porter's Five Forces: Competitive rivalry

Competitive rivalry within the Indian online travel agency (OTA) space remains a primary force shaping MakeMyTrip Limited's strategy. The landscape is defined by a battle for market share among established domestic players and aggressive global entrants.

MakeMyTrip Limited, including its Goibibo brand, is the established market leader, with MakeMyTrip, Goibibo, and Yatra Online collectively holding around 60% of the total Indian online travel market share, which was valued at ₹17.24 billion in 2025. Specifically in the domestic air segment, MakeMyTrip maintained a market share of 30.8% as of Q1 2025. However, this leadership is constantly tested by rivals. For instance, Ixigo has successfully lifted its domestic air market share to about 10%.

The intensity is visible in the recent performance divergence among peers. While MakeMyTrip Limited reported Q2 FY26 revenue of $229 million with underlying EBIT up 18%, competitors faced significant headwinds. EaseMyTrip reported Q2 FY26 revenue of ₹118 crore, a -19% YoY decline, and a net loss of -₹36 crore. EaseMyTrip's market capitalization halved to roughly ~$320 million by mid-November 2025 from early 2025 levels. Yatra Online, while still reporting losses in FY26 Q1, is refocusing on enterprise and saw FY25 revenue rise 39% YoY to ₹9.1 billion.

Global giants like Booking.com and Expedia are actively expanding their presence in India, putting pressure on MakeMyTrip Limited's high-margin hotel segment, where direct booking capabilities are a growing threat.

Aggressive promotional spending drives up customer acquisition costs (CAC) for all players. MakeMyTrip Limited reported its marketing and sales promotion expenses resulted in a customer acquisition cost of 5.1% of gross booking value in Q1 2025. This spending is significant, with MakeMyTrip having a reported annual marketing spend increase of 34% YoY to $165M as of June 2025.

Here is a snapshot of the competitive positioning and recent financial data for key domestic rivals:

The competitive environment is characterized by several key pressures:

• Intense price competition, though competition has not yet translated into broad price cuts.
• MakeMyTrip Limited's domestic air share is significantly higher than Ixigo's 10%.
• EaseMyTrip's unit economics are troubling, spending ₹1.02 to earn ₹1 of revenue in Q2 FY26.
• Yatra Online is stabilizing by focusing on the enterprise segment.
• MakeMyTrip Limited and Ixigo both increased promotional spending as a share of gross bookings in H1 FY25.
• International travel is a key growth area where MakeMyTrip achieved a record 42% share of international air bookings in Q1 2025.

MakeMyTrip Limited (MMYT) - Porter's Five Forces: Threat of substitutes

You're analyzing the structural risks to MakeMyTrip Limited's profitability, and the threat of substitutes is definitely a major one you need to watch. This force looks at how easily a customer can switch to a different product or service that serves the same core need-in this case, booking travel.

Direct booking with airlines and hotels remains the most significant substitute because it cuts out the commission structure entirely. This is the primary, no-commission substitute. Back in 2023, we saw that 62% of travelers were already booking directly through airline websites. For major carriers, this trend was accelerating, with IndiGo reporting direct booking rates increasing by 18.5% compared to the prior year. On the accommodation side, hotel chains like Marriott and Taj were capturing 41.3% of their online reservation market through their own platforms as of 2024. The psychological switching cost for a customer to go to an airline's official site instead of MakeMyTrip Limited is near zero; it's just a different website click.

Google's evolving travel search features and its new AI tools are making this substitution threat more potent. Google Flights has now reportedly overtaken all major OTAs and airline sites as the UK's preferred way to search for flights as of mid-2025. While MakeMyTrip Limited benefits from general search visibility, Google's ability to surface direct booking options or even facilitate bookings within its own ecosystem directly challenges the OTA model. The market is seeing a split: for hotel searches globally, 26% of travelers now start on an OTA, but 21% still start with a traditional search engine, a segment where Google holds massive sway.

Corporate travel platforms represent another layer of substitution, specifically targeting the higher-value, repeat business segment that MakeMyTrip Limited also serves. Competitors like Yatra Online are aggressively focusing here. Yatra Online reported onboarding 148 new corporate clients over the last 12 months, serving over 1,300 large corporate clients in total. Furthermore, for the quarter ending June 30, 67% of Yatra's gross bookings came from its B2B segment, with plans to push that toward 70% by the fiscal year-end. This focus on deeply integrated, managed travel services substitutes the leisure-focused OTA bookings that MakeMyTrip Limited relies on.

To counter this, MakeMyTrip Limited is leaning heavily into its non-air segments, which show strong customer stickiness. The growth in Hotels and Packages revenue is key here. For the fiscal year ending March 31, 2025, Hotels and Packages revenue grew by 19.5% to $520.4 million. This growth, which the prompt highlights as 20% in FY25, helps offset the substitution pressure seen in the more commoditized air ticketing space. The Adjusted Margin for Hotels and Packages was $429.5 million for FY25, marking a 25.7% year-on-year increase.

Here's a quick look at how MakeMyTrip Limited's segment performance in FY25 stacks up against the context of substitution:

The core defense against the threat of substitutes for MakeMyTrip Limited rests on a few key areas where customers face friction moving away:

• Customer base grew by over 9 million users in FY25.
• Repeat booking rate per quarter remains a healthy 70%+.
• International hotels revenue grew by over 65% year-on-year.
• Focus on personalized services drives higher value per transaction.

If onboarding takes 14+ days, churn risk rises, but MakeMyTrip Limited's focus on high repeat rates suggests they are successfully building loyalty, which raises psychological switching costs, even if the economic cost is low.

MakeMyTrip Limited (MMYT) - Porter's Five Forces: Threat of new entrants

You're assessing the barriers to entry in the Indian online travel agency (OTA) space, and honestly, the landscape for a new player trying to take on MakeMyTrip Limited is steep. The threat of new entrants isn't just theoretical; it's walled off by significant financial and operational hurdles that MakeMyTrip Limited has spent years building.

High capital requirement for brand building and customer acquisition is a major barrier. Consider the sheer marketing muscle required just to get noticed. For the fiscal year ended March 31, 2024 (FY24), MakeMyTrip Limited's Marketing and Sales Promotion Expenses were reported at $123.3 million. By FY2025, this spend escalated further to $165.3 million, showing the incumbent is willing to spend aggressively to maintain share. A new entrant must be prepared to match or significantly outspend this to capture even a fraction of the market mindshare.

MakeMyTrip Limited's large-scale technology and AI investment creates a significant cost-to-replicate barrier. While we don't have the exact dollar figure for their latest AI R&D budget, the scale of their operation-handling record gross bookings of $9.8 billion in FY2025-means the underlying technology stack, including AI-driven personalization, is massive and expensive to build from scratch. It's not just about having an app; it's about having one that performs flawlessly at that volume.

Regulatory hurdles and the need for extensive supplier network tie-ups are complex. You can't just launch an app and sell flights and hotels. New entrants need to secure the necessary licenses and, critically, build deep, reliable relationships with airlines, hotel chains, and bus operators across India. These established contracts and integration points are sticky and take time and significant negotiation power to secure, especially when competing against an incumbent that already commands a large share of the business.

The established user base of 82 million lifetime transacted customers acts as a powerful network effect barrier. This user base, which grew by over 9 million new customers in FY2025 alone, creates a self-reinforcing loop: more users attract more suppliers, which in turn makes the platform more attractive to new users. Breaking into this cycle requires overcoming inertia, which is costly. Still, with India having over 900 million connected users, the potential upside keeps some ambitious players trying.

New entrants must overcome the incumbent's massive marketing spend, which was over $120 million in FY24. As noted, the actual spend was $123.3 million in FY24, and it jumped to $165.3 million in FY2025. This level of sustained, high-volume advertising creates a high hurdle for any startup to achieve brand recall. Defintely, this is where most new capital gets burned.

Here's a quick look at the scale MakeMyTrip Limited is operating at, which new entrants must contend with:

The barriers manifest in several ways you need to watch:

• High customer acquisition cost (CAC) due to incumbent spending.
• Significant upfront investment in scalable technology infrastructure.
• Need for deep, pre-existing supplier contracts and inventory.
• Overcoming the established trust and habit of the 82 million user base.
• The cost to build brand equity against years of heavy advertising.

Finance: draft 13-week cash view by Friday.