Hello Rakshit
Yes, this is the case. The maximum will be 30 hops even if your destination is found more hops than that, but you can always increase the number of hops in traceroute.
However, over the Internet, you will rarely find a path take more than 30 hops. This is kind of an unwritten rule, that there should be no more than 30 hops to reach any destination on the Internet from any destination, so it is unlikely that you will be required to increase that limit.
By increasing the TTL each time, you are increasing the number of hops that the echo request will travel. This keeps going until you reach the destination. This image depicts this very well:
I hope this has been helpful!
Laz