Business Travel Lodging Market Opportunities 2024-2033: Size, Growth Analysis, Outlook, and Overview

Overview and Scope

Business travel lodging refers to the accommodations or lodgings that people or businesses reserve for themselves or their workers when traveling for business. These lodging options offer amenities and services that facilitate a productive and comfortable stay for individuals traveling for work purposes.

Sizing and Forecast

The business travel lodging market size has grown strongly in recent years. It will grow from $357.35 billion in 2023 to $380.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to global economic growth, increased demand for corporate profitability, expansion of multinational corporations, emerging markets and travel expansion, digitalization and remote working.

The business travel lodging market size is expected to see strong growth in the next few years. It will grow to $477.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising popularity of hybrid work arrangements and bleisure trips (combining business and leisure), growing awareness of environmental impact, increasing focus on personalized experiences, growth of serviced apartments, extended-stay hotels, and co-living spaces. Major trends in the forecast period include integration of smart technologies in business travel lodging, technology-driven enhancements, smart room technology, sustainable practices and eco-conscious choices, robotic room service and assistance.

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Segmentation & Regional Insights

The business travel lodging market covered in this report is segmented –

1) By Type: Hotels, Motels, Serviced Apartments, Vacation Rentals, Other Types
2) By Price Range: Economy Or Budget, Mid-scale, Upscale Or Luxury
3) By Traveler Type: Solo Travelers, Croup Travelers, Business Travelers, Leisure Travelers
4) By Booking Channel: Online Travel Agencies (OTAs), Direct Booking, Corporate Bookings
5) By Industry: Construction And Engineering, Pharmaceutical And Healthcare, Agriculture Food And Beverage, Hospitality, Business Services And Consulting, Information Technology(IT) And Telecom, Finance And Insurance, Non Profit Organizations, Transport And Logistics, Other Industries

Asia-Pacific was the largest region in the business travel lodging market in 2023. The regions covered in the business travel lodging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The growth of the travel and tourism industries is expected to propel the growth of the business travel lodging market going forward. The travel and tourism industry refers to a large sector that includes people who travel to other places, either nationally or internationally, as well as various activities, services, and businesses related to travel, tourism, and hospitality. Business travel lodging in tourism destinations provides several benefits for professionals, such as accessibility to tourist attractions, improved work-life balance, and networking in a relaxed setting. For instance, in July 2022, according to the International Trade Administration, a US-based Intergovernmental organization, the total non-resident international visitor flow in the United States increased to 5,210,752, with an increase of 160.8% from July 2021. Therefore, the growth of the travel and tourism industries is driving the growth of the business travel lodging market.

Key Industry Players

Major companies operating in the business travel lodging market report are American Express Company, Marriott International Inc., Booking.com, Priceline, Booking Holdings Inc., Hilton Worldwide Holdings Inc., Carlson Wagonlit Travel, Holiday Inn Express, Best Western International Inc., Four Seasons Hotels Limited, Radisson Hospitality AB, InterContinental Hotels Group, BCD Group, Hyatt Hotels Corporation, Accor SA, Agoda, Pullman Hotels and Resorts, TripAdvisor Inc., Wyndham Hotels and Resorts, Choice Hotels International Inc., Ritz Carlton Hotels LLC, Kayak, Mandarin Oriental Hotel Group, Kesari Tours Pvt Ltd., Extended Stay America Inc., Fairmont Hotels and Resorts, Candlewood Suites, Travelers Haven, Novotel, SevenRooms.

The business travel lodging market report table of contents includes:

1. Executive Summary

2. Business Travel Lodging Market Characteristics

3. Business Travel Lodging Market Trends And Strategies

4. Business Travel Lodging Market – Macro Economic Scenario

5. Global Business Travel Lodging Market Size and Growth

…

32. Global Business Travel Lodging Market Competitive Benchmarking

33. Global Business Travel Lodging Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Business Travel Lodging Market

35. Business Travel Lodging Market Future Outlook and Potential Analysis

36. Appendix

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