A hotel or other travel accommodation refers to a location where legitimate travelers may get food or shelter as long as they have the means to pay for it and are in good enough health to be accepted. Accommodation is a group of rooms or a building in which someone may live or stay and is essential for any tourists who want to travel to another destination or on a trip because you will always need a place to stay such as hotels, caravan parks, camp sites, and so on.
Sizing and Forecast
The hotel and other travel accommodation market size has grown rapidly in recent years. It will grow from $871.24 billion in 2023 to $998.81 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to rise in disposable income, growth in mobile applications for hotel, restaurants and travel, improved earning capacity, emerging markets growth, growth in the travel and tourism industries and rising aging population and early retirement. factors that negatively affected growth in the historic period were the coronavirus pandemic, talent crunch in emerging asia, online travel agencies (otas) increasing power, low customer retention and availability of alternatives..
The hotel and other travel accommodation market size is expected to see steady growth in the next few years. It will grow to $1187.71 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to economic growth in developed nations, growing millennial travelers, rising participation in outdoor activities, rising spend on leisure, technological developments and a shift in travel trends. Major trends in the forecast period include include focus on acquiring companies to enhance product offerings and increase revenues, focus on bringing more innovative hotel design, introduce automation in their processes to enhance customer experience and improve efficiency, investing in 3d printing technology for personalized options, and cheaper and more efficient designs, adopt smart room keys to improve customers’ convenience and overall experience, consider adopting the use of artificial intelligence for better analysis and insights to improve customer experiences, focus on offering attractive packages to solo travelers to maximize profits, companies should focus on customer acquisition by launching direct booking platforms, and focus on improving their rank on search engines to attract customers.
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Segmentation & Regional Insights
The hotel and other travel accommodation market covered in this report is segmented –
1) By Type: Hotel And Motel, Casino Hotels, Bed And Breakfast Accommodation, All Other Traveler Accommodation
2) By Mode: Online Bookings, Direct Bookings, Others
3) By Price Point: Economy, Mid-Range, Luxury
4) By Ownership: Chained, Standalone
5) By Application: Tourist Accommodation (Leisure), Official Business (Professional)
6) By Property Type: Hotels, Serviced Residences, Apartment Hotels, Co-Living, Other Property Types
Asia-Pacific was the largest region in the hotel and other travel accommodation in 2023. North America was the second largest region accounting in the global hotel and other travel accommodation market. The regions covered in the hotel and other travel accommodation 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 increasing use of social media and access to mass media is positively impacting the tourism and hotel industries. With tourists sharing their travel information, photographs, and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world. For instance, in October 2022, according to a report published by Kepios Pte. Ltd., a Singapore-based online reference-based library, over the last year, social media users increased by 227 million, reaching 4.70 billion by the beginning of July 2022. Over the last year, the global social media user base has grown by more than 5%, with the most recent global total now equaling 59 percent of the world’s total population. Every day, the world spends more than 10 billion hours on social media platforms, which is nearly 1.2 million years of human existence. Therefore, the increasing use of social media and access to mass media is growing demand for hotel and other travel accommodation market.
Key Industry Players
Major companies operating in the hotel and other travel accommodation market report are Marriott International, MGM Resorts International, Intercontinental, Downer EDI Limited, Ctrip.Com International Ltd, Hilton Worldwide Holdings, Accor Hotels, Shanghai Jin Jiang International Hotels (Group) Company Limited, The Ascott Limited, Rewe Group, Btg-Jianguo Hotels & Resorts Co., Ltd, Guangdong (International) Hotel Management Holdings ltd, Jining Hotel Corporation, Ltd, Yum! Restaurants, Hyatt Hotels Corporation, Radisson Blue Hotels, Shangri La Hotels & Resorts, Taj Hotels Resorts & Places, The Lalit Hotels, The Leela Palace, The Oberoi Group, Relais Bourgondisch Cruyce (Belgium), Nh Collection Brussels Grand Sablon (Belgium), Hotel Academie (Belgium), Thon Hotel Bristol Stephanie (Belgium), Pillows Grand Boutique Hotel Reylof(Belgium), Boutique Hotel Am Stephansplatz (Austria), Hotel Sans Souci Wien (Austria), Hotel Kaiserhof Wien (Austria), Cap Estel (France), Aman Le Melezin (France), Shangri-La Hotel Paris (France), Hotel Residence Agnes (Czech Republic), Hotel Pod Vezi (Czech Republic), Grandium Hotel Prague (Czech Republic), Metropolitan Boutique Hotel (Poland), Puro Krakow Kazimierz (Poland), Puro Warszawa Centrum (Poland), Am Resorts, Moon Palace Golf & Spa, The Venetian Resort Las Vegas, The Signature, Citycenter, Wynn Las Vegas, Encore Las Vegas, Luxor Las Vegas, Resorts World Las Vegas, Host Hotels & Resorts Inc, Huazhu Group Ltd, Wyndham Hotels & Resorts Inc, Park Hotels & Resorts Inc., Louvre Hotéis, Choice Hotels International, Nh Hotel Group, Saleh Bin Lahej Group, Emaar Hospitality Group, Jumeirah Group, Al Khozama Management Company, Rotana, Tsogo Sun, City Lodge Hotel Group, Louvre Hotels Group, Radisson Hotel Group
The hotel and other travel accommodation market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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