According to the latest report by IMARC Group, titled “Travel Accommodation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global travel accommodation market size reached US$ 706 Billion in 2022. Travel accommodation refers to the lodging services that are available to travelers when they are away from their residences. These establishments offer a wide range of amenities and services to cater to the needs and preferences of different individuals, which are booked through several channels. They include a wide range of accommodations and offer amenities, such as comfortable rooms, fitness centers, restaurants, pools, and concierge services. They also provide more space and privacy and are equipped with kitchen facilities and numerous essential amenities. Some of the popular travel accommodations include motels, bed and breakfasts, guesthouses, and campsites.
Global Travel Accommodation Market Trends:
The global market is majorly driven by the expanding tourism industry. Moreover, the expansion of online travel agencies and travel booking platforms are supporting the growth of the market as these platforms allow travelers to search, compare, and book accommodations, enabling them to find suitable stays at competitive prices. Besides, the rising demand for alternative accommodations including vacation rentals, home-sharing platforms, and serviced apartments is catalyzing the market since they offer more space, privacy, and home-like amenities, appealing to travelers seeking a different experience and greater flexibility. Furthermore, the governments of several countries are implementing various initiatives to promote tourism, such as visa relaxations, destination marketing campaigns, and providing investments in tourism infrastructure development, thus providing a boost to the market. Apart from this, the rising influence of celebrity endorsements and the development of regional tourism, including adventure, cultural, and culinary tourism, are impacting the market favorably. Other factors, such as inflating disposable income levels of the masses, rising demand for budget-friendly travel accommodations, the increasing trend of home-sharing services, and continual advancements in technology, are also influencing the market. Looking forward, the market value is projected to reach US$ 1,391 Billion by 2028, expanding at a CAGR of 12.01% during 2023-2028.
- Based on the type, the market has been segmented into hotels, hostels, resorts, vacation rentals, and others. Currently, hotels represent the largest market segment.
- On the basis of the price point, the market has been divided into economy, mid-range, and luxury. Presently, mid-range exhibits a clear dominance in the market.
- Based on the mode of booking, the market has been classified into direct booking, online travel agency, and others. Among these, direct booking accounts for the largest market share.
- On the basis of the application, the market has been divided into leisure, professional, and others. At present, leisure exhibits a clear dominance in the market.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Amongst these, Europe holds the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being A&O Hotels and Hostels GmbH, Accor S.A., Airbnb Inc., Hilton Worldwide Inc., Hyatt Hotels Corporation, Marriott International Inc., OYO Rooms, Radisson Hotel Group, Red Lion Hotels Corporation (Sonesta International Hotels Corporation), and Wyndham Destinations.
|Base Year of the Analysis
||Hotels, Hostels, Resorts, Vacation Rentals, Others
|Price Points Covered
||Economy, Mid-Range, Luxury
|Mode of Bookings Covered
||Direct Booking, Online Travel Agency, Others
||Leisure, Professional, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||A&O Hotels and Hostels GmbH, Accor S.A., Airbnb Inc., Hilton Worldwide Inc., Hyatt Hotels Corporation, Marriott International Inc., OYO Rooms, Radisson Hotel Group, Red Lion Hotels Corporation (Sonesta International Hotels Corporation), Wyndham Destinations, etc.
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