Global Travel Accommodation Market to Reach US$ 1,991.8 Billion by 2032, Stimulated by Expanding Tourism Industry

July 06, 2023 | Other Reports

According to the latest report by IMARC Group, titled “Travel Accommodation Market Report by Type (Hotels, Hostels, Resorts, Vacation Rentals, and Others), Price Point (Economy, Mid-Range, Luxury), Mode of Booking (Direct Booking, Online Travel Agency, and Others), Application (Leisure, Professional, and Others), and Region 2024-2032,” the global travel accommodation market size reached US$ 790.8 Billion in 2023. 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$ 1,991.8 Billion by 2032, expanding at a CAGR of 10.48% during 2024-2032.

Market Summary:

  • 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Types Covered Hotels, Hostels, Resorts, Vacation Rentals, Others
Price Points Covered Economy, Mid-Range, Luxury
Mode of Bookings Covered Direct Booking, Online Travel Agency, Others
Applications Covered Leisure, Professional, Others
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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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Global Travel Accommodation Market to Reach US$ 1,991.8 Billion by 2032, Stimulated by Expanding Tourism Industry
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