DUBLIN, Dec. 5, 2022 /PRNewswire/ — The “Hotel And Other Travel Accommodation Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
The global hotel and other travel accommodation market reached a value of nearly $645.44 billion in 2021, decreased at a compound annual growth rate (CAGR) of -6.0% since 2016. The market is expected to grow from $645.44 billion in 2021 to $1,160.79 billion in 2026 at a rate of 12.5%. The market is then expected to grow at a CAGR of 4.6% from 2026 and reach $1,453.44 billion in 2031.
Growth in the historic period resulted from a 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.
Going forward, 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 will drive market growth. Factors that could hinder the growth of the hotel and other travel accommodation market in the future include security concerns, geo-political tensions and government regulations.
Asia Pacific was the largest region in the hotel and other travel accommodation market, accounting for 35.8% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the hotel and other travel accommodation market will be Africa and South America, where growth will be at CAGRs of 20.1% and 16.0% respectively from 2021-2026.
Market-trend-based strategies for the hotel and other travel accommodation market 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.
Player-adopted strategies in the hotel and other travel accommodation industry include focus on diversifying the company’s brand through strategic agreements, expanding customer base through strategic acquisitions, strengthening business worldwide through strategic alliances, strengthening geographic position through extended strategic partnerships and expanding business through strategic investments.
Scope
Markets Covered:
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 Application: Tourist Accommodation (Leisure); Official Business (Professional)
4) By Price Point: Economy, Mid-Range; Luxury
5) By Ownership: Chained; Standalone
6) By Property Type: Hotels; Serviced Residences; Apartment Hotels; Co-Living; Other Property Types
Key Topics Covered:
1. Hotel And Other Travel Accommodation Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
7. Hotel And Other Travel Accommodation Market Characteristics
8. Hotel And Other Travel Accommodation Market, Product/Service Analysis – Product/Service Examples
9. Hotel And Other Travel Accommodation Market, Supply Chain Analysis
10. Hotel And Other Travel Accommodation Market Customer Information
11. Hotel And Other Travel Accommodation Market Trends And Strategies
12. COVID-19 Impact On The Hotel And Other Travel Accommodation Market
13. Global Hotel And Other Travel Accommodation Market Size And Growth
14. Hotel And Other Travel Accommodation Market, Regional Analysis
15. Global Hotel And Other Travel Accommodation Market Segmentation
16. Global Hotel And Other Travel Accommodation Market Comparison with Macro Economic Factors
17. Asia-Pacific Hotel And Other Travel Accommodation Market
18. Western Europe Hotel And Other Travel Accommodation Market
19. Eastern Europe Hotel And Other Travel Accommodation Market
20. North America Hotel And Other Travel Accommodation Market
21. South America Hotel And Other Travel Accommodation Market
22. Middle East Hotel And Other Travel Accommodation Market
23. Africa Hotel And Other Travel Accommodation Market
24. Global Hotel And Other Travel Accommodation Market Competitive Landscape
25. Key Mergers And Acquisitions In The Hotel And Other Travel Accommodation Market
26. Market Background: Non-Residential Accommodation Services Market
27. Global Hotel And Other Travel Accommodation Opportunities And Strategies
28. Hotel And Other Travel Accommodation Market, Conclusions And Recommendations
29. Appendix
30. Copyright and Disclaimer
Companies Mentioned
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