Hotels Market Poised for Robust Growth
The global hotels market is experiencing significant expansion, driven by increasing travel and tourism activities, evolving consumer preferences, and technological advancements within the hospitality sector.
Hotels Market Overview
In 2023, the global hotels market was valued at USD 981.22 billion. Projections indicate that the market will reach approximately USD 1,816.88 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.2% during the forecast period.
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Technological Advancements in Hospitality
The integration of technology in the hospitality industry is transforming guest experiences and operational processes. The global smart hospitality market is projected to grow from USD 41.78 billion in 2023 to USD 122.21 billion by 2030, at a CAGR of 16.57%. Additionally, the hotel property management software market, valued at USD 7.09 billion in 2023, is expected to reach USD 14.35 billion by 2030, growing at a CAGR of 10.6%.
Regional Market Dynamics:
Understanding regional nuances is crucial for navigating the Hotels Market. The report segments the Market into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. For each region, we analyze key influencing factors, Market size, growth rate, and import/export dynamics. This section provides a snapshot of the current Market status within each covered country.
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Hotels Market Segmentation:
by Hotel Type
Business/ Commercial Hotels
Boutique Hotels
Resort Hotels
Casino Hotels
Transit Hotels
Bed & Breakfast Hotels
Others
Business/Commercial Hotels, Boutique Hotels, Resort Hotels, Casino Hotels, Transit Hotels, Bed & Breakfast Hotels, and Others are the different hotel types that make up the market. Over the course of the forecast period, the business/commercial hotels segment is anticipated to expand quickly at a CAGR. The primary driver of the business/commercial hotel segment’s growth in the global market over the projection period is the growing demand from consumers for these lodging options, which offer numerous advantages to patrons.
by Price Level
Luxury
Upscale
Midscale
Economy
The market is divided into four segments based on price level: luxury, upscale, midscale, and economy. Over the course of the projected period, the luxury category is anticipated to expand quickly at a CAGR. The increase in tourism, increased disposable income, rising living standards, and a growing desire for leisure travel are the main drivers of the luxury market’s expansion. These are the main drivers of the global market’s expansion throughout the course of the predicted period.
by Room Capacity
Small
Medium
Large
Mega
The market is divided into four segments based on room capacity: small, medium, large, and mega. The small room capacity segment is predicted to hold the largest market shares by 2030. Small hotels are distinguished by their compact rooms, space-saving design, and lower-than-average rates, and they are expanding in major metropolitan areas worldwide.
by Business Model
Individual
Chain
The market is divided into two segments based on the business model: individual and chain. Over the course of the forecast period, the chain business model segment is anticipated to expand quickly at a CAGR. By the end of the prediction year 2030, chain hotels’ revenue is anticipated to have increased from US$ 74 billion in 2023 to US$ 178.6 billion.
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Key Hotels Market Participants:
1. Accor SA
2. Marriott International
3. Hyatt Hotels Corporation
4. Hilton Worldwide Holdings Inc.
5. InterContinental Hotels Group PLC.
6. Best Western International, Inc.
7. Choice Hotels Internationals, Inc.
8. Wyndham Destinations, Inc.
9. Radisson Hospitality A.B.
10.Indian Hotels Company Limited
11.Oravel Stays Private Limited
12.TC Limited
13.EIH Limited
14.Bharat Hotels Limited
15.Lemon Tree Hotels
16.The Leela Palaces
Key Questions Addressed:
- What is Hotels ?
- What was the Hotels Market size in 2023?
- Who are the major players and what are their offerings in the Hotels Market?
- What growth strategies are key players employing to expand their Market share?
- What are the emerging applications and future trends in the Hotels Market?
- What factors are driving Market growth?
- What current industry trends can be leveraged for revenue generation in the Hotels Market?
- What are the various Market segments?
- What is the projected CAGR for the Hotels Market?
- What is the Market’s growth trajectory?
- What specific segments are covered in the report?
- What are the key challenges and opportunities facing the Market?
- Which application segment holds the most significant potential?
- Who are the key players in the Hotels Market?
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Key Deliverables:
- Historical Market Size and Competitive Landscape
- Historical Pricing Data and Regional Price Trends
- Market Size, Share, and Forecast by Segment
- Market Drivers, Restraints, Opportunities, and Key Trends by Region
- Granular Market Segmentation Analysis by Segment and Sub-segment, with Regional Breakdown
- In-depth Competitive Landscape Analysis, including Strategic Profiles of Key Players by Region:
- Market Leaders
- Market Followers
- Regional Players
- Competitive Benchmarking by Region
- PESTLE Analysis
- Porter’s Five Forces Analysis
- Value Chain and Supply Chain Analysis
- Regional Legal and Regulatory Considerations
- SWOT Analysis of Lucrative Business Opportunities
- Strategic Recommendations
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