Hotels Market Poised for Exponential Growth, Predicted to Reach USD 1663.82 Billion by 2029
In a recent report, the global Hotels Market has been valued at USD 898.56 Billion in 2022, with projections indicating a substantial surge to USD 1663.82 Billion by 2029, showcasing a robust Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period. The hotel industry, a pivotal segment of the service sector, is experiencing a paradigm shift driven by technological innovations, emerging trends, and the relentless pursuit of personalized guest experiences.
Technological Innovations Reshape Hotel Landscape
The traditional concept of “business as usual” in the hotel sector is rapidly evolving. No longer satisfied with generic services, guests now demand personalized options that cater to their specific needs. Hotel companies are embracing technological innovations to gain a competitive edge and maximize profits. The influence of hotel technology, including artificial intelligence, machine learning, and dynamic pricing techniques, is expected to play a crucial role in shaping the future of the industry.
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Hotels Market Scope:
Hotels market report is an ultimate guideline for business development and provides the user with ins and outs of the industry whether a user is an investor, business owner, or wants to start a business in the same industry.
Analysis in the report is conducted using widely used and trusted tools such as SWOT, and PESTLE analysis, which gives an analysis of the impacts such as political, social-cultural, economic, technological, and environmental impacts, also can build strategic planning and management using this analysis.
The report is designed in such a manner that it provides the readers the appropriate and up-to-date market data in graphical and tabular forms.
Key Drivers and Trends Fueling Growth
The exponential growth of the travel and tourism industry remains a key driver, fueled by factors such as rising consumer purchasing power, economic growth, digital innovation, and increased internet usage. The report identifies several emerging trends driving market growth, including smart hotel technology, sustainable practices, mobile bookings, virtual reality, artificial intelligence, and more.
Hotels Market Segmentation:
by Hotel Type
Business/ Commercial Hotels
Boutique Hotels
Resort Hotels
Casino Hotels
Transit Hotels
Bed & Breakfast Hotels
Others
The market is divided into business/commercial hotels, boutique hotels, resort hotels, casino hotels, transit hotels, bed and breakfast hotels, and others depending on the type of hotel. Over the projected period, the business/commercial hotel segment is anticipated to grow at a CAGR. The primary driver of the growth of the Business/Commercial Hotels segment in the global market during the forecast period is the growing consumer demand for these types of hotels due to their numerous benefits.
by Price Level
Luxury
Upscale
Midscale
Economy
The market is divided into four segments: Luxury, Upscale, Midscale, and Economy, based on Price Level. The luxury market is anticipated to expand at a CAGR throughout the forecast period. Growing tourism, rising disposable income, rising living standards, and a growing propensity for leisure travel are the factors propelling the growth of the luxury market. Throughout the forecast period, these are the main drivers of the global market’s growth.
by Room Capacity
Small
Medium
Large
Mega
The market is divided into four segments based on room capacity: small, medium, large, and mega. By 2029, the small room capacity segment is anticipated to command the highest market shares. Little hotels are becoming more and more popular in the world’s major cities; they stand out for having small rooms, cleverly designed spaces, and less expensive prices than average. North America is a favourable place for investors in the hotel industry because small hotels are the trend that are most prevalent there.
by Business Model
Individual
Chain
The market is divided into two segments based on the business model: individual and chain. In the forecast period, the chain business model segment is anticipated to grow at a CAGR. By the end of the forecast year 2029, chain hotel revenue is predicted to increase from US$ 74 billion in 2021 to US$ 178.6 billion. This change indicates that players in the hotel industry are shifting their investments from independent hotels to chains.
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Major Players:
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
Regional Analysis:
As Hotels market tends to rapid growth within the forecast period, the MMR report is structured to support that volatility with a regional analysis of the market.
Regional market analysis helps to understand the regional potential of the industry with detailed data that shows the traditional way of business, regional opportunities, trading chains, challenges and others.
This report is the ultimate guide for a new player in the industry to know the regional market competition, challenges, and advantages, to build their strategies and plans accordingly.
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Key Questions answered in the Hotels Market Report are:
- What is Hotels Market?
- What is the forecast period of the Hotels Market?
- What is the competitive scenario of the Hotels market?
- Which region held the largest market share in the Hotels Market?
- What are the opportunities for the Hotels Market?
- What factors are affecting the Hotels market growth?
- Who are the key players of the Hotels market?
- Which company held the largest share in the Hotels market?
- What will be the CAGR of the Hotels market during the forecast period?
- What key trends are likely to emerge in the Hotels market in the coming years?
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