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PORTLAND, Oregon, United States, July 28, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, “Travel Accommodation Market by Type, Animal Type, Application, Price Point and Checkout Method Global Opportunity Analysis and Industry Forecast; 2022–2031” The travel accommodation market is valued at USD 632.80 billion in 2021 and is projected to reach USD 1,974.30 billion by 2031, growing at a CAGR of 11.3% from 2021 to 2031.
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Travel accommodation refers to the facilities used by travelers for the purpose of stay and is considered as the basic concern of every traveller. A variety of accommodations are available for accommodation, including hotels, resorts, hostels, vacation rentals, and more. The right choice of stay can be decided based on many factors like purpose of travel, travel accommodation budget, availability of property and booking method. In addition, accommodation can be booked through various sources, including online travel agencies, hotel websites, booking through agents and direct booking.
The vacation rental segment is expected to witness the highest growth during the forecast period of the travel accommodation market as vacation rentals offer budget-friendly and luxurious stay options to their renters. The growth of this segment is further driven by tourism in emerging markets. Moreover, increasing popularity of vacation rentals such as Airbnb, HomeAway and Flipkey and increasing business travel trends are said to boost the market growth, especially in Latin America and Africa. Travel accommodation market trends include increasing leisure travel preferences, increasing marketing activities in the camping market and other factors supporting the growth of the market.
In addition, vacation rentals allow booking larger homes at economical costs, which serves as a key driver among budget-conscious travelers. The growth of the market is mainly driven by the development of tourism and hospitality industry. Individuals across the globe are increasingly exploring more convenient destinations and traveling across countries to discover unspoiled regions, fueling the growth of the travel accommodation market. In addition, the increase in business trips due to the increase in globalization has had a significant impact on the market.
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A sharp drop in international tourists was recorded during the outbreak. According to the United Nations World Tourism Organization (UNWTO), a 73 percent drop in international tourist arrivals has been recorded in 2020. Moreover, the travel accommodation industry has also been hit hard. Internal business travel and lodging includes travel between offices within a company, meals, trade shows, and conventions. Most business enterprises have started using online video conferencing platforms to conduct meetings and conferences at a minimal cost, reducing the cost of business travel and general international travel. Moreover, some companies recognize business travel as an unnecessary expense and are increasingly using ICT and online platforms as cost control measures to conduct meetings. Therefore, the losses to the business travel accommodation industry may not be fully recovered in the post-Covid period due to the increasing penetration of ICT technologies.
Global travel accommodation market size is segmented by type, application, price point, reservation, and region. This type of unit includes hotel, hostel, resort, vacation rental and others. Applications covered in the study include entertainment, professional and more. Based on price point, the market is segmented into economy, mid-range and luxury. According to the booking mode, it is segmented into online travel agency, hotel website and others. It is studied in North America (USA, Canada and Mexico), Europe (Germany, Spain, UK, Italy, France, Switzerland and the rest of Europe), Asia-Pacific (India, China, Japan, Australia). and the rest of Asia-Pacific) and LAMEA (Latin America, the Middle East and Africa).
Major players in the global travel accommodation industry analyzed in this report include Marriott International, Hyatt Hotels Corporation, Wyndham Destinations, Hilton Worldwide Holdings Inc. , Red Lion Hotels Corporation and OYO units.
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The main findings of the study
By type, travel accommodation market analysis shows that the vacation rental segment is expected to grow at a CAGR of 12.4% from 2021 to 2031.
Regionally, Europe will account for 39% of the total travel accommodation market share in the global travel accommodation market by 2021.
Region-wise, Europe is expected to hold a major share in the travel accommodation market by 2031.
By booking method, online travel agency is expected to grow at a CAGR of 12.9% from 2022 to 2031.
By price point, the luxury travel accommodation segment is expected to grow at a rapid CAGR of 11.8% during the travel accommodation market forecast period.
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Related report
Agritourism Market: https://www.alliedmarketresearch.com/agritourism-market-A09097
Domestic Tourism Market: https://alliedmarketresearch.com/domestic-tourism-market-A13033
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Allied Market Research (AMR) is the full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with an unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a vision to provide business insights and consulting to help clients make strategic business decisions and achieve sustainable growth in their respective market domains.
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