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Growth in the global tourism industry, increasing trend of corporate travel and increase in booking sources such as travel agencies, online platforms and hotel websites drive the growth of the global travel accommodation market.
Portland, Ore, August 15, 2022 /PRNewswire/ — Allied Market Research has published a report titled: “Travel Accommodation Market by Type (Hotels, Hostels, Resorts, Vacation Rentals, Other), By Application (Leisure, Professional, Other), By Price Point (Economy, Mid-Range, Luxury), By Reservation (Online Travel Agency), Direct Booking Booking, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. According to the report, a global travel accommodation industry has emerged. 632.80 billion dollars In 2021, and it is expected to arrive 1,974.30 billion dollars By 2031, it is witnessing a CAGR of 11.3% from 2022 to 2031.
Drivers, constraints and opportunities
Growth in the global tourism industry, increasing trend of corporate travel and increasing number of booking sources such as travel agencies, online platforms and hotel websites indicate the growth of the global travel accommodation market. However, increasing online booking scams will hamper the market growth. On the other hand, the increasing popularity of vacation rentals such as Airbnb, Homeaway, and others and the availability of budget and luxury stays present new opportunities in the market.
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The situation of covid-19
- The Covid-19 pandemic has had a negative impact on the travel accommodation market as domestic and international travel was banned at the start of the outbreak. Many countries have imposed restrictions on travel and tourism activities to curb the spread of the Covid-19 infection. This has also reduced the need for travel.
- According to the United Nations World Tourism Organization (UNWTO), almost all world destinations have imposed travel restrictions following the declaration of the Covid-19 pandemic. This has also affected business travel and business travel hospitality around the world.
- In the year International tourist arrivals are down 74 percent in 2020 compared to 2019.
- In the year By 2020, the number of international tourists has dropped by nearly 1 billion. This caused the losses around 1.3 trillion dollars In tourism export. This situation has adversely affected the travel accommodation market.
The hotels segment is set to maintain its leadership position during the review period.
Based on type, the hotels segment will account for the largest market share in 2021, contributing to three-fifths of the global travel accommodation market, and is estimated to hold the leading position during the forecast period. This is due to the provision of hospitality services such as short-term accommodation and meals to travelers at limited costs. However, the vacation rentals segment is estimated to witness the largest CAGR of 12.4% from 2022 to 2031, driven by increased marketing activities of service providers and adoption of western trends.
To maintain the dominance during the construction of the hobby room
Based on application, the leisure segment contributed the largest market share in 2021, accounting for more than two-thirds of the global travel accommodation market and is expected to dominate during the forecast period. Furthermore, this segment is expected to exhibit the highest CAGR of 11.6% from 2022 to 2031. This is due to the rising disposable incomes of Asian travelers and the increasingly hectic schedules that make them plan for leisure trips and accommodations. The report analyzes the segments including professional and others.
Live booking department to continue its maximum contribution during the review period
Based on booking method, the direct booking segment will account for the largest market share in 2021, accounting for three-fourths of the global travel accommodation market, and is estimated to continue to be the largest contributor throughout the forecast period. This is due to the ease offered by this booking method and the lack of fraudulent activities associated with direct booking. The report provides analysis of segments including online travel agency and others.
Europe To maintain its leadership position in 2031
Depending on the region, Europe In the year It will hold the largest market share in 2021, accounting for nearly two-fifths of the global travel accommodation market, and is expected to maintain its leadership position in 2031. This is due to the wide accessibility of tourist attractions, customized stay options and increased entertainment. Traveling in the region. however, Asia-Pacific It is projected to register a rapid CAGR of 12.4% from 2022 to 2031, driven by increased disposable income of travelers in the region and government initiatives to promote tourism in their countries.
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Major market players
- Marriott International
- Hyatt Hotels Corporation
- Wyndham destinations
- Hilton International Holdings Inc.
- Accor Hotels Group
- Radisson Hotel Group
- Airbnb Inc.
- A&O Hotels & Hotels GmbH
- Red Lion Hotels Corporation
- Oyo parts
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