Wilmington, Delaware, United States, July 25, 2022 (GLOBE NEWSWIRE) -- According to a study by Transparency Market Research (TMR), the global hotels market is estimated to register growth at a CAGR of 8.1% during the forecast period, from 2022 to 2031.
The study by TMR offers in-depth analysis of key factors influencing the growth curve including the growth drivers, growth restraints, channelings, and R&Ds in the global hotels market. Moreover, the readers gain access to hotel industry revenue, share, sales, volume, and other important hotel industry statistics.
The hotels market in Asia Pacific is projected to attract lucrative opportunities during the forecast period owing to many factors including the rising penetration of smartphones and improving spending power of people in the region, notes a hotel industry report by TMR.
The expansion of the corporate world across several emerging economies has resulted into a rise in the spending power of corporates for business travels. Thus, a surge in the expenditures on business travels globally is resulting into increase in the need for different types of hotels including boutique hotels, business/commercial hotels, casino hotels, resort hotels, bed & breakfast hotels, and transit hotels. This factor, in turn, is likely to boost the growth in the global hotels market during the forecast period.
Enterprises operating in the hotels market are investing sizable amounts in R&Ds in order to develop and provide advanced facilities to their customers. This aside, companies are focusing on the expansion of their hotel chains in newer geographies. Hence, they are seen engaged in different strategies including mergers and acquisitions. Such efforts are likely to result into prominent growth prospects in the global hotels market in the forthcoming years.
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Hotels Market: Key Findings
- The number of travel trips of middle-class population is being increasing around the world owing to many key factors including the improving spending power of this population pool from developed and developing nations. This factor is driving the sales growth in the global hotels market. Moreover, the market for hotels is being driven by a surge in the millennial population and increase in awareness pertaining to travel-related news. Hence, the hotel market share is anticipated to reach a valuation of US$ 1.27 Trn by 2031.
- Due to rising expectations of the global millennial population from the hotel industry, companies in the hotels market are increasing efforts to cater to the increasing consumer demands such as providing personalized experience. Moreover, enterprises are using different strategies including partnerships with other industries in order to advance the overall experience of their customers, notes a TMR study. Players in the global hotels market are upgrading their services by collaborating with luxury fashion brands, information technology, and entertainment companies. Such efforts are foreseen to help in the expansion of the hotels market during the forecast period.
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Hotels Market: Growth Boosters
- Improving spending power of people around the world is fueling the sales growth in the global hotels market
- Rise in the business travel spending across many developed and developing nations globally is expected to help in the expansion of the hotel industry market size
Hotels Market: Key Players
Some of the key players profiled in the report are:
- Marriott international
- Accor
- Hilton Worldwide
- Hyatt hotels
- Best Western Hotels
- InterContinental Hotels Group
- Wyndham Destinations
- Choice Hotels International, Inc.
- Indian Hotels Company Limited
- Radisson Hotel Group
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Hotels Market Segmentation
- Hotel Type
- Business/Commercial Hotels
- Boutique Hotels
- Resort Hotels
- Casino Hotels
- Transit Hotels
- Bed & Breakfast Hotels
- Others
- Business Model
- Independent
- Chain
- Room Capacity
- Small
- Medium
- Large
- Mega
- Price Level
- Luxury
- Upscale
- Midscale
- Economy
- Booking Mode
- Online
- Offline
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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