Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "GCC Hospitality Market: Analysis & Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
This comprehensive report provides detailed insights into the hospitality industry in the Gulf Cooperation Council (GCC) region. The report covers various enterprises and services in the GCC hospitality industry related to travel, tourism, and lodging. These include hotels, resorts, serviced apartments, restaurants, cafes, theme parks, tour operators, travel agencies, airlines, and other businesses catering to tourists and travelers from the GCC and around the world. The GCC hospitality market was valued at US$25.61 billion in 2022 and is expected to reach US$37.62 billion by 2028.
Key highlights from the report include:
- Market Size and Growth: The GCC hospitality market was valued at US$25.61 billion in 2022 and is projected to reach US$37.62 billion by 2028. The market is expected to grow at a CAGR of 6.62% during the forecast period of 2023-2028.
- Market Segmentation: The GCC hospitality market is divided into two segments - Hotels and Serviced Apartments. The hotel segment dominated the market in 2022 due to government initiatives encouraging investments in the hospitality industry. However, the serviced apartment segment is expected to have the highest CAGR in the future as travelers seek more flexible and personalized lodging options.
- Regional Analysis: Saudi Arabia enjoyed the highest market share in the GCC hospitality market in 2022, followed by the UAE, Qatar, Bahrain, Oman, and Kuwait. Saudi Arabia has implemented liberalization policies and social reforms to boost its tourism industry.
- Growth Drivers: Rising travel spending, mounting hotel supply, increased tourism, GDP growth in GCC countries, upgrading of transport infrastructure, eased visa regulations, and hosting mega events are some of the key growth drivers for the GCC hospitality market.
- Challenges: The hospitality sector in the GCC faces challenges related to supply chain concerns, labor shortages, economic factors, and seasonality.
- Trends: Serviced apartments have emerged as a major trend in the GCC hospitality market, providing a popular lodging option for business travelers. Other trends include digitalization, government initiatives, and religious tourism.
- Competitive Landscape: The GCC hospitality market is moderately fragmented, with several key players in different regions. Mergers and acquisitions have been observed as companies seek strategic expansion.
Company Profiles:
The report provides profiles of key players of GCC hospitality market including:
- Seera Holding Group
- Gulf Hotels Group B.S.C.
- Abdul Mohsen AI Hokair Group
- Abu Dhabi National Hotels Company PJSC
- National Hotels Company
- National Corporation for Tourism and Hotels
- Al Sraiya Hotels & Hospitality Group
- Dur Hospitality Co.
- Katara Hospitality
- Kingdom Holding Company
- Safir Hotels & Resorts
- IFA Hotels and Resorts
- Landmark Group (CityMax Hotels)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $27.31 Billion |
| Forecasted Market Value (USD) by 2028 | $37.62 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Middle East |
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 GCC Hospitality: An Overview
2.1.1 GCC Hospitality Overview
2.1.2 GCC Hospitality Segmentation
3. GCC Market Analysis
3.1 GCC Hospitality Market: An Analysis
3.2 GCC Hospitality Market: Segment Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rising Travel Spending
6.1.2 Mounting Hotel Supply
6.1.3 Increased Tourism
6.1.4 Augmenting GDP of GCC Countries
6.1.5 Upgrading Of Transport Infrastructure
6.1.6 Eased Visa Regulations
6.1.7 Mega Events
6.2 Challenges
6.2.1 Supply Chain Issues and Labor Shortages
6.2.2 Economic Factors
6.2.3 Seasonality
6.3 Market Trends
6.3.1 Rising Demand of Serviced Apartments
6.3.2 Digitalization
6.3.3 Government Initiatives
6.3.4 Religious Tourism
7. Competitive Landscape
7.1 GCC Hospitality Market Players by Recent Developments
7.2 GCC Hospitality Market Players: Merger and Acquisition Comparison
7.3 GCC Hospitality Market Players: Hotel Brands Comparison
7.4 GCC Hospitality Market Players: Type Comparison
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/v64nay
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