Wilmington, Delaware, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Travel Accommodation Market by Type (Hotels, Hostels, Resorts, Vacation Rentals, Others), by Application (Leisure, Professional, Others), by Price Point (Economy, Mid-Range, Luxury), by Mode of Booking (Online Travel Agency, Direct Booking, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global travel accommodation industry was valued at $632.80 billion in 2021, and is anticipated to hit $1,974.30 billion by 2031, registering a CAGR of 11.3% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
The growth of the global travel accommodation market is driven by growth of the global tourism industry, rise in trend of corporate travel, and increase in booking sources such as travel agencies, online platforms, and hotel websites. However, the surge in online booking scams hampers the market growth. On the other hand, the rise in prominence of vacation rentals such as Homeaway, Airbnb, & others and availability of budget-friendly and luxury stays creates lucrative opportunities for the growth of the market.
The hotels segment to lead the trail during the forecast period
By type, the hotels segment dominated with the largest market share in 2021,holding around three-fifths of the global travel accommodation market, and is estimated to rule on top during the forecast period, due to offering of guest services such as short-term lodging and meals to travelers at specific costs. However, the vacation rentals segment is projected to grow at the fastest CAGR of 12.4% from 2022 to 2031, attributed to surge in marketing activities by the service providers and increase in adoption of westernized trends.
The direct booking segment to dominate throughout the forecast period
By booking, the direct booking segment held the dominant market share in 2021, contributing to around three-fourths of the global travel accommodation market, and is projected to continue its highest share throughout the forecast period, owing to easy mode of booking and lack of fraudulent activities involved with direct booking.
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The leisure segment to rule the roost during the forecast period
By application, the leisure segment garnered the highest market share in 2021, holding more than two-thirds of the global travel accommodation market, and is anticipated to dominate during the forecast period. Moreover, the same segment is estimated to witness the fastest CAGR of 11.6% from 2022 to 2031, due to increase in disposable income of Asian travelers and rise in hectic schedules that lead them to plan for leisure tours and stays.
Europe to maintain its dominance by 2031
By region, Europe contributed to the largest market share in 2021, generating nearly two-fifths of the global travel accommodation market, and is anticipated to lead the trail by 2031, due to huge availability of tourist places, customized stay options, and rise in leisure travel in the region. However, the Asia-Pacific region is registered to witness the fastest CAGR of 12.4% from 2022 to 2031, attributed to increase in disposable income of travelers in the region and supportive government initiatives that promote tourism in their countries.
Leading Market Players
- Wyndham Destinations
- Airbnb Inc.
- A&O Hotels and Hostels GmbH
- Red Lion Hotels Corporation
- Oyo Rooms
- Marriott International
- Hyatt Hotels Corporation
- Hilton Worldwide Holdings Inc.
- Accor Hotels Group
- Radisson Hotel Group
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Country Reports We Have in this Industry:
- Europe Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2021-2031
- Canada Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2022-2031
- Italy Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2022-2031
- Mexico Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2022-2031
- Germany Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2022-2031
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