Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Budget Hotels Market Trends and Analysis by Region, Deals and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
This report provides in-depth analysis of the key market trends that are shaping the future of this segment and an analysis of the budget accommodation market globally. Detailed market insight is provided on the Americas, Asia-Pacific, Middle East & Africa, and Europe. It also features profiles of some of the market's leading players and looks at how companies can better meet their customers' needs.
Key Highlights
In 2021, as the COVID situation began to improve, the revenue increased to $60.93 billion in 2021 and reached $95.92 billion in 2022. The decrease in COVID travel restrictions has led to a growing number of budget-conscious travelers, the rise of online booking platforms, and increasing travel and tourism, which have become the major contributors to the growth of budget hotel revenue during 2022.
Since 2021, travelers have started to travel again and have preferred to stay in hotels. Due to the increase in demand for hotels, the overall budget hotel revenue in the Americas reached $23,456.04 million in 2021 and $29,502.15 million in 2022, which reached its pre-pandemic level. The US is the major contributor to budget hotel revenue in the Americas, with a share of 76.06% ($22,440.73 million) in 2022 with a room occupancy rate of 58.75%. As per the report, it is expected that the budget hotel revenue in the Americas will reach $40,630.78 million in 2027, and the US is expected to continue its trend of being a major contributor to the budget hotel revenue with a share of 75.74% ($30,772.61 million) and a CAGR of 6.61%.
During 2022, revenue from leisure-purpose travel in budget hotels in the Africa region was $346.34 million, which contributed 93.33% of the overall budget hotel revenue, followed by business purposes with a contribution of 6.67% ($24.74 million). The increase in the number of guests seeking budget hotels in the Africa region has increased the demand for budget hotels.
According to the report, in terms of market value, global budget hotel revenue is expected to reach $147.74 billion in 2027. Since 2022, the US has stood in the first position in global budget hotel revenue with $22,440.73 million and is expected to remain the prime market as it is to reach $30,772.61 million in 2027. Over the forecast period of 2022-2027, the annual revenue from budget hotels for business and leisure purposes is expected to record a CAGR of 6.75% and 9.5%, respectively, reaching a value of $23.94 billion and $123.80 billion, respectively, by 2027.
Reasons to Buy
- Understand the impact of COVID-19 on this market
- Gauge which are the biggest and most promising regional markets for the budget accommodation market
- Understand the demand-side dynamics within the industry to identify key trends and growth opportunities
- Gain an understanding of the outlook for regional markets and learn from existing successes and our recommendations
Key Topics Covered
- Snapshot
- Key Trends
- Deals
- Key Insights
- Outlook
- Company Profiles
- Appendix
A selection of companies mentioned in this report includes:
- Red Roof Inn
- HotelF1
- ibis budget
- Premier Inn
- Travelodge Hotels Ltd.
- Roots Corporation Ltd.
- La Quinta Inns & Suites
- Holiday Inn Express
- Extended Stay America Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ds3vnu
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