Wilmington, Delaware, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global hotels market was projected to attain US$ 628.4 billion in 2021. It is anticipated to garner an 8.1% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 1.27 trillion by 2031.
In 2021, the global hotels market had substantial growth in both revenue and occupancy. To keep ahead of the competition and maintain their upward trajectory, hoteliers regularly study the market and hunt for the next opportunity that might potentially transform the hospitality sector.
Digitization, emerging economies, and an increase in consumer spending power worldwide are driving the travel and tourism sector. During the projected period, this is anticipated to generate profitable possibilities for participants in the global hotel industry.
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Key Findings of the Market Report
- The number of business trips has increased dramatically because of growing middle classes, rapidly developing technology, rising millennial workforce, and improving economies.
- Growth in corporate profitability and a worldwide business sector have significantly expanded corporate spending capacity on business travel.
- It is anticipated that this increase in business trip spending would support the expansion of the worldwide hotel industry.
Global Hotels Market: Key Players
The majority of businesses are making large investments in thorough research and development initiatives, mostly to provide their clients opulent amenities. Two of the main tactics used by market participants are hotel chain expansion and mergers and acquisitions. The following companies are well-known participants in the global hotels market:
- Accor
- Marriott international
- Hyatt hotels
- Hilton Worldwide
- InterContinental Hotels Group
- Best Western Hotels
- Choice Hotels International Inc.
- Wyndham Destinations
- Radisson Hotel Group
- Indian Hotels Company Limited
Market Trends for Hotels
- The rise in global consumer purchasing power has brought about a dynamic shift in consumer preferences towards hotels. Nowadays, the majority of tourists choose chain hotels over independently owned establishments.
- In order to obtain greater traction in the global hotel industry, several of the biggest hotel chains in the world have stepped up by improving their services and putting a number of initiatives into practice.
- A lot of attention has been paid to health and wellness resorts in recent years, which has encouraged hotel chains all over the world to provide high-end spas and alternative medical services since they know that certain tourists are ready to pay more for these amenities.
- Globally, millennials have high standards for the hospitality sector. This generation is prepared to spend more for a tailored experience since they demand it. Hotel firms are being encouraged by these consumer trends to collaborate with many sectors in order to improve the entire guest experience.
- A few of the major sectors that are allowing hotels to improve their offerings are entertainment, luxury apparel companies, and information technology. Through these alliances, hotel businesses may raise the value of their room rentals, which in turn drives up the ADR (Average Daily Rent) and supports the world hotel industry.
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Global Market for Hotels: Regional Outlook
- Asia Pacific is the most significant hotel market in the world, followed by North America and Europe. The world's greatest middle-class population resides in Asia Pacific.
- The reasons propelling the market in Asia Pacific include an increase in disposable income, a rise in the number of tourists, and population growth, particularly among millennials, throughout growing nations like China and India.
- Europe and North America have developed hotel markets. Compared to expenditure on business travel, leisure travel accounts for a significant portion of the travel industry in North America.
- In the same way, domestic travel expenditures have a larger market share than foreign travel expenditures. In North America, business hotels and casinos are the most well liked and have the biggest market shares.
Key developments by the players in this market are:
- Accor and Sunmei Digital Intelligence Group signed a new master franchise agreement in July 2022 with the aim of launching and expanding the Mövenpick by Accor brand in China. In all, more than 400 Mövenpick by Accor smart technology hotels with more than 60,000 guest rooms will open throughout
- Hilton Worldwide Holdings Inc. announced in July 2022 that The Starling Atlanta Midtown, Curio Collection by Hilton, made its formal premiere as the newest development of Atlanta's Hotel Midtown. This rebranding coincides with the property's inclusion in Hilton's Curio Collection, an international collection of exceptional hotels that are all hand-selected for their distinct personalities and characters.
Global 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
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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