Wilmington, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Travel Accommodation Market by Type (Hotel, Hostel, Resort, Vacation Rental and Others), by Application (Leisure, Professional and Others), by Price Point (Economy, Mid-range, and Luxury) by Mode of Booking (Online Travel Agency, Direct Booking, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global travel accommodation market was valued at $797.7 billion in 2023, and is projected to reach $3,144.7 billion by 2032, registering a CAGR of 12.1% from 2024 to 2035.
Prime determinants of growth
Increase in global tourism, fueled by rising disposable income, improved air connectivity, and the growing popularity of leisure and experiential travel, has significantly boosted demand for accommodations. The proliferation of digital booking platforms, such as online travel agencies and direct hotel apps, has made booking more accessible and convenient for travelers, further driving market expansion. Additionally, the post-pandemic recovery of both business and leisure travel, particularly in regions like Europe and North America, has reignited the need for diverse accommodation options, ranging from budget stays to luxury hotels. Sustainable and eco-friendly accommodations are also becoming a major trend, as environmentally conscious travelers seek out greener options. Overall, technological advancements and evolving consumer preferences for personalized, flexible, and convenient travel experiences are shaping the future growth of the market.
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Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2024–2035 |
| Base Year | 2023 |
| Market Size in 2022 | $797.7 billion |
| Market Size in 2032 | $3,144.7 billion |
| CAGR | 12.1% |
| No. of Pages in Report | 296 |
| Segments covered | Type, Application, Price Point, Mode of Booking and Region |
| Drivers | Boom in global tourism Significant growth in corporate travel industry Shift in consumer spending from product to experience Surge in demand for authentic cultural experience in the tourism industry |
| Opportunities | Increase in innovation through Artificial Intelligence Rise in accommodations for solo travelers Surge in eco-friendly accommodations |
| Restraints | Rise in fraudulence Fluctuating fortunes for destinations Inadequate support infrastructure challenging market expansion |
The hotels segment to maintain its leadership status during the forecast period
By type, the hotels segment held the highest market share in 2022, accounting for more than three-fifths of the travel accommodation market revenue and is estimated to maintain its leadership status throughout the forecast period. Hotels have long been a preferred choice for travelers owing to its established reputation for comfort, amenities, and security. It caters to both leisure and business travelers, offering a range of services such as housekeeping, dining, and conference facilities. In addition, hotels benefit from strong brand recognition and loyalty programs, attracting repeat customers. Hotel’s ability to adapt to evolving consumer preferences, such as incorporating digital check-ins and offering personalized experiences, also supports leadership in the market. As international travel and tourism rebound post-pandemic, hotels remain a trusted accommodation choice.
The leisure segment to maintain its leadership status during the forecast period
By application, the leisure segment held the highest market share in 2022, accounting for nearly two-thirds of the travel accommodation market and is estimated to maintain its leadership status throughout the forecast period. This segment benefits from the rising disposable income of consumers, especially in emerging economies, and the post-pandemic recovery of global tourism. Travelers are prioritizing vacations and leisure activities after long periods of restricted travel, further boosting demand for accommodations. In addition, the rise of digital platforms offering diverse leisure travel options—ranging from resorts to short-term rentals—supports the segment’s continued growth. As international borders reopen and travelers prioritize leisure, this segment is projected to maintain its leadership throughout the forecast period.
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The mid-range segment to maintain its leadership status during the forecast period
By price point, the mid-range segment held the highest market share in 2022, accounting for more than two-fifths of the travel accommodation market and is estimated to maintain its leadership status throughout the forecast period. Mid-range accommodations typically offer essential amenities such as Wi-Fi, clean rooms, and on-site dining, while avoiding the higher costs associated with luxury hotels. As travelers prioritize value-for-money options, this segment caters to budget-conscious consumers without compromising on comfort. In addition, the rise of online travel platforms has made it easier for consumers to compare and book mid-range accommodations, further boosting its market share. With the growing demand for both leisure and business travel, this segment is expected to maintain its leadership throughout the forecast period.
The direct booking segment to maintain its leadership status during the forecast period
By mode of booking, the direct booking segment held the highest market share in 2022, accounting for more than two-thirds of the travel accommodation market and is estimated to maintain its leadership status throughout the forecast period. Direct booking allows travelers to avoid third-party fees and provides assurance of booking accuracy, making it a popular choice. For businesses, it enhances customer relationships and maximizes profit margins by eliminating intermediary commissions. As digitalization and mobile apps simplify the booking process, this segment is expected to maintain its leadership throughout the forecast period, capitalizing on the evolving traveler preference for direct interaction with accommodations.
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Europe to maintain its dominance by 2032
Region wise, Europe held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. As a well-established global tourism hub, Europe is home to numerous iconic destinations, cultural landmarks, and diverse travel experiences, attracting millions of tourists each year. The region benefits from strong infrastructure, including extensive transport networks, making it highly accessible for international and domestic travelers. Moreover, Europe's tourism industry has experienced steady growth post-pandemic, with rising demand for leisure and business travel, particularly in popular countries like France, Italy, Spain, and the United Kingdom. The availability of a wide range of accommodation options, from budget-friendly stays to luxury hotels, supports this high market share. Europe's appeal as a year-round destination and its ability to cater to varied travel preferences ensure its continued dominance in the market during the forecast period.
Leading Market Players: -
- Marriott International
- Hyatt Hotels Corporation
- Wyndham Destinations
- Hilton Worldwide Holdings Inc.
- Accor Hotels Group
- Radisson Hotel Group
- Airbnb Inc.
- A&O Hotels and Hostels GmbH
- Red Lion Hotels Corporation
- OYO Rooms
The report provides a detailed analysis of these key players in the travel accommodation market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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