Global hotel and other travel accommodation market to reach $1.16 trillion by 2026 at a CAGR of 12.5%

DUBLIN, December 5, 2022 /PRNewswire/ — The “Global Hotels and Other Travel Accommodation Market Opportunities and Strategies to 2031” report has been added to from ResearchAndMarkets.com offer.

The global hotel and other travel accommodation market reached a value of almost $645.44 billion in 2021, has been declining at a compound annual growth rate (CAGR) of -6.0% since 2016. The market is expected to grow from $645.44 billion in 2021 for $1,160.79 billion in 2026 at a rate of 12.5%. The market is then expected to grow at a CAGR of 4.6% from 2026 and reach $1,453.44 billion in 2031.

Growth during the historical period resulted from an increase in disposable income, growth in mobile applications for hotels, restaurants and travel, improved earning capacity, growth in markets emerging markets, the growth of the travel and tourism industries and the increase in population aging and early retirement. Factors that negatively impacted growth in the historical period were the coronavirus pandemic, talent shortage in emerging countries. Asiaonline travel agencies (OTAs) are increasing their power, low customer retention and availability of alternatives.

Going forward, economic growth in developed countries, increase in millennial travellers, increasing participation in outdoor activities, increase in leisure spending, technological developments and a change in the trends of travel will drive the growth of the market. Factors that may hinder the growth of the hotel and other travel accommodation market in the future include security concerns, geopolitical tensions, and government regulations.

Asia Pacific was the largest region in the hotels and other travel accommodation market, accounting for 35.8% of the global market in 2021. It was followed by North America, Western Europe and other regions. Going forward, the fastest growing regions in the hotel and other travel accommodation market will be Africa and South Americawhere growth will be at CAGRs of 20.1% and 16.0% respectively from 2021 to 2026.

Market trend-based strategies for the hospitality and other travel accommodation market include focus on acquiring businesses to improve product offerings and increase revenue, focus on a hotel design more innovative, introduce automation into their processes to improve customer experience and improve efficiency, invest in 3D printing technology for custom options and cheaper, more efficient designs, adopt smart room keys to improve convenience and overall guest experience, consider adopting the use of artificial intelligence for better analytics and insights to improve guest experience, focus on offering attractive solo traveler packages for maximize their profits, businesses should focus on customer acquisition by launching direct booking platforms, and focus on improving their search engine rankings to attract customers.

The story continues

Strategies adopted by players in the hospitality and other travel accommodation industry include diversifying the corporate brand through strategic deals, expanding customer base through strategic acquisitions, strengthening business worldwide through strategic alliances, strengthening geographic position through expanded strategic partnerships, and expanding business through strategic investments. .

Scope

Covered markets:

1) By type: hotel and motel; casino hotels; Accommodation in bed and breakfast; All other traveler accommodation
2) By mode: online reservations; Direct bookings; Others
3) On request: Tourist accommodation (Leisure); Official company (professional)
4) By price level: economy, mid-range; Luxury
5) By property: Chained; Autonomous
6) By property type: Hotels; Residences with services; Apartment hotels; cohabitation; Other property types

Main topics covered:

1. Executive Summary of Hotels and Other Travel Accommodation Market

2. Table of Contents

3. List of Figures

4. List of tables

5. Structure of the report

6. Presentation

7. Characteristics of the hotel and other travel accommodation market

8. Hotel and Other Travel Accommodation Market, Product/Service Analysis – Product/Service Examples

9. Hotel and Other Travel Accommodation Market, Supply Chain Analysis

10. Hotel and Other Travel Accommodation Market Customer Information

11. Hotels and Other Travel Accommodation Market Trends and Strategies

12. Impact of COVID-19 on the Hotel and Other Travel Accommodation Market

13. Global Hotels and Other Travel Accommodation Market Size and Growth

14. Hotels and Other Travel Accommodation Market, Regional Analysis

15. Global Hotels and Other Travel Accommodation Market Segmentation

16. Global Hotels and Other Travel Accommodation Market Comparison with Macroeconomic Factors

17. Asia-Pacific Hotel and Other Travel Accommodation Market

18. Western Europe Hotel and Other Travel Accommodation Market

19. Eastern Europe Hotel and Other Travel Accommodation Market

20. North America Hotel and Other Travel Accommodation Market

21. South America Hotels and Other Travel Accommodation Market

22. Middle East Hotel and Other Travel Accommodation Market

23. Africa Hotels and Other Travel Accommodation Market

24. Global Hotels and Other Travel Accommodation Market Competitive Landscape

25. Key Mergers and Acquisitions in the Hotels and Other Travel Accommodations Market

26. Market context: non-residential accommodation services market

27. Global Hotel Accommodation and Other Travel Opportunities and Strategies

28. Hotel and Other Travel Accommodation Market, Findings and Recommendations

29. Appendix

30. Copyright and Disclaimer

Companies cited

For more information on this report, visit https://www.researchandmarkets.com/r/g8gy7z

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