Travel Accommodation Market Outlook 2031
The global travel accommodation market size was valued at USD 690.71 Billion in 2022 and is anticipated to reach USD 1030.89 Billion by 2031, at a CAGR of 4.55% during the forecast period, 2023-2031. Travel accommodation specifies the activity done by the travellers for the purpose of their stay. Travel accommodation is the accommodation that refers to stay by exchanging the amount as an accommodation to stay.
Accommodation is multiply classified and available for travellers that including resorts, hotels, and vacation rental apartments. These accommodations are classified according to the preferences and the overall budget of the travellers, availability of the properties, rooms, the purpose of travel, and as well as the vacation destinations.
Travellers can book their accommodation through various sources that including the travel agencies, online hotels booking application or directly from the website or physically.
Travel Accommodation Market Trends, Drivers, Restraints, and Opportunities
- Increasing tourism and social engagement to explore new places has boost in last couple of year, which is projected to drive the market.
- The growth in the hotel industries and travel accommodation is on its higher graph due to several initiatives by government on tourism, and by increasing the engagement on media and social media platforms.
- Lack of security, environmental issues, uncontrolled online frauds, and racism are some of the major factors affecting the hotels, travel accommodation and tourism market.
- Development of medical tourism and increasing disposable income leads to boost the scope and potential for the travel accommodation and hotel industries and is expected to create lucrative opportunities for the market players.
Scope of Travel Accommodation Market Report
The report on travel accommodation market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Travel Accommodation Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023-2031
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Segmentation
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Types (Hostels, Vacation Rentals, Hotels, Resorts, and Others), Application (Professional, Leisure, and Others), Pricing (Economy, Mid-range, and Luxury), Mode of Booking (Direct Bookings, Online Travel Agency, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players covered in the Report
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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, and Oyo Rooms
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Travel Accommodation Market Segment Insights
Based on types, the travel accommodation market is segregated into hostels, vacation rentals, hotels, resorts, and others. The hotels segment is projected to hold major market share during the forecast period, owing to increasing engagement in tourism, exploring new places, and rising disposable income boosts the segment.
On the basis of applications, the travel accommodation market is fragmented into professional, leisure, and others. The leisure segment is estimated to expand at a high CAGR. The leisure travel is mostly done to relax from work and enjoy the vacation. Mostly people spent their vacation on relaxing themselves by taking meditation therapy, body & hair spa and to get involve in physical activities such as trekking, campaign, and other adventurous activities.
In terms of pricing, the travel accommodation market is divided into economy, mid-range, and luxury. The midrange segment is projected to hold significant market share. The growth of market is attributed to affordable prises provided by different agencies and the pre and post travel services at low cost. As traveller spent more money of their disposable income in exploring rather than any other thing this can boost the market.
Based on mode of booking, the travel accommodation market is categorised into direct bookings, online travel agency, and others. The online travel agency segment is expected to grow at a rapid pace. Online travel agencies are more preferable by the tourist because of its unique and customizable vacation plans.
These online agencies are associated with the hotels in destination and guides. The engagement of the online travel agency is increasing due to its affordable changes and with multiple discounts, offers, and facilities.
Regional Analysis
In terms of regions, the global travel accommodation market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to dominate the market. Large infrastructure projects, improvement in air connectivity are some of the factors that boost the market.
Segments
Type
- Hostels
- Vacation Rentals
- Hotels
- Resorts
- Others
Application
- Professional
- Leisure
- Others
Pricing
Mode of Booking
- Direct Bookings
- Online Travel Agency
- Others
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the travel accommodation market includes 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, and Oyo Rooms. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.