Global Travel Accommodation Market Size By Type, By Application, By Geographic Scope And Forecast

Travel Accommodation Market Size And Forecast

Travel Accommodation Market size was valued at USD 671.9 Billion in 2021 and projected to reach USD 939.8 Billion in 2030, by growing at a CAGR of 4.9% from 2022 to 2030.

Global Travel Accommodation Market Definition

Travel accommodations are establishments that travelers use to stay. Travelers choose from a variety of lodging options, such as hotels, hostels, resorts, vacation rentals, and others. The choice of where to stay is influenced by several factors, such as budget, the intention of travel, property availability, and location. Depending on the traveler’s preferences, these accommodations are booked through various channels, such as bookings through online travel agents for their knowledge and expertise, bookings directly on hotel websites, and many others.

Many people use house sitting as a form of lodging while traveling. It is free housing while living in the comfort of home. This helps keep travel expenses lower than that of other traditional accommodation types. The accommodation sector is vital to the travel and hospitality industry because people traveling to various areas need a place to stay, relax, nap, and unwind.

Global Travel Accommodation Market Overview

The hospitality and tourism industries have formed significant growth potential for the Travel Accommodation Market. People all over the world are increasingly exploring niche destinations and planning to travel across borders for vacations and pleasure. Moreover, international business tourism has grown over the years, becoming a significant source of funding. This has resulted in a surge in sales of travel accommodations in these regions, which is anticipated to boost the global Travel Accommodation Market’s growth.

Moreover, The liberalization of visa regulations in so many countries, such as Africa, India, and China, has made it much easier for visitors to travel, which is anticipated to have a positive effect on the growth of the travel and tourism industry. This has also had an impact on the market for tourist accommodation, as it has made travel more convenient. Furthermore, the use of near-field communication technology, infrared technologies, and robots is a major development in the lodging industry. NFC allows for the exchange of data between devices, making digital money a quick and secure process. In hotels, infrared sensors are used to confront customer complaints regarding housekeeping interruptions leading to the growth of the market globally.

Frauds and rapidly rising scam attacks in the online reservation accommodation booking sector are estimated to hinder the global market growth. Although online booking scams have risen correspondingly, this has formed an indescribable difficulty not only for e-commerce merchants but also for the travel accommodation sector leading to limiting the growth of the market. The trend of solo travel has attracted increasing attention in recent years, which is anticipated to raise demand for low-cost travel accommodations including hostels, capsule hotels, paying guests, and many others, thereby providing lucrative opportunities for market growth.

Global Travel Accommodation Market Segmentation Analysis

The Global Travel Accommodation Market is segmented on the basis of Type, Application, And Geography.

Travel Accommodation Market, By Type

• Hotel• Vacation Rental• Hostel• Resort• Others

Based on Type, The market is bifurcated into Hotel, Vacation Rental, Hostel, Resort, and Others. The Hotel has the largest growing segment of the Global Travel Accommodation Market because of advancements and innovation in the hospitality sector, and an increase in tourism However, the vacation rentals segment is projected to be highest during the forecast period.

Travel Accommodation Market, By Application

• Professional• Leisure• Others

Based on Application, The market is bifurcated into Professional, Leisure, and Others. Leisure has the growing segment of the Global Travel Accommodation Market due to the increase in leisure travel for relaxation, vacations, and recreation Moreover, hotels and resorts provide a range of additional services including body and hair spas, wellbeing therapies, adventure activities, which contribute to tourists’ preference for leisure travel.

Travel Accommodation Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

Based on Geography, The Global Travel Accommodation Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Europe has the largest growing segment of the Global Travel Accommodation Market because tourism is growing significantly in countries like France, Spain, and Germany, not just for leisure but also for business over the forecasted period.

Key Players

The “Global Travel Accommodation Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are 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. 

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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