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.

Plus, it's way easier to travel now because countries like those in Africa, India, and China are loosening up their visa rules – which should really boost the travel and tourism industry! That's also shaking things up for hotels and other places to stay, since getting around is so much more convenient. And get thishotels are going high-tech! We're talking near-field communication (NFC) that lets you swap info between devices, making digital payments super-fast and safe. Plus, they're using infrared sensors to solve those pesky problems with housekeeping barging in when you don't want them to. All this tech is helping the lodging market grow around the world!

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.

Report Scope

Top Trending Reports

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We'll take a good hard look at the market, breaking it down by segments using both money-related stuff and things that aren't just about the cash. You'll get market values (in USD Billion) for all those segments and smaller sub-segments, and we'll point out which region and segment we think will be the fastest-growing and the biggest overall. We'll analyze the market by geography, showing you where the product/service is being used and what's influencing the market in each area. Think of it as a lay of the land. We'll also give you a competitive landscape, including market rankings of the big players, plus any new stuff they've launched, partnerships they've made, how they've expanded, and any acquisitions they've done in the last five years. We'll have detailed company profiles, with overviews, insights, product comparisons, and SWOT analysis for the major players. Expect a current and future market outlook, considering recent happenings, growth possibilities, and what's holding things back in both up-and-coming and established regions. We'll dig deep using Porter's five forces to give you different angles on the market and provide a look at the Value Chain to add more insight. Finally, we'll explore the market dynamics, highlight upcoming growth chances, and provide 6 months of analyst support after the sale to answer any question.

Customization of the Report

In case of any please connect with our sales team, who will ensure that your requirements are met.