U.S. And Mexico Hospitality Market Size By Product (Chain Hotels and Independent Hotels), By Category (Mid and Upper Mid-Scale Hotels, Luxury Hotels, Service Apartments, and Budget and Economy Hotels), And Forecast

U.S. & Mexico Hospitality Market Size And Forecast

U.S. & Mexico Hospitality Market size was valued at USD 219.36 Million in 2021 and is projected to reach USD 531.91 Million by 2030, growing at a CAGR of 11.05% from 2022 to 2030.

The number of foreign tourists visiting the United States for vacations as well as domestic business travel have both contributed to the growth of the hospitality sector in the country. The hospitality market is significantly influenced by economic conditions in both nations. The U.S. & Mexico Hospitality Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

U.S. & Mexico Hospitality Market Definition

The relationship between a host and a guest is known as hospitality, as is the behavior of being hospitable. Examples include hotels, membership clubs, conventions, tourist attractions, special events, and other travel and tourism-related services. It also involves welcoming and entertaining guests, visitors, or strangers. The Latin word hospes, from which the English word hospitality is derived, was originally used to imply “to have power.” Literally, “host” means “lord of strangers,” whereas “hostire” means “equalize or compensate.”

Hotels, resorts, and casinos are included in the hospitality service industry which offer guidance and comfort to strangers, as part of a business relationship. The act of being hospitable is the combination of hosts’ and their representatives’ natural, direct, sincere, and friendly activities and behavior towards arriving and staying guests. Hoteliers and restaurateurs are expected to operate in a similarly gracious manner. Guests can enjoy the hospitality on a non-commercial and commercial basis.

The hospitality sector includes a large range of companies that offer services to customers. The sector can be bifurcated into three main subsectors including lodging, travel and tourism, and food and drink. A particular segment of the service sector is hospitality. It essentially entails addressing consumer satisfaction and meeting visitor demands.

U.S. & Mexico Hospitality Market Overview

The U.S. & Mexico Hospitality market is expected to witness a significant rise during the forecast period. The number of foreign tourists visiting the United States for vacations as well as domestic business travel have both contributed to the growth of the hospitality sector in the country. Cities, such as New York, were able to record significant numbers of both leisure and business travelers. The hospitality market is significantly influenced by economic conditions in both nations. The demand for lodging and tourism activities is directly impacted by variables including GDP growth, employment rates, disposable income, and consumer spending patterns. A healthy and stable economy encourages more travel and tourism, contributing to the hospitality industry.

Furthermore, Mexico and the United States have established themselves as top tourist destinations, attracting a large number of visitors annually. Numerous factors, including diverse attractions, cultural landmarks, natural wonders, and recreational activities, have contributed to the growth of the hospitality market in both nations. Also, Cross-border trade and investments play a crucial role in the strong relationship that has developed between the United States and Mexico as a result of their economic integration. This strong monetary association has altogether affected the cordiality market in the two nations. The demand for hotels, resorts, and other hospitality establishments has grown as a result of more business events, conferences, and trade shows.

Though, the business environment is significantly influenced by political landscapes and policies, which have an impact on a variety of industries, including the hospitality market in Mexico and the United States. Political changes can present vulnerabilities that influence travel designs, guest numbers, and venture choices, making it fundamental for business pioneers and chiefs to explore these difficulties. The hospitality industry’s operating environment can be complicated by trade disputes, immigration policies, and safety issues.

However, Mexico’s neighborliness market has a huge chance to take advantage of the developing pattern of the maintainable travel industry. Voyagers today are progressively worried about the climate and look for facilities that focus on supportability. By embracing manageable works, lessening their carbon impression, and offering eco-cognizant encounters, neighborliness organizations can draw in another section of naturally cognizant explorers.

U.S. & Mexico Hospitality MarketSegmentation Analysis

The U.S. & Mexico Hospitality Market is segmented on the basis of Product And Category.

U.S. & Mexico Hospitality Market, By Product

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Based on Product, the market is bifurcated into Chain Hotels and Independent Hotels. Chain Hotels accounted for the largest market share of 60.37% in 2022, with a market value of USD 142.37 Billion and is projected to grow at the highest CAGR of 11.70% during the forecast period. Independent Hotels was the second-largest market in 2022, valued at USD 93.46 Billion in 2022; it is projected to grow at a CAGR of 10.01%.

U.S. & Mexico Hospitality Market, By Category

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On the basis of Category, the U.S. & Mexico Hospitality Market is classified into Mid and Upper Mid-Scale Hotels, Luxury Hotels, Service Apartments, and Budget and Economy Hotels. Mid and Upper Mid-Scale Hotels accounted for the largest market share of 38.63% in 2022, with a market value of USD 91.11 Billion and is projected to grow at the highest CAGR of 11.79% during the forecast period. Luxury Hotels was the second-largest market in 2022, valued at USD 71.23 Billion in 2022; it is projected to grow at a CAGR of 11.18%.

Key Players

The “U.S. & Mexico Hospitality Market” study report will provide valuable insight with an emphasis on the U.S. and Mexico markets. The major players in the market are Marriott International, Hilton Worldwide, Wyndham Hotels & Resorts, InterContinental Hotels Group (IHG), Choice Hotels International, G6 Hospitality LLC, Aimbridge Hospitality, LLC, Red Roof Inn, Artisans of Leisure, Museum Hotels, Extended Stay America, Hyatt Hotel Corporation, Grupo Vidanta, Grupo Posadas, RLH Properties, Pueblo Bonito, Playa Management USA, LLC, Drury Hotels Company, and Red Lion Hotels Corporation. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

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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 an in-depth analysis of the market from 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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