The global travel accommodation market size was USD 786.10 billion in 2023. The market is set to rise from USD 879.02 billion in 2024 to USD 1.93 trillion by 2032 at a CAGR of 10.39% during 2024-2032.
Travel accommodation comprises commercial settings, including hostels, resorts, vacation rentals, and hotels, where travelers halt for the duration of their outings. They provide numerous services for guests, such as massages, toiletries, laundry service, food service, and parking. Increased need for travel accommodation facilities due to a rising trend of spending holidays at gorgeous locations, especially among youth, is fostering market expansion.
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List of Key Players Profiled in the Market Report
Marriott International (U.S)
Hyatt Hotels Corporation (U.S)
IHG Hotels & Resorts (U.K)
Emaar Hospitality Group (UAE)
Accor S.A. (France)
Awaze Vacation Rentals Ltd (U.K)
Hilton (U.S)
OYO Rooms (India)
Cygnett Hotels & Resorts (India)
Four Seasons Hotels Limited (Canada)
Segments
Hotels to Lead the Market Due to Their Easy Availability
By type, the market is classified into hotels, resorts, hostels, vacation rentals, and others. Hotels are expected to lead the travel accommodation market share in the coming years due to their easy availability. They are normally situated in main locations, including near transportation centers and town areas. Hotels are gaining traction with the service offerings for both business and holiday travelers.
Increased Travelers' Preference for Reasonable Accommodation Assisted Economy Segment Expansion
On the basis of price point, the market is categorized into economy, mid-range, and luxury. The economy segment commanded the market due to rising middle-class consumers’ inclination toward economic accommodation services. These conveniences save the travelers' accommodation prices during trips as they offer basic utilities, including food and clean rooms.
Increased Preference for Exciting and Fun Activities by Younger Generation to Propel the Demand for Leisure Tourism
In terms of application, the market is divided into leisure, professional, and others. The leisure segment is set to rule the market over the projected period as many people arrange trips to unwind themselves from the daily hustle. The younger generation's increased preference for exciting and fun activities is driving the demand for leisure tourism.
Growing Focus on Price and Service Comparison Offered by Accommodation Services to Boost the Adoption of Online Travel Agencies
Based on the mode of bookings, the market is segregated into direct bookings, online travel agencies, tour operators, and others. Online travel agencies led the global market as they support travelers in price and service comparison offered by several travel accommodation services. Online travel agencies are gaining traction among consumers due to their easy use and convenience.
From the regional ground, the market is classified into Europe, South America, North America, Asia Pacific, and the Middle East & Africa.
Report Coverage
The market research report presents a complete market examination, highlighting essential elements, including the competitive environment and noticeable product categories. Furthermore, the report provides valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes several aspects that have fostered market expansion in recent times.
Drivers and Restraints
Rise in the Introduction of New Online Hotel Booking Services to Propel Market Growth
There is an increase in hotel, hostel, and resort bookings through online sources, including hotel websites, online booking platforms, and vacation rental portals. Many people highly prefer online booking sources as they offer price comparisons, check availability, and save time. These platforms also focus on offering promotional discounts and deals on special events and holiday seasons. An increase in the introduction of new online hotel booking services and rising online accommodation booking throughout countries are fostering market growth
Nevertheless, substantial investment costs are impeding the travel accommodation market growth.
Regional Insights
Rise in Tourism Augmented Market Growth in Europe
Europe commanded the global market due to a rise in tourism across European countries, including France, the U.K., Italy, and Germany. The existence of several gorgeous locations is boosting market expansion.
Market growth in North America is attributed to the rising number of travelers in the U.S. and Canada and the increasing number of visitors across different accommodation amenities.
Competitive Landscape
Key Players Offer Enhanced Facilities to Boost Their Market Share
With several economies, mid-scale, and large-scale travel accommodation companies, the market is extremely competitive. Key players focus on offering enhanced facilities to boost their market share. They provide numerous services, such as the best food offerings, to improve customers' booking experience and increase their customer base.
Key Industry Development
August 2024: An Indian hotel business, The Swosti Group, declared ideas to inaugurate its new five-star resort in Puri, Odisha, India. This resort will include 125 rooms, luxury suites, an infinity swimming pool, a restaurant, spa, gym, sky lounge bar, and conference halls.
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