Global Hotels Market to Reach a Valuation of ~US$ 867.5 Bn by 2027
Global Hotels Market: Introduction
Transparency Market Research delivers key insights on the global hotels market. In terms of revenue, the global hotels market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the global hotels market report.
In this market report, TMR predicts that, undisrupted growth of the travel & tourism industry, particularly business-associated travels, would significantly influence the expansion of the hotels market, worldwide. Moreover, increase in the number of international events and festivals has also fueled the growth of global travel and hospitality industry. In addition to the travel & tourism industry, the hotels market is anticipated to be influenced by technological advancements. Amalgamation of technologies such as IoT and data science in hotels has provided hotels with noteworthy benefits of improved security and experience.
Despite the booming tourism sector, the hotels industry is susceptible to certain factors that could hinder its growth in the near future. The growing trend of shared accommodation services is one of the major factors that is likely to impede the growth of the hotels market during the forecast period. Shared accommodation services facilitate personalized experience at relatively lower cost, and for the hotels to provide their customers with a similar experience at such a competitive price is exceptionally challenging.
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It is anticipated that, in the near future, hoteliers would enter the shared accommodation business. By adopting shared rental services, hoteliers would not only positively mitigate the threat from the growing homestay segment but also gain the opportunity to diversify their earning sources.
According to the report, the midscale price segment that includes both, midscale as well as upper midscale hotel properties, is estimated to acquire the large market share and grow at a rapid rate during the forecast period. The growth of the midscale segment can be attributed to the development of more midscale and upper midscale hotel properties, and the ability of this category of hotels to facilitate enhanced services at competitive prices. For instance, in April 2019, RLH Corporation announced its plans to add new midscale and upper midscale hotels to its portfolio in order to strengthen its position in the global hotels market.
Although, globally, the midscale segment is likely to grow, this segment is projected to reach maturity in the U.S. The luxury segment is estimated to witness growth in the U.S.
In terms of room capacity, the medium segment holds a large share of the global hotels market, followed by the small and large segments. The dominance of the medium segment can be ascribed to its relatively higher penetration in smaller and mediocre economies. As per the report, medium room capacity hotels include 100 rooms to 300 rooms, while small hotels have 100 rooms or less. Hotels with more than 300 rooms have been considered under the large segment, and those with a capacity of 1,000 rooms have been categorized as mega hotels.
Global Hotels Market: Prominent Regions
Presently, North America dominates the global hotels market, followed by Europe. The dominance of North America can be attributed to the presence of prominent hotel brands in countries such as the U.S. and Canada. The U.S. is a major hotels market across the globe, while Canada is among the rapidly growing hotels markets.
The Asia Pacific hotels market is estimated to witness prominent growth in the near future, due to rise in tourism. Japan and Hong Kong are among prominent hotels markets, while China is a key country investing in the hotel industry. Moreover, Vietnam, in recent years, has also emerged as a significant hotels market by recording robust growth in tourist arrivals.
Global Hotels Market: Key Players
Key players operating in the global hotels market include Accor SA, Marriott International, Hyatt Hotels Corporation, Hilton Worldwide Holdings Inc., InterContinental Hotels Group PLC., Best Western International, Inc., Choice Hotels Internationals, Inc., Wyndham Destinations, Inc., Radisson Hospitality A.B., and Indian Hotels Company Limited. Companies are introducing innovative products in order to gain increased market share.
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