The bed and breakfast accommodation global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bed And Breakfast Accommodation Market, 2024The bed and breakfast accommodation global market report 2024
Market Size –
The bed and breakfast accommodation market size has grown strongly in recent years. It will grow from $30.71 billion in 2023 to $32.30 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to steady expansion from budget-focused accommodations, platforms encapsulated a sizable share of budget accommodation clientele, principally targeting consumers aspiring for a more localized travel experience, rise in the demand and expansion of bed and breakfast accommodations, expanding middle class with rising disposable money.
The bed and breakfast accommodation market size is expected to see strong growth in the next few years. It will grow to $39.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to the growing demand for unusual and genuine travel experiences, the rise in domestic and regional tourism, increasing tourism, the rising popularity of eco-friendly and sustainable travel, and the growing demand for experiential travel. Major trends in the forecast period include implementing new health and safety measures, contactless check-in, enhanced cleaning protocols, social distancing measures, and innovative services.
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Scope Of Bed And Breakfast Accommodation Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bed And Breakfast Accommodation Market Overview
Market Drivers –
The growth in tourism is anticipated to fuel the expansion of the bed and breakfast accommodation market in the coming years. Tourism encompasses individuals traveling to and staying in places outside their usual environment for leisure, business, or other purposes, typically for a limited duration. The tourism industry is flourishing due to factors such as rising disposable incomes, enhanced global connectivity, easier access to travel information, and a growing desire for unique cultural experiences and leisure activities. Bed and breakfast accommodations contribute significantly to tourism by providing personalized and unique lodging experiences that attract travelers seeking local charm and hospitality. For example, a report by the International Trade Administration in July 2022 noted that non-resident international visitor flow to the United States rose to 5,210,752, marking an increase of 160.8% compared to July 2021. Thus, the rise in tourism is driving the growth of the bed and breakfast accommodation market.
Market Trends –
Major companies operating in the bed and breakfast accommodation market are focusing on developing innovative services, such as express start breakfast, to gain a competitive edge in the market. Express Start Breakfast is a hotel breakfast service offering a quick and convenient meal with a variety of hot and cold options, designed for guests to enjoy a satisfying breakfast on the go. For instance, in April 2023, InterContinental Hotels Group, a UK-based hospitality company, launched Holiday Inn Express Riyadh, which will be the first Holiday Inn Express in Saudi Arabia. The hotel will feature modern room designs equipped with smart technology, including smart TVs and high-speed WiFi, enhancing the overall guest experience. The complimentary Express Start Breakfast will provide a flexible food and beverage experience, catering to the needs of modern travelers. The hotel is designed to deliver a hassle-free and efficient stay, with features such as speedy check-in and amenities such as power showers ensuring guests can recharge quickly.
The bed and breakfast accommodation market covered in this report is segmented –
1) By Type: Historic Homes, Countryside Retreats, Coastal Properties
2) By Booking Type: Online Bookings, Direct Bookings
3) By Traveler Type: Domestic, Solo, Group Or Family
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Regional Insights –
Asia-Pacific was the largest region in the bed and breakfast accommodation market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the bed and breakfast accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Marriott International Inc., MGM Resorts International, Radisson Blu Hotels, Rosewood Hotels and Resorts, Hilton Worldwide Holdings, Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, AccorHotels, InterContinental Hotels Group, Best Western International, Shangri-La Hotels, Choice Hotels International, Wyndham Hotels & Resorts, Red Roof Inn, B&B Hotels, The Leading Hotels of the World, Comfort Inn, Relais & Châteaux, Travelodge Hotels, La Quinta Inns & Suites, Quality Inn, Econo Lodge, Microtel Inn & Suites, Knights Inn
Table of Contents
1. Executive Summary
2. Bed And Breakfast Accommodation Market Characteristics
3. Bed And Breakfast Accommodation Market Trends And Strategies
4. Bed And Breakfast Accommodation Market – Macro Economic Scenario
5. Global Bed And Breakfast Accommodation Market Size and Growth
….
32. Global Bed And Breakfast Accommodation Market Competitive Benchmarking
33. Global Bed And Breakfast Accommodation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bed And Breakfast Accommodation Market
35. Bed And Breakfast Accommodation Market Future Outlook and Potential Analysis
36. Appendix
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