hotel and other travel accommodation market insights, hotel and other travel accommodation market share, hotel and other travel accommodation market growth, hotel and other travel accommodation market trends, hotel and other travel accommodation market research, hotel and other travel accommodation market outlook
At what pace is the travel accommodation market growing, and what is its estimated value?
The travel accommodation market size has grown strongly in recent years. It will grow from $713.44 billion in 2024 to $780.29 billion in 2025 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to emerging trend of traveling for experiences, expanding reach of online booking platforms, increasing disposable income, improved earning capacity, and growth in the hotel industries.
The travel accommodation market size is expected to see strong growth in the next few years. It will grow to $1102.14 billion in 2029 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to growth in international business tourism, growing high demand for vacation hotels, increasing tourism and social engagement, rising aging population and early retirement, and rising participation in outdoor activities. Major trends in the forecast period include adoption of smart hotel technologies, development of eco-friendly accommodations, rising of the experience economy, tech-enabled transformation, and rising of vacation rentals.
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What are the top drivers to the rising demand in the travel accommodation market?
The increase in international business tourism is expected to propel the growth of the travel accommodation market going forward. International business tourism involves travel across borders for business purposes, including meetings, conferences, and corporate events. The increase in international business tourism is due to globalization, economic growth, trade agreements, corporate expansion, the proliferation of conferences and exhibitions, market competition, infrastructure development, cultural exchange, and the rise of remote work and hybrid models. Travel accommodations play a crucial role in international business tourism by providing convenient and comfortable lodging options that allow business travelers to focus on their professional engagements and meetings. For instance, in May 2024, according to the Office for National Statistics Census, a UK-based government agency, UK residents made 6.3 million international business trips in 2023, an increase from 4.9 million in 2022. Therefore, the growth in international business tourism is driving the travel accommodation market.
How is the travel accommodation market segmented?
The travel accommodation market covered in this report is segmented –
1) By Type: Hotels, Hostels, Resorts, Vacation Rentals, Other Types
2) By Price Point: Economy, Mid-Range, Luxury
3) By Mode Of Booking: Direct Booking, Online Travel Agency, Other Modes Of Booking
4) By Application: Leisure, Professional, Other Applications
Subsegments:
1) By Hotels: Luxury Hotels, Budget Hotels, Boutique Hotels, Business Hotels, Extended Stay Hotels
2) By Hostels: Dormitory-Style Hostels, Private Room Hostels, Backpacker Hostels, Eco-Friendly Hostels
3) By Resorts: Beach Resorts, Ski Resorts, Wellness And Spa Resorts, All-Inclusive Resorts, Luxury Resorts
4) By Vacation Rentals: Short-Term Rentals, Villas And Private Homes, Apartments, Cabins And Cottages, Timeshare Rentals
5) By Other Types: Bed And Breakfasts (B&B), Motels, Glamping, Campsites And Caravan Parks, Farm Stays And Agritourism
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Who are the top competitors in the travel accommodation market?
Major companies operating in the travel accommodation market are Alibaba Group Holding Limited, American Airlines Inc., Marriott International Inc., MGM Resorts International, Radisson Hotel Group, Expedia Group Inc., JetBlue Airways Corporation, Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Accor S.A., InterContinental Hotels Group plc, Hays Travel Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Tripadvisor Inc., Choice Hotels International Inc., Wyndham Destinations, The Ascott Limited, Oravel Stays Private Limited, Vrbo, Red Lion Hotels Corporation, eLong Inc., A&O Hotels and Hostels GmbH, Rewe Group, Tuniu Corporation
What significant trends should we anticipate in the travel accommodation market over the forecast period?
Major companies operating in the travel accommodation market are focusing on technological advancements such as AI-driven booking platforms to gain an advantage in developing such products. AI-driven booking platforms are online systems or applications that utilize artificial intelligence (AI) technologies to enhance and streamline booking travel accommodations and related services. These platforms leverage AI to provide more efficient, personalized, and user-friendly experiences. For instance, in March 2024, Bag2Bag, an India-based hospitality company, launched India’s first generative AI online hotel booking platform. This platform offers unique features such as instant room allocation based on user preferences and real-time pricing adjustments based on demand. Additionally, it provides personalized recommendations and seamless booking experiences, significantly reducing the time required for users to find and book accommodations. These innovations improve customer satisfaction and optimize hotel resource management, leading to higher occupancy rates and better revenue management.
Which regional trends are influencing the travel accommodation market, and which area dominates the industry?
North America was the largest region in the travel accommodation market in 2023. The regions covered in the travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Travel Accommodation Market Report 2025 Offer?
The travel accommodation market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Travel accommodation refers to lodging options available for travelers, ranging from hotels, motels, and resorts to hostels, vacation rentals, and bed and breakfasts. These facilities provide temporary housing and various amenities to ensure comfort and convenience during a trip.
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