Global Hotel And Other Travel Accommodation Market Report 2022 – Market Forecast, Trends And Strategies
6 Jan, 2022
The global hotel and other travel accommodation market size is expected to grow from $645.44 billion in 2021 to $784.33 billion in 2022 at a compound annual growth rate (CAGR) of 21.5%. The growth in the hotel and other travel accommodation market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hotel and other travel accommodation market is expected to reach $1,349.43 billion in 2026 at a CAGR of 14.5%.
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What is the Global Hotel And Other Travel Accommodation Market?
The hotel and other travel accommodation market consists of sales of short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels by entities (organizations, sole traders or partnerships) that provide short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels. The establishments in this industry offer food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and other services.
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What drives the Global Hotel And Other Travel Accommodation Market?
Increasing use of social media and access to mass media is positively impacting the tourism and hotel industries. With tourists sharing their travel information, photographs and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world. According to a survey by Stackla, 86% of people (and 92%of Gen Z) said they’ve become interested in a specific location after seeing user-generated content in social media. Also, the mass media is playing an important role in helping countries promote tourism by educating people about their culture. This rising awareness is resulting in large number of people travelling abroad and is expected to drive growth in the hotel and other travel accommodation industry during the forecast period.
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https://www.thebusinessresearchcompany.com/report/hotel-and-other-travel-accommodation-global-market-reportGlobal Hotel And Other Travel Accommodation Market Segments
The global hotel and other travel accommodation market is segmented:
By Type: Hotel And Motel, Casino Hotels, Bed And Breakfast Accommodation, All Other Traveler Accommodation
By Mode of Booking: Online Bookings, Direct Bookings, Others
By Application: Tourist Accommodation (Leisure), Official Business (Professional)
By Price Point: Economy, Mid-Range, Luxury
By Ownership: Chained, Standalone
By Geography: The regions covered in the hotel and other travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global hotel and other travel accommodation market.
Hotel And Other Travel Accommodation Global Market Report 2022provides market size and growth forecasts for the global hotel and other travel accommodation market, global hotel and other travel accommodation market share, hotel and other travel accommodation market segments and geographies, hotel and other travel accommodation market competitive landscape including leading competitors’ revenues, profiles and market shares. The hotel and other travel accommodation market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Hotel And Other Travel Accommodation Industry Playersinclude Marriott International, MGM Resorts International, Rewe Group, Ctrip.Com International Ltd, Intercontinental, Hilton Worldwide Holdings, Accor Hotels, TUI Group, Shanghai Jin Jiang International Hotels (Group) Company Limited. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.