Non-Residential Accommodation Services Market Characteristics
The non-residential accommodation services market consists of sales of non-residential accommodation services and related goods by entities (organizations, sole traders or partnerships) that provide lodging or short-term accommodation for travelers, vacationers, and others. There is a wide range of services provided in this market. Some establishments provide lodging only, while others provide meals, laundry services, and recreational facilities, as well as lodging. Lodging establishments are classified in this subsector even if the provision of complementary services generates more revenue. The types of complementary services provided vary from establishment to establishment.
Competitive Landscape of the Non-Residential Accommodation Services Market
Major players in the global non-residential accommodation market include Marriott International Inc., Hilton Worldwide Holdings Inc., Wyndham Worldwide Corporation, Hyatt Hotels Corporation, and Four Seasons Hotels & Resorts.
Non-Residential Accommodation Services Market Size
The non-residential accommodation market size is expected to reach $4.1 trillion by 2022, significantly growing at a CAGR of around 3.3% during the forecast period. The growth in the non-residential accommodation market is due to emerging markets growth, increase in disposable income and increase in popularity of leisure travel.
However, the market for non-residential accommodation is expected to face certain restraints from several factors such as health scares, security concerns and climate change.
Non-Residential Accommodation Services Market Segmentation
The global non-residential accommodation services market is further segmented based on type and geography.
By Type - The non-residential accommodation market is segmented into hotel and other travel accommodation, camping and caravanning, students and workers non-residential accommodation, among these segments, the hotel and other travel accommodation market accounts for the largest share in the global non-residential accommodation market.
By Geography - The global non-residential accommodation is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific non-residential accommodation market accounts the largest share in the global non-residential accommodation market.
Trends in the Non-Residential Accommodation Services Market
Emergence of wellness vacations, rise in hotel analytics and increased automation in hotels are the major trends witnessed in the global non-residential accommodation market.
Potential Opportunities in the Non-Residential Accommodation Services Market
With development of medical tourism, growing popularity of social media, economic growth, the scope and potential for the global non-residential accommodation market is expected to significantly rise in the forecast period.