Hotels Market was valued at USD 898.56 Billion in 2022, and it is expected to reach USD 1663.82 Billion by 2029, exhibiting a CAGR of 9.2% during the forecast period.
Hotels Market Overview:
The "Global Hotels Market " is an in-depth look at the Hotels Market , with a focus on global market trends and analysis. This study seeks to provide an overview of the Hotels Market industry as well as detailed market segmentation by segment and geography. The Hotels Market is expected to expand rapidly over the forecast period. The research contains critical information on the market positions of the top Hotels Market firms, as well as significant industry trends and opportunities.
Market Scope :
To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The research's market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). Weights applied to each section based on usage rate and average sale price are used to determine percentage splits, market shares, and segment breakdowns. The percentage adoption or usage of the provided market Size in the relevant area or nation is used to determine the country-wise splits of the overall market and its sub-segments.
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Segmentation of Hotels Market :
1. Global Hotels Market Size, by Hotel Type (2022-2029)
• Business/ Commercial Hotels
• Boutique Hotels
• Resort Hotels
• Casino Hotels
• Transit Hotels
• Bed Breakfast Hotels
• Others
The market is divided into Business/Commercial Hotels, Boutique Hotels, Resort Hotels, Casino Hotels, Transit Hotels, Bed Breakfast Hotels, and Other Hotels based on the kind of hotel. During the projected period, the business/commercial hotels segment is anticipated to expand quickly at a CAGR of xx%. The primary driver of the expansion of the business/commercial hotels sector in the global market during the forecast period is an increasing consumer demand for these accommodations due to the numerous benefits they offer to guests.
2. Global Hotels Market Size, by Price Level (2022-2029)
• Luxury
• Upscale
• Midscale
• Economy
The market is divided into four categories: Luxury, Upscale, Midscale, and Economy. During the projected period, the luxury segment is anticipated to expand fast at a CAGR of xx%. The causes that fuel the expansion of the luxury segment are an uptick in tourism, an increase in disposable income, a rise in the average person's level of life, and a rise in the propensity for leisure travel. These are the main elements that will fuel the expansion of the world market in the next years.
3. Global Hotels Market Size, by Room Capacity (2022-2029)
• Small
• Medium
• Large
• Mega
The market is divided into four categories based on room capacity: small, medium, large, and mega. By 2029, the small room capacity sector is anticipated to have the highest market shares, or xx%. Small hotels are distinguishable by their condensed rooms, space-saving architecture, and lower than normal rates while mushrooming in major metropolitan regions all over the world. North America has the highest share of small hotels in the world, making it an attractive investment location for the hotel industry.
4. Global Hotels Market Size, by Business Model (2022-2029)
• Individual
• Chain
The market is divided into Individual and Chain segments depending on the business model. During the projection period, the chain business model segment is anticipated to expand quickly at a CAGR of xx%. By the end of the prediction year 2029, chain hotels' revenue is anticipated to increase from US$ 74 billion in 2021 to US$ 178.6 billion. This change demonstrates how players are shifting their investments from independent hotels to chain hotels in the hotel business. Since chains and franchises are becoming more popular among upscale and midscale hotels, hotel owners are reducing operational processes for managers by implementing predictable and cost-effective tariffs for guests with the aid of cutting-edge digital gadgets cutting-edge software technology.
Key Players of Hotels Market :
Primary and secondary research is used to discover industry titans, while primary and secondary research is utilized to assess market revenue. The core research included in-depth interviews with a variety of thought leaders and industry experts, including experienced front-line personnel, CEOs, and marketing specialists. Secondary research comprised an examination of well-known manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then cross-checked against primary data. The following are a few companies working in the Hotels Market industry.
- 1. Accor SA
2. Marriott International
3. Hyatt Hotels Corporation
4. Hilton Worldwide Holdings Inc.
5. InterContinental Hotels Group PLC.
6. Best Western International, Inc.
7. Choice Hotels Internationals, Inc.
8. Wyndham Destinations, Inc.
9. Radisson Hospitality A.B.
10.Indian Hotels Company Limited
11.Oravel Stays Private Limited
12.TC Limited
13.EIH Limited
14.Bharat Hotels Limited
15.Lemon Tree Hotels
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Regional Analysis :
The Hotels Market research focuses into geographic analysis, which is further separated by sub-regions and nations. Profit projections and market share statistics for each country are included in this section of the research. This component of the study examines each region's and country's share and growth rate throughout the forecasted time period.
The report provides a thorough PESTEL analysis for all five regions, including North America, Europe, Asia Pacific, the Middle East, Africa, and South America, after considering political, economic, social, and technical issues effecting the Hotels Market in various sectors.
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COVID-19 Impact Analysis on Hotels Market :
Customer behaviour has changed as a result of the COVID-19 virus across all areas of society. Businesses, on the other hand, will need to revise their strategy to account for changing market supply. This report provides an overview of the COVID-19's influence on the Hotels Market and will assist you in developing your business in accordance with the new industry norms.
Under the COVID-19 Impact section, the Hotels Market Report delivers a 360-degree research ranging from the agile supply chain and trade restrictions to regional government policies and the firm's future impact. Primary market research (2021-2027), instances of venture rivalry, the benefits and drawbacks of large corporate channels, and industry growth trends (2021-2027) have all been provided.
Key Questions Answered in the Hotels Market Report are :
- How big is the market for Hotels Market ?
- Which regional market will emerge as the market leader in the next years?
- Which application category is expected to develop the fastest ?
- What opportunities for growth could exist in the Hotels Market industry in the next years?
- What are the most significant future challenges that the Hotels Market may face?
- Who are the market leaders in the Hotels Market category?
- What are the main trends that are influencing market growth?
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