The global hotel market size is projected to experience dynamic growth in the upcoming years owing to the increasing number of international tourists across the world, finds Fortune Business Insights™ in its report, titled “Hotel Market, 2024-2032”.
In recent years, there has been a substantial rise in the number of international tourists travelling all over the world, which has resulted in the high demand for hotels across several regions in the market. Thus, this is a crucial factor driving the growth of this market. For instance, as per the report published by the United Nations World Tourism Association, in 2018, the total number of international tourists travelling to Europe was approximately 710 million.
However, the availability of alternative accommodation places such as home-stays, hostels, and others is projected to restrict the growth of this market.
Information Source: https://www.fortunebusinessinsights.com/hotel-market-104983
Top Leading Company in the Hotel Market:
Marriott International Inc.
Hyatt Hotels Corporation
Hilton Hotels & Resorts.
COVID-19 Impact:
With the increasing lockdown restrictions due to the COVID-19 pandemic, the travel and tourism and other industries have incurred huge losses. Thus, this pandemic has also affected the demand for hotels across several regions in this market, which is expected to impede this market’s growth.
Market Segmentation:
On the basis of service type, this market is classified into accommodation service and non-accommodation service. By room type, the market is divided into single, dual, deluxe, double-double, and others. Based on star ranking, the market is categorized into 3 stars and below, 4 stars and 5 stars and above. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Highlights/Summary:
The report provides a bird’s eye-view analysis of the industry trends and outlook, as well as supplies a meticulous study of all market segments. In addition, the report contains an in-depth assessment of the market drivers and challenges and also offers an exhaustive evaluation of the regional dynamics and competitive landscape of the market.
Drivers/Restraints:
Increasing Number of Events Worldwide to Fuel the Market
Over the years, there has been a considerable increase in the number of events such as International Technology Fair, International Fashion Expo, and others, which attract a huge number of people from all over the world. This has led to the increasing need for hotels, which in turn help to boost the demand for hotels across several regions. Thus, this is an important factor contributing to the growth of this market.
Regional Insights:
Rising Number of Attractive Destinations to Boost the European Market Growth
The European region is projected to witness substantial growth in the hotel market share on account of the rising number of attractive destinations such as Poland, Geneva, Switzerland, and others in this region.
The Asia Pacific region is anticipated to grow steadily in this market due to the increasing disposable income of the people in this region.
Competitive Landscape:
Strategic Alliances by Key Players to Intensify Competition
The leading companies in the hotel market are focusing on strategic collaborations with the small-scale and large-scale companies on account of the rising demand for hotels from the travel and tourism industry. This has resulted in the increasing competition among key companies which will help them to diversify their business portfolio and broaden their market foothold.
Industry Development:
May 2020: World Of Hyatt & Small Luxury Hotels announced the extension of their partnership to more than 200 hotels.
