PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616155
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616155
Travel Accommodation Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Travel Accommodation Market was valued at USD 775.1 billion in 2023 and is projected to grow at a CAGR of 8.6% from 2024 to 2032. The growth of the travel accommodation market is significantly driven by the expansion of corporate sectors and the globalization of businesses. As companies broaden their global reach, the demand for business travel accommodations surges, especially in major cities and emerging markets. Business travel, often involving extended stays, boosts bookings in business hotels, serviced apartments, and other professional lodgings. Companies' investments in employee travel for training and client meetings further elevate occupancy rates.
This trend, underscored by the rising significance of face-to-face interactions in a globalized economy, positions the corporate sector as a pivotal growth driver for the market. The overall travel accommodation industry is classified based on accommodation, booking channel, price point, traveller, and region. The market segments based on accommodation include hostels, hotels, vacation rentals, resorts, and others. In 2023, the hotel segment dominated with over 58% market share, projected to surpass USD 960.3 billion by 2032. Hotels, with their established presence, cater to a wide array of traveler needs, from leisure to business, and from budget to luxury.
Their global networks and recognized brands ensure a consistency that many travelers favor. Beyond mere lodging, hotels enrich guest experiences with amenities like restaurants, conference facilities, and recreational services. The surge of digital platforms and mobile apps has further streamlined hotel bookings, cementing the segment's leadership. The market, segmented by booking channel, includes online travel agencies (OTAs), direct bookings, and traditional travel agents.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $775.1 Billion |
| Forecast Value | $1.59 Trillion |
| CAGR | 8.6% |
In 2023, online travel agencies (OTAs) commanded a market share of around 52%. OTAs dominate the travel accommodation landscape, offering convenience, a plethora of options, and competitive pricing. Platforms like Booking. com, Expedia, and Airbnb allow users to seamlessly compare prices, peruse reviews, and make instant bookings.
Moreover, OTAs frequently bundle accommodations with flights and car rentals, amplifying their appeal. In 2023, North America captured over 33% of the market share, with projections to exceed USD 550.3 billion by 2032. The region's substantial share in the travel accommodation market is fueled by its vibrant domestic and international tourism sector. The U.S. stands at the forefront, leveraging its robust economy, diverse attractions, and significant business travel volume. The region's advanced hospitality infrastructure, combined with a widespread embrace of online booking platforms, propels market growth.Moreover, the rising appetite for personalized and luxury accommodations, alongside the trend of short-term rentals, further accelerates North America's market expansion.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Accommodation providers
- 3.2.2 Online travel agencies (OTAs)
- 3.2.3 Global distribution systems (GDS)
- 3.2.4 Destination management companies (DMCs)
- 3.2.5 Technology providers
- 3.3 Profit margin analysis
- 3.4 Pricing analysis
- 3.5 Technology & innovation landscape
- 3.6 Patent analysis
- 3.7 Key news & initiatives
- 3.8 Regulatory landscape
- 3.9 Consumer insights
- 3.9.1 Consumer preferences
- 3.9.2 Selection criteria
- 3.10 Impact forces
- 3.10.1 Growth drivers
- 3.10.1.1 Expanding corporate sectors and globalization of businesses
- 3.10.1.2 Rise in the global tourism sector
- 3.10.1.3 The proliferation of online travel agencies (OTAs) and booking platforms
- 3.10.1.4 The expansion of the middle class in emerging economies
- 3.10.2 Industry pitfalls & challenges
- 3.10.2.1 Fluctuations in the global economy
- 3.10.2.2 Rapid technological advancements can disrupt traditional business models
- 3.10.1 Growth drivers
- 3.11 Growth potential analysis
- 3.12 Porter's analysis
- 3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Accommodation, 2021 - 2032 ($Bn)
- 5.1 Key trends
- 5.2 Hotels
- 5.3 Hostels
- 5.4 Resorts
- 5.5 Vacation rentals
- 5.6 Others
Chapter 6 Market Estimates & Forecast, By Booking Channel, 2021 - 2032 ($Bn)
- 6.1 Key trends
- 6.2 Online travel agencies (OTAs)
- 6.3 Direct bookings
- 6.4 Travel agents
Chapter 7 Market Estimates & Forecast, By Price Point, 2021 - 2032 ($Bn)
- 7.1 Key trends
- 7.2 Luxury
- 7.3 Mid-range
- 7.4 Economy
Chapter 8 Market Estimates & Forecast, By Traveler, 2021 - 2032 ($Bn)
- 8.1 Key trends
- 8.2 Leisure travelers
- 8.3 Business travelers
- 8.4 Group travelers
- 8.5 Solo travelers
- 8.6 Others
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.3.8 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA
Chapter 10 Company Profiles
- 10.1 A&O Hotels and Hostels GmbH
- 10.2 Accor S.A.
- 10.3 Airbnb, Inc.
- 10.4 Best Western International, Inc.
- 10.5 Choice Hotels International, Inc.
- 10.6 Extended Stay America, Inc.
- 10.7 Four Seasons Hotels and Resorts
- 10.8 Hilton Worldwide Holdings Inc.
- 10.9 Hyatt Hotels Corporation
- 10.10 InterContinental Hotels Group PLC (IHG)
- 10.11 Jin Jiang International Hotel Group
- 10.12 Marriott International, Inc.
- 10.13 Melia Hotels International
- 10.14 OYO Rooms (Oravel Stays Pvt. Ltd.)
- 10.15 Radisson Hotel Group
- 10.16 Red Lion Hotels Corporation
- 10.17 Shangri-La Hotels and Resorts
- 10.18 Taj Hotels Resorts & Places
- 10.19 The Oberoi Group
- 10.20 Wyndham Hotels & Resorts, Inc.
