Hotel And Other Travel Accommodation Market | Contrive Datum Insights

Market Overview

Global Hotel And Other Travel Accommodation Market Are Expected To Grow from US$ 956.2 Billion In 2022 And Expected To Reached US$ 1172.4 Billion Growing At CAGR of 3.0% From 2022 To 2030.

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The hotel and other travel accommodation market is an important part of the global travel and tourism business, which is one of the fastest-growing industries in the world. According to the World Travel & Tourism Council, the travel and tourism business added $8.8 trillion to the global GDP in 2018 and is expected to grow at an annual rate of 3.8% over the next ten years.

Increasing disposable income, more people living in cities, and more people knowing about different places to visit all drive up the demand for hotels and other travel accommodations. With more ways to link to the rest of the world and cheaper air travel, more people are traveling for fun and going to new places. The hotel and travel accommodation market has also grown because experiential travel and outdoor tourism are becoming more and more popular.

The market for hotels and other places to stay while traveling is also affected by technology and changing customer tastes. With the rise of online travel agencies and mobile booking apps, people now have a lot of choices for where to stay. This has made companies in the industry more competitive and forced them to use new technologies to give their customers a better experience.

Sustainability is also becoming a big deal in the hotel and tourist accommodation markets. Consumers are becoming more aware of how travel affects the earth and are looking for places to stay that put sustainability first. Because of this, many companies in the industry are taking steps to be more environmentally friendly, such as using less energy, saving water, and making less trash.

The market for hotels and other travel accommodations is a dynamic one that is always changing. It is an important part of the travel and tourism business around the world. With the rise of new technologies and changing consumer tastes, businesses in this industry need to keep adapting and coming up with new ideas to stay competitive and give their customers great experiences.

Market Dynamics

Drivers: Increasing Acceptance of Alternative Lodgings
In recent years, vacation rentals, homestays, and hostels have become much more popular than they used to be. This trend is expected to continue to drive the growth of the hotel and other travel housing markets. These non-traditional places to stay offer unique experiences and often have more room and amenities than traditional hotels, which makes them especially appealing to younger travelers and families.

The rise of online platforms like Airbnb, Booking.com, and HomeAway, which make it easy for tourists to find and book a wide range of accommodations, is also a factor. This has made the market more competitive and pushed traditional hotels to change by giving customers more personalized and unique experiences.

Also, alternative places to stay are often cheaper for travelers, especially those on a tight budget or going in a group. This has made the market bigger and opened it up to more types of customers, which has increased the total demand for places to stay. Alternative accommodations are becoming more and more popular, which is likely to spur innovation and competition in the hotel and other travel accommodation markets. This will give travelers more choices and a better overall experience.

Growing Awareness of Sustainable Tourism
Over the past few years, people have become more aware of sustainable tourism and how it affects the earth. This has made more people want hotels and other places to stay that are good for the environment and use green practices. Many tourists now look for places to stay that have green features like energy-efficient lighting, ways to save water, ways to reduce trash and recycle it, and the use of renewable energy sources.

Travelers who care about the environment are more likely to choose accommodations that can show they are committed to sustainable tourism practices. These travelers may even be ready to pay more for these options. Also, a lot of governments and tourism groups are now supporting sustainable tourism practices and giving businesses incentives to do these things.

As a result, many hotels and other places to stay are now spending in green projects to keep up with the growing demand and make themselves more competitive in the market. Not only do these projects help the environment, but they also lower running costs, improve the brand's reputation, and bring in new customers.

Restraints:Natural disasters and pandemics
Natural disasters and pandemics can have a big effect on the hotel and other places where people stay when they travel. These things can make fewer people want to travel and stay in hotels, which hurts the industry's occupancy rates and income. Also, natural disasters can damage buildings and properties, which could lead to expensive fixes and renovations.

Pandemics, like the COVID-19 pandemic, have had a big effect on the hotel and tourist industries. The pandemic caused a lot of travel limits, cancellations, and a drop in the number of people who wanted to travel and stay in hotels. Many businesses in the industry had to close briefly or permanently, which cost a lot of jobs and hurt the economy.

Opportunities: Diversification of income sources
Diversifying how hotels and other travel accommodation businesses make money is a big chance. To stay competitive and keep up with changing customer tastes, many businesses in the industry are looking for new ways to make money besides renting out rooms.

Hotels and other places to stay are finding new ways to make money by adding services and amenities like spa treatments, exercise centers, and on-site restaurants, for example. These services are not only an extra way to make money, but they also improve the total guest experience and can help a property stand out from its competitors.

Businesses in the industry are also finding new ways to make money by teaming up with other businesses to offer bundles or special deals. For example, a hotel might work with a local attraction or restaurant to give a discounted package that includes a room rental and tickets to the attraction or a meal at the restaurant.

To serve the millennial market
The millennial age, which includes people born between 1981 and 1996, is a big group that has a big effect on the hotel and other travel accommodation markets. When it comes to travel and lodging, millennials are known for having their own preferences and top priorities. For example, they want experiences that are personalized, real, and socially aware.

To appeal to this market, many hotels and other places to stay are adding tech-savvy and new features like keyless check-in, mobile apps, and personalized recommendations based on guest data. Also, small hotels and homestays, which offer a more personalized and local experience, are becoming more popular as unique and unusual places to stay.

Millennials are also becoming more aware of social issues and the environment, and they want to stay in places that match their views. This has led to a rise in eco-friendly and safe places to stay, like hotels that use renewable energy and materials.

Major Market Segments Covered

By Type

Hotel and Motel
This section has a wide range of places to stay, from expensive five-star hotels to cheap motels. Most of the time, these places offer a wide range of services and amenities, such as room service, restaurants, swimming pools, exercise centers, and business facilities. They take care of business travelers, families, and tourists, among other types of visitors.

Casino Hotels
This group includes hotels that are inside casinos or right next to them, making it easy for guests to gamble and enjoy other activities. These places often have high-end rooms, restaurants, spas, and other facilities like shopping malls and shopping centers. Most of the people who stay there are tourists who want to gamble and have fun.

Bed and Breakfast Accommodations
This group is made up of smaller hotels that are often privately owned and give guests a more personalized and home-like experience. Most of the time, these places to stay have fewer rooms than hotels and have a more personal feel. They may be in old buildings, in the countryside, or in residential places. Many bed and breakfasts include breakfast as part of the stay, and some have other meals and facilities like spas or gardens.

All Other Traveler Accommodations
This section talks about a lot of different kinds of unique places to stay, like vacation rentals, homestays, and hostels. Vacation rentals are places like apartments, houses, and cabins that people rent out for short stays. Homestays are places where people stay in the home of a local host, usually in an extra bedroom or other private area. Hostels are cheap places to stay that have rooms like dorms and places for people to hang out together. In recent years, these alternative places to stay have become more popular as tourists look for more unique and affordable places to stay.

By Mode of Booking

Online Bookings
Online bookings have become more and more popular in recent years because they make it quick and easy for people to find and book places to stay when they travel. Customers can use these platforms to look for places to stay based on their tastes and budgets, compare prices at different hotels and other places to stay, and make reservations in real time. Online bookings also have the benefit of being open 24 hours a day, 7 days a week. This means that customers can book their rooms at any time of day or night.

Online booking systems can be run by third-party companies or by hotels and other places to stay. Customers usually have to give them information about themselves and how they will pay in order to finish the reservation process. As more tourists use technology to make their reservations, online bookings will likely continue to grow in the hotel and other travel accommodation markets.

Direct Bookings
Direct bookings are reservations made directly with the hotel or travel accommodation, without the help of a third-party booking tool. Some customers like this way of booking because it can often lead to lower prices and better deals. Hotels and other places to stay may give discounts or special deals to people who book straight with them.

Hotels and other places to stay can also make more money from direct bookings because they don't have to pay commission fees to third-party booking systems. But this way of booking means that hotels and other places to stay have to spend money on their own booking systems and marketing to get people.

Others
Travel companies, phone reservations, and walk-in bookings are some other ways to book. Even though these ways of booking are less popular than online and direct bookings, they still play a role in the hotel and other travel accommodation markets. Customers can get personalized suggestions and trip packages from travel agencies, while phone reservations let them talk to hotel staff and ask questions about their rooms. Walk-in plans are usually made by people who didn't make reservations ahead of time and are looking for a place to stay at the last minute.

By Application:

Tourist Accommodation (Leisure)
This term refers to places where people or groups stay for fun or relaxation, like vacations, weekend trips, and other personal travel. Hotels, resorts, motels, bed and breakfasts, and vacation rentals all fall into this group. The growth of the tourism business and the number of people who travel for vacations and other fun activities is a big reason why people want to stay in places for fun.

Official Business (Professional)
Accommodations used for business events like conferences, meetings, and other professional gatherings fall into this group. This includes hotels, convention halls, and other places where business-related events can be held. As the global economy grows and more companies do business across borders, and as the number of professional events held each year keeps going up, so does the demand for professional accommodations.

By Price Point

Economy
Economy hotels and other places to stay are usually affordable choices for travelers who only need basic services and amenities. Most of the time, these places to stay don't have many extras, have smaller rooms, and offer fewer services. They are popular with travelers who want cheap options and are ready to give up some luxuries to save money. Budget hotels, hostels, and guesthouses are all examples of places to stay on a budget.

Mid-range
Hotels and other places to stay in this range offer a good mix between price and amenities. Most of the time, these places to stay have more services and amenities than the cheaper ones, like restaurants, exercise centers, and business centers. They are popular with business visitors and families who want to stay somewhere comfortable that doesn't cost too much. Business hotels, private hotels, and hotels with long-term stays are all examples of mid-range places to stay.

Luxury
Hotels and other places to stay that are expensive and high-end are called "luxury." These places to stay have the best service, amenities, and amount of luxury. They often have spas, gourmet restaurants, high-end furniture and decor, and individual concierge services. People who want a luxury and indulgent experience and are willing to pay more for it like to stay there. Five-star hotels, resorts, and houses are all examples of high-end places to stay.

By Ownership

Chained Accommodations
Chained rooms are owned by a parent company that runs more than one property under the same brand name. This structure has benefits like making the business more well-known, making operations more consistent, and helping with marketing. People tend to stay at chain hotels because they know they will get the same amount of service and quality at every location. Hotels like Marriott, Hilton, and InterContinental Hotels Group are examples of chains.

Standalone Accommodations
Stand-alone hotels are ones that are owned and run by different people. People, families, or small businesses might own them. This system gives the company more freedom in terms of how it runs and how it manages, and it can also give customers a more personalized experience. But stand-alone accommodations may face problems like a lack of means for technology and innovation and limited marketing and brand recognition. Bed and breakfasts, vacation homes, and boutique hotels are all examples of independent places to stay.

Regional Insights

Geographically The Hotel And Other Travel Accommodation Market has been broken down into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. (MEA).

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In different parts of the world, the hotel and other vacation accommodations market moves in different ways. North America is one of the biggest places because it has a lot of people with money to spend and a good system for getting around. Europe is another important market. It has some of the most popular tourist spots in the world, and sustainable travel and the sharing economy are driving it. Asia-Pacific is the fastest-growing market. This is because more people have money to spend and the middle class is growing. The oil and gas business, foreign business travel, and religious tourism are what keep the Middle East and Africa going. Latin America is a market that is growing quickly. This is because the middle class is growing and people have more money to spend. In general, for companies in this industry to stay competitive in a market that is always changing, they must always come up with new ideas and offer unique travel experiences.

The regional dynamics of the hotel and other vacation accommodation markets are also affected by things like cultural preferences, the stability of the government, and natural resources. For example, the oil and gas business and the growth of mega-tourism projects have affected the hospitality industry in the Middle East and Africa. On the other hand, ecotourism, adventure tourism, and wellness tourism have all grown in the Latin American market. This is due to the region's natural resources and rich culture history.

As the global economy continues to change, the market for hotels and other places to stay for travelers is likely to continue to change and grow. For example, the growth of the sharing economy and other types of housing is likely to continue to change the way the market works, especially in places where these types of housing are already common. Businesses in the industry need to keep up with these trends and come up with new ideas to meet the changing needs and wants of customers.

Scope Of Report

Key Vendors

• Marriott International
• Hilton Worldwide
• Wyndham Corporation
• Hyatt Hotels Corporation
• Four Seasons Hotels & Resorts

1. Marriott International
It was said that Marriott International, Inc. has its headquarters in Bethesda, Maryland, USA, and that it has a portfolio of almost 8,300 properties under 30 major brands in 138 countries and territories. J. Willard and Alice S. Marriott started the company in 1927 when they opened a root beer stand in Washington, D.C. Also, Marriott International is dedicated to hiring a diverse workforce and keeping an inclusive culture. They don't discriminate based on disability, veteran status, or anything else that is protected by federal, state, or local laws. It was also said that their community guidelines say they have the right to remove any offensive or illegal content without warning. This includes content that contains personally identifiable information, trademarks or copyrights that belong to a third party, advertises a third party's products or services, or is otherwise inappropriate.

2. Hilton Worldwide
Hilton is a well-known global hospitality company with 19 world-class names and more than 7,100 properties with more than 1.1 million rooms in 123 countries and territories around the world. Since its beginning, Hilton's goal has been to spread the light and warmth of hospitality. In its past, the company has welcomed more than 3 billion guests. Hilton is known as a great place to work. It has been on Fortune's list of the 100 Best Companies to Work For for six years in a row and has been named a world leader on the Dow Jones Sustainability Indices. In addition to providing great service, Hilton has also made great strides in technology to improve the guest experience. For example, it has introduced Digital Key Share and free room changes that happen automatically. The company's award-winning customer reward program, Hilton Honors, lets more than 150 million people earn points for free hotel stays and special events. Guests can book their stay, choose their room, check in, open their door with a Digital Key, and check out all from their phone with the Hilton Honors app.

3. Wyndham Corporation
Wyndham Hotels & Resorts says that they are the biggest hotel franchise company in the world. They have more than 9,100 hotels in more than 95 countries on six continents. They run 24 hotel names, some of which are Wyndham Grand®, Dolce Hotels & Resorts by Wyndham®, and The Trademark Collection by Wyndham®. Their goal is to make hotel travel available to everyone, and they try to give every tourist what they want, no matter where they are going. They think that they should be present wherever people go and make everyone feel welcome.

4. Hyatt Hotels Corporation
Hyatt's main principles say that their goal is to help people be their best by taking care of them. Their portfolio comprises more than 1,000 hotel and all-inclusive properties across six continents and more than 65 countries, including brands such as Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination by Hyatt, Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara, Thompson Hotels, Hyatt Centric, Caption by Hyatt, JdV by Hyatt, Hyatt House, Hyatt Place, UrCove, and Hyatt Residence Club. They also have sites under the AMR Collection brands, which include Secrets Resorts & Spas, Dreams Resorts & Spas, Breathless Resorts & Spas, Zotry Wellness & Spa Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas. It's important to note that it's not clear yet when and how AMR Collection hotels will join World of Hyatt.

5. Four Seasons Hotels & Resorts
Four Seasons Hotels and Resorts opened its first hotel in 1961. Since then, it has been working hard to give travelers the best possible experiences by constantly coming up with new ideas and keeping the highest standards of service. At the moment, the brand runs more than 120 hotels and resorts and more than 50 residential properties in 47 countries. These are in big city centers and resort areas. Also, more than 50 projects are being planned or built by Four Seasons. Reader polls, traveler reviews, and industry awards show that Four Seasons is often one of the best hotels and most respected names in the world.

Key Market Updates

• Travel companies and hotels come up with new deals to try to sell more. From special "bubble vacations" that promise personalized service from start to finish to "72-hour flash sales" that give away free nights and other holiday deals that give discounts of up to 40% at certain 5-star hotels, chains, and travel companies, there are a lot of ways to save on a trip.

• As the travel industry gets back on its feet during the Christmas season after the pandemic, Leisure Hotels Group, a leading experimental resort chain with locations in North India and Goa, announces the opening of The Hideaway Bedzzz, its first hotel in Rishikesh.

Market Segmentation

Major Market Segments Covered in Hotel And Other Travel Accommodation Market Industry Research:

By Type

• Hotel and Motel
• Casino Hotels
• Bed and Breakfast Accommodations
• All Other Traveller Accommodations

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 Accommodations
• Standalone Accommodations
  

Global Hotel and Other Travel Accommodation Market Regional Insights

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia-Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Conclusion

In conclusion, the hotel and other travel accommodation market is a dynamic and competitive industry that is driven by factors like the growth of tourism and business travel, changing customer preferences, and the rise of alternative accommodations. Even though the industry meets problems like natural disasters and pandemics, there are also ways for businesses to make money and reach the millennial market.

The market is split into leisure (tourist accommodations) and business (official business) parts. The market is also split into chained and standalone properties, depending on who owns them. To do well in this industry, companies must focus on coming up with new ideas, being flexible, and keeping customers happy.

 Overall, the hotel and other travel accommodations market is expected to keep growing over the next few years as more people around the world become able to travel and as travel becomes more cheap. But businesses also need to be ready for things like natural disasters and economic downturns, and they need to be able to adapt to changing customer tastes and trends if they want to stay competitive and successful.