Global Hostels Market Size, Forecasts, And Opportunities
Learn about the global hostels market through The Business Research Company, which provides information on hostels market size, hostels market drivers and restraints, hostels market players, the COVID-19 impact on the hostels market, and more.
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The global hostels market size is expected grow from $364.32 billion in 2021 to $451.99 billion in 2022 at a compound annual growth rate (CAGR) of 24.1%. The growth in the hostels market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hostels market is expected to reach $840.27 billion in 2026 at a CAGR of 16.8%.
The rise of solo travel is expected to drive innovation in hostels manufacturing, thus driving the market during the forecast period.
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The hostels market consists of sales of hostels and related services. A hostel can be described as a kind of budget-friendly shared accommodation that has a common area. Hostels typically have dorm-style rooms for travellers, but private rooms and hotel-like facilities are also available nowadays. Hostels prefer to concentrate on building a sociable atmosphere and are much less costly than a hotel.
Global Hostels Market Segments Include:
By Type: Students, Workers, Others
By Price Point: Economy, Mid-Range, Luxury
By Mode of Booking: Online Bookings, Direct Bookings, Others
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
The introduction of hybrid hostels is a key trend in the hostels market. To satisfy young urban professional travellers, hybrid hostels combine the affordability and sociability of dorm-accommodation with the upscale facilities of traditional hotels.
TBRC’s hostels market report covers:
Major Market Players: Hostelworld, Hostelling International, Green Tortoise Hostel, London Backpackers, Newquay Backpackers, Canada Hostels, WOKSEN, Cloudbeds, A&O Hotels and Hostels, OPERA Property Management System (PMS), Hotelogix PMS, Maestro PMS, MSI CloudPM, Frontdesk Anywhere, Rezlynx PMS, RoomMaster, Safestay plc and eZee Frontdesk
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Hostels Global Market Report 2021: Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides hostels market overviews, analyses and forecasts market size, share, hostels market players, hostels market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s hostels market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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