Insights Into The Travel Accommodation Market’s Growth Potential 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The travel accommodation market size has seen robust growth in recent years, projected to expand from $655.75 billion in 2023 to $713.44 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.8%. This growth can be attributed to the emerging trend of traveling for experiences, the expanding reach of online booking platforms, increasing disposable income, improved earning capacity, and growth in the hotel industry. Looking ahead, the travel accommodation market is expected to continue its strong growth trajectory, forecasted to reach $1,010.94 billion in 2028 at a CAGR of 9.1%. Contributing factors include growth in international business tourism, a high demand for vacation hotels, increasing tourism and social engagement, a rising aging population with early retirement, and heightened participation in outdoor activities. Major trends driving this forecast period include the adoption of smart hotel technologies, the development of eco-friendly accommodations, the rise of the experience economy, tech-enabled transformations, and an increase in vacation rentals.
The growth of international business tourism is anticipated to enhance the travel accommodation market significantly in the near future. International business tourism entails cross-border travel for purposes such as meetings, corporate events, and conferences. The increase in this sector is driven by factors like globalization, economic growth, trade agreements, corporate expansion, and the rise of remote work and hybrid business models. Travel accommodations are crucial for international business tourism, providing convenient and comfortable lodging options that allow business travelers to focus on their professional commitments. For instance, in May 2024, the Office for National Statistics Census, a UK-based government agency, reported that UK residents made 6.3 million international business trips in 2023, an increase from 4.9 million in 2022. This upward trend indicates the growing significance of business travel in the current global economy. Therefore, the expansion of international business tourism is driving growth in the travel accommodation market, with further developments expected through 2024 and into 2028.
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What Are The Key Trends That Influence Travel Accommodation Market Share Analysis?
Major companies in the travel accommodation market are emphasizing technological advancements, such as AI-driven booking platforms, to gain a competitive edge. These platforms utilize artificial intelligence (AI) to enhance and streamline the booking of travel accommodations and related services, delivering more efficient, personalized, and user-friendly experiences. For example, in March 2024, Bag2Bag, an India-based hospitality company, launched India’s first generative AI online hotel booking platform. This platform features unique capabilities, such as instant room allocation based on user preferences and real-time pricing adjustments according to demand. It also offers personalized recommendations and seamless booking experiences, significantly reducing the time needed for users to find and book accommodations. These innovations enhance customer satisfaction and optimize hotel resource management, resulting in higher occupancy rates and improved revenue management.
Which Market Players Are Driving Growth In The Travel Accommodation Market?
Major companies operating in the travel accommodation market are Alibaba Group Holding Limited, American Airlines Inc., Marriott International Inc., MGM Resorts International, Radisson Hotel Group, Expedia Group Inc., JetBlue Airways Corporation, Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Accor S.A., InterContinental Hotels Group plc, Hays Travel Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Tripadvisor Inc., Choice Hotels International Inc., Wyndham Destinations, The Ascott Limited, Oravel Stays Private Limited, Vrbo, Red Lion Hotels Corporation, eLong Inc., A&O Hotels and Hostels GmbH, Rewe Group, Tuniu Corporation
How Is The Global Travel Accommodation Market Segmented?
The travel accommodation market covered in this report is segmented –
1) By Type: Hotels, Hostels, Resorts, Vacation Rentals, Other Types
2) By Price Point: Economy, Mid-Range, Luxury
3) By Mode Of Booking: Direct Booking, Online Travel Agency, Other Modes Of Booking
4) By Application: Leisure, Professional, Other Applications
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The Travel Accommodation Global Market Report 2024 provides an overview of the travel accommodationmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The travel accommodation market forecast analyzes travel accommodation market size, travel accommodation market share, leading competitor and their market positions.
The Table Of Content For The Travel Accommodation Market Include
1. Travel Accommodation Market Executive Summary
2. Travel Accommodation Market Segments
3. Travel Accommodation Market Size And Template Market Growth Rate
4. Key Travel Accommodation Market Trends
5. Major Travel Accommodation Market Drivers
……
25. Key Mergers And Acquisitions In The Travel Accommodation Market
26. Top Travel Accommodation Companies
27. Travel Accommodation Market Opportunities And Strategies
28. Travel Accommodation Market, Conclusions And Recommendations
29. Appendix
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