Travel Accommodation Market Outlook 2023-2028:
• The scale of the travel accommodation market in 2022: the scale of the global travel accommodation market will reach US$706 billion in 2022.
• 2023 Travel Lodging Market Forecast: The IMARC Group predicts that by 2028, the market will be worth $1,391 billion.
• Travel accommodation market growth (2023-2028): The estimated market growth rate (CAGR) for 2023-2028 is 12.01%.
Travel accommodation refers to places or establishments that provide temporary lodging for travelers, tourists, and other individuals away from home. In addition to sleeping arrangements and food and beverage options, these hotels offer recreational facilities and transportation assistance. These range from budget hotels and hostels to luxury resorts, with a variety of accommodation options including apartments, villas and cottages. Their main purpose is to serve as a temporary stop to provide comfort and safety to tourists while travelling. In addition, tourist accommodation can also serve as a base of operations for exploring the area and local attractions. Some of the benefits of travel lodging include easy access to amenities, local cuisine, and local activities.
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The global market is primarily driven by the growing trend of mass international and domestic travel. This may be due to inflation in disposable income levels and changes in consumer preferences for experiential travel. At the same time, growing consumer demand for personalized travel experiences is driving the market for unique travel accommodation, especially boutique hotels, homestays and apartments. In addition, rising popularity of solo travel also fuels the demand for single rooms and small accommodations, thereby driving the market. In addition to this, growing environmental concerns and growing concerns about sustainability have led to increased adoption of eco-friendly and sustainable accommodation options. Moreover, the emerging trend of low-cost airlines and cheap travel has led to the adoption of affordable accommodation options such as budget hotels, inns, and motels, thereby driving the market. Some of the other factors driving the market include rapid urbanization, rise in leisure travel, increasing convenience of online booking, and extensive research and development (R&D) activities.
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Report Highlights and Segments:
Reports are categorized as follows:
Type insight:
• hotel
• hostel
• Resort
• vacation rentals
• more than one person
Price Insights:
• economy
• IF
• luxury
Schema for Booking Insights:
• direct booking
• Online travel agencies
• more than one person
Application Insights:
• Leisure
• professional
• more than one person
Regional division:
• North America (US, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, etc.)
• Europe (Germany, France, UK, Italy, Spain, etc.)
• Latin America (Brazil, Mexico, etc.)
• Middle East/Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, etc.)
The competitive environment:
The report also explores the competitive landscape within the market and provides a comprehensive profile of the key players. Some of the major players are:
• A&O Hotels & Inns Ltd
• Accor Group
• Airbnb, Inc.
• Hilton Worldwide
• Hyatt Hotels Corporation
• Marriott International
• OYO room
• Radisson Hotel Group
• Red Lion Hotel Group (Sonesta International Hotel Group)
• Wyndham Destinations
If you require specific information that is not included in the report, we will provide that information as part of your customization.
about Us:
IMARC Group is a leading market research company providing management strategies and market research worldwide. We work with clients across industries and geographies to uncover their most valuable opportunities, solve their most critical challenges and transform their businesses.
IMARC Group’s information products include key market trends, scientific, economic and technological developments for business leaders in the pharmaceutical, industrial and high-tech sectors. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverages, travel, nanotechnology, and innovative processing methods are the firm’s top areas of expertise.
