Travel Accommodation Market to Reach $1,974.30 Bn, Globally, by 2031 at 11.3% CAGR: Allied Market Research
Growth of the in global tourism industry, surge in trend of corporate travel, and increase in booking sources such as travel agencies, online platforms, and hotel websites drive the growth of the global travel accommodation market.
PORTLAND, Ore., Aug. 15, 2022 /PRNewswire/ — Allied Market Research published a report, titled, Travel Accommodation Market by Type (Hotels, Hostels, Resorts, Vacation Rentals, Others), by Application (Leisure, Professional, Others), by Price Point (Economy, Mid-Range, Luxury), by Mode of Booking (Online Travel Agency , Direct Booking, Others: Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global travel accommodation industry generated $632.80 billion in 2021, and is expected to reach $1,974.30 billion by 2031, witnessing a CAGR of 11.3% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Growth in global tourism industry, surge in trend of corporate travel, and increase in booking sources such as travel agencies, online platforms, and hotel websites drive the growth of the global travel accommodation market. However, rise in online booking scams restrains the market growth. On the other hand, rise in prominence of vacation rentals such as Airbnb, Homeaway, & others and the availability of budget-friendly and luxury stays present new opportunities in the market.
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The Covid-19 pandemic impacted the travel accommodation market adversely due to ban on domestic and international travel during the initial stages of the pandemic. Many countries put restrictions on the travel and tourism activities to curb the spread of Covid-19 infection. This, in turn, reduced the demand for travel accommodation.
According to the United Nations World Tourism Organization (UNWTO), almost all of the global destinations imposed restrictions on travel following the declaration of the COVID-19 a pandemic. This also affected the business travel and business travel accommodation across the world.
During 2020, the international tourist arrivals dropped by nearly 74% as compared to 2019. This factor significantly affected the demand for travel accommodation and led to huge losses of market players.
In 2020, the number of international tourist arrivals reduced by nearly 1 billion. This, in turn, incurred losses of around $1.3 trillion in tourism exports. This factor also impacted the travel accommodation market negatively.
The hotels segment to maintain its lead position during the forecast period
Based on type, the hotels segment accounted for the largest market share in 2021, contributing to around three-fifth of the global travel accommodation market, and is projected to maintain its lead position during the forecast period. This is due to offering of guest services such as short-term lodging and meals to travelers at specific costs. However, the vacation rentals segment is estimated to witness the largest CAGR of 12.4% from 2022 to 2031, owing to rise in marketing activities by the service providers and surge in adoption of westernized trends.
The leisure segment to maintain its dominant share during the forecast period
Based on application, the leisure segment contributed to the highest market share in 2021, accounting for more than two-thirds of the global travel accommodation market, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 11.6% from 2022 to 2031. This is due to a surge in disposable income of Asian travelers and an increase in hectic schedules that lead them to plan for leisure tours and stays. The report also analyzes the segments including professional and others.
The direct booking segment to continue its highest contribution throughout the forecast period
Based on the mode of booking, the direct booking segment accounted for the largest market share in 2021, holding around three-fourths of the global travel accommodation market, and is estimated to continue its highest contribution throughout the forecast period. This is attributed to ease provided by this mode of booking and lack of fraudulent activities involved with direct booking. The report also offers analysis of segments including online travel agency and others.
Europe to maintain its lead status by 2031
Based on region, Europe held the largest market share in 2021, accounting for nearly two-fifths of the global travel accommodation market, and is expected to maintain its lead status by 2031. This is due to massive availability of tourist places, customized stay options, and increase in leisure travel in the region. However, Asia-Pacific is projected to register the fastest CAGR of 12.4% from 2022 to 2031, owing to an increase in disposable income of travelers in the region and supportive government initiatives that promote tourism in their countries.
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Leading Market Players
Hyatt Hotels Corporation
Hilton Worldwide Holdings Inc.
Accor Hotels Group
Radisson Hotel Group
A&O Hotels and Hostels GmbH
Red Lion Hotels Corporation
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SOURCE Allied Market Research