Hotels Market by Size (Small Hotels, Medium Hotels, and Large Hotels and Very Large Hotels), by Star (1 and 2 Star, 3 Star, 4 Star, and 5 Star), by Type (Business or Commercial Hotels, Transient Hotels, Boutique Hotels, Residential Hotels, Suite Hotels, Bed and Breakfast Hotels, Casino Hotels, Green Hotels, and Others), by Ownership (Independent Hotels and Chain), by Budget (Economy, Luxury, and Elite), and by End-User (Leisure and Business): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026

Global hotels market expected to generate around USD 211.54 billion by 2026, at a CAGR of around 4.6% between 2019 and 2026. The growing hospitality industry has resulted in the rising number of restaurants and hotels, which is expected to hotels market growth.

07-Mar-2019 | Number of pages: 110 | Report Code: ZMR-3893 | Report Format : | Status : Published

Analysis

The hotel industry is a major sector that drives the growth of the hospitality sector substantially. Luxury hotels provide a comfortable stay for tourists and travelers alike along with offering various services, such as swimming pool, fitness center and spa. Luxury hotels have been experiencing significant growth in recent years owing to the rising number of business travelers globally. Changing customer preferences and up gradation in the services provided by hoteliers are expected to drive the global hotels market over the forecast time period. Growing travel and tourism industry is the major factor fueling the hotels market globally. Moreover, the large number of multinational corporations opening their facilities and subsidiaries globally has also augmented the number of business travelers, which, in turn, is propelling the hotels market. The major firms in the hotels market are focusing on improving the customer service experience and increase the number of revisits.

The growing hospitality industry has resulted in the rising number of restaurants and hotels, which is expected to hotels market growth. The development of the travel and tourism industry has played a major role in the development of the hospitality industry and the hotels market. People travel from one place to another for various reasons, such as business trips, visits to relatives and friends, pilgrimages, for recreation and educational purposes, and to get access to quality healthcare facilities. Food and accommodation for people are taken care of by the hospitality industry. Hence, hospitality and tourism services are dependent on each other which, in turn, are expected to drive the hotels market growth over the forecast timeframe.

Global Hotels Market

Based on size, the hotels market is segmented into small hotels, medium hotels, and large hotels and very large hotels. On the basis of the star, the market is segmented into 1 and 2 Star, 3 Star, 4 Star, and 5 Star. Based on the type, the market is segmented into business or commercial hotels, transient hotels, boutique hotels, residential hotels, suite hotels, bed and breakfast hotels, casino hotels, green hotels, and others. On the basis of ownership, the market is segmented into independent hotels and chain. On the basis of budget, the market is categorized into the economy, luxury, and elite. The end-user segment includes leisure and business.

By region, Europe held a major revenue share of the global hotels market in 2018. This can be due to the increasing number of hotels and restaurants across the region and the rising government initiatives for the promotion of tourism, by spreading awareness regarding the architectural or historical significance of the region. The Asia Pacific is predicted to grow at the fastest rate over the forecast time period, owing to the rising disposable income mostly in emerging countries, such as India and China.

Some key players operating in the global hotels market include AccorHotels, Best Western International, Inc., China Lodging Group, Limited, Choice Hotels International, Inc., citizenM, Hilton, Hyatt Corporation, InterContinental Hotels Group, ITC Hotels, Jumeirah International LLC, Magnuson Hotels, Marriott International, Inc., NH Hotel Group Santa Engracia, Radisson Hotel Group, Shanghai Jin Jiang International Hotels (Group) Company Limited, The Indian Hotels Company Limited, Westmont Hospitality Group, and Wyndham Hotels & Resorts, Inc.


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