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 availability of budget-friendly and luxury stays present new opportunities in the market.
Request Sample Report at: – https://www.alliedmarketresearch.com/request-sample/6044
- 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 travelling 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 considerably 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 surge in disposable income of Asian travelers and 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 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 increase in disposable income of travelers in the region and supportive government initiatives that promote tourism in their countries.
For Purchase Enquiry at:- https://www.alliedmarketresearch.com/purchase-enquiry/6044
Leading Market Players
- Marriott International
- Hyatt Hotels Corporation
- Wyndham Destinations
- Hilton Worldwide Holdings Inc.
- Accor Hotels Group
- Radisson Hotel Group
- Airbnb Inc.
- A&O Hotels and Hostels GmbH
- Red Lion Hotels Corporation
- Oyo Rooms
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
Business Travel Market: Global Opportunity Analysis and Industry Forecast 2021–2028
Adventure Tourism Market: Global Opportunity Analysis and Industry Forecast 2021-2028
Business Travel Lodging Market: Global Opportunity Analysis and Industry Forecast 2018-2028
Low Cost Airlines Market: Global Opportunity Analysis and Industry Forecast 2016-2030
Luxury Hotel Market: Global Opportunity Analysis and Industry Forecast 2020-2031
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter
View original content:https://www.prnewswire.com/news-releases/travel-accommodation-market-to-reach-1-974-30-bn-globally-by-2031-at-11-3-cagr-allied-market-research-301605496.html
SOURCE Allied Market Research
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. USA Newshour takes no editorial responsibility for the same.