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Hotels Market valued become worth US$702.74 bn by 2021

, 4 July 2018 -- Hotels Market valued become worth US$702.74 bn by 2021

Tourism contributes to a significant chunk of any country’s economy and together with hospitality industry, the hotels market has always been one of most lucrative and consistent revenue generators among all. The World is getting connected by various means and consumers are increasingly spending more on travel, either for work or leisure. These factors, along with several others mentioned below, assure that the hotels market is to expand at a healthy rate over the forecast period from 2015 to 2021.

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Not only the elite but even the middle class population is now turning into consumers for the hotels market. This, on one hand, has multiplied traffic for hotels market players but also forced them to cater to consumers with varying budgets and exclusive or non-exclusive facilities such as business centers, conference rooms, swimming pools, child-care, social function services, and others. Innovation in facilities for consumers is the need of the hour and several companies are now resorting to new ideas to brand themselves to secure a competitive edge in the hotels market. However, unpredictable political scenarios, natural disasters, and security issues are hampering the growth of the hotels market globally.

The present report has studied the global hotels market thoroughly, segmenting it on the basis of two important benchmarks; geography and type. On the basis of type, the market is broadly classified into 1-, 2-, 3-, 4-, and 5-star hotels and unrated hotels. By geography, the report divides the market into North America, Europe, Asia Pacific, and Rest of the World.

Hotels Market: Trends and Opportunities

The report finds that the global hotels market is to reach an approximate valuation of US$702.74 bn by the year 2021, significantly up from its 2014 valuation of US$534.02 bn. The report has taken numerous hotels located across key countries and their revenue into consideration to compile accurate estimates about the market’s growth.

Rising mobile bookings and consumer-shared experience on social network are aiding the expansion of the hotels market. The report reveals that the segments of 3-star hotels and unrated hotels are gaining popularity due to the increase in travel and tourism expenditure by the middle class. In 2014, the 3-star segment held the largest share in the global hotels market. Unrated hotels gain immense popularity during peak festive seasons as a significant quantity of population travel across the globe to be with their families or visit any holiday destination. The report also investigates why the hotels market in Asia Pacific is mostly untapped.

Innovations in forming a brand name and offering exclusive facilities are highlighted as important factors that will be driving the hotels market in the future. All the same, the report identifies the fluctuating political scenarios in various countries as a prominent restraint, followed by the growing security concerns and frequent natural disasters around the world. The factors could hinder the market’s growth to an extent.

Hotels Market: Geographical Outlook

The research report picks out UAE as the leading region in the global hotels market with the highest revenue coming from the 4-star hotels segment over the forecast period. The hotels market in North America, specifically in the U.S., has been steadily growing post the economic rebound and will continue to be the largest market for hotels globally through to 2021. Asia Pacific countries such as Singapore, India, China, and South Korea are showing phenomenal expansion in the hotels market, with Singapore noted as the fastest growing market.

The report also notes that growth prospects of the hotels market in Europe are not as bright as they were until a few years ago due to the increasing security concerns. Still, countries such as Germany, France, and Italy will continue to contribute significantly to the overall growth of the European hotels market.

Companies Mentioned in the Report

In order to provide an overview of the competitive landscape, the report profiles some of the leading names in the global hotels market. The entities profiled in this report include: InterContinental Hotels Group Plc, Hilton Worldwide Holdings Inc., Four Seasons Holdings Inc., Marriott International Inc., Starwood Hotels and Resorts Worldwide, Inc., ITC Ltd., Jumeirah International LLC, Accor Group, Indian Hotels Co Ltd., and Atlantis The Palm Limited.

Market Segmentation of the Global Hotels Market is as follows:

Global Hotels Market: By Type

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Submitted by K Singha on Wednesday, 4 July 2018 at 10:55 PM
Category: Science & Research
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