Hotel Market to See Booming Business Sentiments | ITC Hotels, Marriott Hotels, Hyatt Hotels and Resorts, Radisson Hotels
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In India, the tourism industry plays a significant role in generating employment and earning revenue from foreign exchange. The hospitality sector, being a part of the travel and tourism industry, is greatly affected by the expansion of the industry. The government has taken several steps to make India a global hub for tourists to boost the Indian hospitality industry.
India accounts for the highest number of domestic leisure travellers in the world. Business travellers are gradually increasing in number, owing to the rapid growth of the IT sector in India and the emergence of several global companies. The KPIs used by the industry to measure business development and management of hotels are average room rate (ARR) and revenue per available room (RevPAR). ARR of the hotel industry in India stood at INR 5,458.68 in FY 2020 as against INR 5,671 in FY 2017, and is expected to reach INR 6,292.85 by FY 2025, expanding at a compound annual growth rate (CAGR) of 2.49% during the FY 2021-FY 2025 period. RevPAR of Indian hotels stood at ~INR 1,951.34 in FY 2020 and is expected to reach INR 3,336.28 by FY 2025. After the onset of FY 2020, the Indian hotel industry is anticipated to expand at a promising rate, since India will be hosting the ICC Men's World Cup in 2023, which would increase the foreign tourist footfall in the country. Difficulties in talent management act as a significant challenge for the hotel industry. Insufficient supply of quality workforce and increased competition for skilled employees from competing service sectors like aviation have raised the attrition rate in the industry.
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Based on hotel type, the hotel industry can be segmented into independent/unbranded hotels, alternate accommodations, new-age hotel chain, and branded or traditional hotels. The independent/unbranded segment accounts for ~70% of the total available hotel rooms. The second-largest segment includes alternate accommodations. This is on account of the growing popularity of homestays among tourists. The new-age hotel chain is expected to hold nearly 6% of the total available hotel rooms in India in FY 2025. Moreover, the branded/traditional hotel segment, along with the major share in the organized sector, accounts for about 5% of the overall hotel industry in terms of room supply.
The hotel industry in India is highly fragmented with numerous small and unorganized players dominating the market. It has witnessed a shift in favor of the mid-market and budget hotel segments, along with the development of hotel aggregators in the budget segment that has led the massive and unorganized hotel industry towards consolidation. Based on existing inventories among organized players, Marriott Hotels India Private Limited accounts for the largest share (22.35%), followed by Grand Taj Hotels Private Limited, Radisson Hotel Group, Accord Hotels and Resorts Private Limited, and ITC Hotels.
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Key Answers Captured in Study are
Which geography would have better demand for product/services?
What strategies of big players help them acquire share in regional market?
Countries that may see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
How feasible is market for long term investment?
What opportunity the country would offer for existing and new players in the Hotel Industry in 2019 market?
Risk side analysis involved with suppliers in specific geography?
What influencing factors driving the demand of Hotel Industry in 2019 near future?
What is the impact analysis of various factors in the Hotel Industry in India 2019 market growth?
What are the recent trends in the regional market and how successful they are?
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Some extract from Table of Contents
• Overview of Hotel Industry in India 2020 Market
• Hotel Industry in 2020 Size (Sales Volume) Comparison by Type (2020-2026)
• Hotel Industry in 2020 Size (Consumption) and Market Share Comparison by Application (2020-2026)
• Hotel Industry in 2020 Size (Value) Comparison by Region (2020-2026)
• Hotel Industry in 2020 Sales, Revenue and Growth Rate (2020-2026)
• Hotel Industry in 2020 Competitive Situation and Trends
• Players/Suppliers High Performance Pigments Manufacturing Base Distribution, Sales Area, Product Type
• Analyze competitors, including all important parameters of Hotel Industry in 2020
• Hotel Industry in India 2020 Manufacturing Cost Analysis
• Marketing Strategy Analysis, Research Conclusions
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