Hotels Market Trends and Forecast 2023-2029: Shaping the Future of Hospitality

Hotels Market Surges, Projected to Reach USD 1663.82 Billion by 2029

The global Hotels Market, valued at USD 898.56 Billion in 2022, is on a trajectory to reach USD 1663.82 Billion by 2029, showcasing a robust CAGR of 9.2% during the forecast period. This surge is attributed to various factors, including technological innovations, the exponential growth of the travel and tourism industry, and the emergence of digital guest experiences.

Technological Innovation Drives Competitive Edge

In an era where "business as usual" is no longer sufficient, hotels are turning to technological innovations to cater to evolving consumer needs. The digital community's rise has intensified competition, necessitating the adoption of tools and processes for customer retention. Hotel technology, playing a pivotal role, is expected to witness continued growth in the coming years. Eleven future hotel technology trends, including smart hotel technology, sustainable hotels, mobile bookings, and AI, are set to shape the industry's landscape.

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Hotels Market Scope and Research Methodology

The report provides a comprehensive analysis of the Hotels industry, including trends, forecasts, and monetary values.

• It provides an in-depth analysis of the segments and sub-segments in global and regional Hotels markets.
• It uses a bottom-up approach to estimate the Hotels market size.
• It includes information on key market participants, new entrants, their services, revenue, financial status, portfolio, growth strategies, and regional presence.
• It provides demand projections, market trends, and micro and macro factors that drive and restrict the Hotels market's growth.
• It uses qualitative and quantitative methods, including SWOT, PESTLE, and Porter's Five Forces analysis.
• It identifies key upcoming developments that are expected to influence Hotels market demand over the forecast period.

Growth Fueled by Travel & Tourism Industry

The travel and tourism industry's exponential growth serves as a key driver for the hotels market. Factors such as increased consumer purchasing power, digital innovation, and internet usage contribute to the expansion of the travel and tourism sector. The United States is a major player in the hotels market, while the China hotels market is projected to experience rapid growth.

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Hotels Market Segmentation:

by Hotel Type

Business/ Commercial Hotels
Boutique Hotels
Resort Hotels
Transit Hotels
Bed & Breakfast Hotels
Others

The market is divided into business/commercial hotels, boutique hotels, resort hotels, transit hotels, bed and breakfast hotels, and others depending on the type of hotel. Over the projected period, the business/commercial hotel segment is anticipated to grow at a CAGR. The primary driver of the growth of the Business/Commercial Hotels segment in the global market during the forecast period is the growing consumer demand for these types of hotels due to their numerous benefits.

by Price Level

Luxury
Upscale
Midscale
Economy

The market is divided into four segments: Luxury, Upscale, Midscale, and Economy, based on Price Level. The luxury market is anticipated to expand at a CAGR throughout the forecast period. Growing tourism, rising disposable income, rising living standards, and a growing propensity for leisure travel are the factors propelling the growth of the luxury market. Throughout the forecast period, these are the main drivers of the global market's growth.

by Room Capacity

Small
Medium
Large
Mega

The market is divided into four segments based on room capacity: small, medium, large, and mega. By 2029, the small room capacity segment is anticipated to command the highest market shares. Little hotels are becoming more and more popular in the world's major cities; they stand out for having small rooms, cleverly designed spaces, and less expensive prices than average. North America is a favourable place for investors in the hotel industry because small hotels are the trend that are most prevalent there. The number of millennial travellers is rising, and they have higher expectations for short-term hotel stays with luxurious furnishings and lots of amenities. Small hotels can meet these needs.

by Business Model

Individual
Chain

The market is divided into two segments based on the business model: individual and chain. In the forecast period, the chain business model segment is anticipated to grow at a CAGR. By the end of the forecast year 2029, chain hotel revenue is predicted to increase from US$ 74 billion in 2021 to US$ 178.6 billion. This change indicates that players in the hotel industry are shifting their investments from independent hotels to chains.

Hotels Market Key Players:

1. Accor SA
2. Marriott International
3. Hyatt Hotels Corporation
4. Hilton Worldwide Holdings Inc.
5. InterContinental Hotels Group PLC.
6. Best Western International, Inc.
7. Choice Hotels Internationals, Inc.
8. Wyndham Destinations, Inc.
9. Radisson Hospitality A.B.
10.Indian Hotels Company Limited
11.Oravel Stays Private Limited
12.TC Limited
13.EIH Limited
14.Bharat Hotels Limited
15.Lemon Tree Hotels
16.The Leela Palaces

Key questions answered in the Hotels Market are:

• What was the Hotels market size in 2022?
• What is the growth rate of the Hotels Market?
• Which are the factors expected to drive the Hotels market growth during the forecast period?
• What are the different segments of the Hotels Market?
• What are the factors restraining the growth of the Hotels Market?
• What are the factors driving the Hotels market growth?
• What segments are covered in the Hotels Market?
• Who are the Hotels key players in the industry?
• What are the upcoming industry applications and trends for the Hotels Market?

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Hotels Market Regional Analysis:

Geographically, Hotels market report is segmented into following regions:

• Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
• Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
• North America (the United States, Mexico, and Canada.)
• South America (Brazil etc.)
• Middle East and Africa (GCC Countries and Egypt.)

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