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Travel Accommodation Market is expected to grow at a CAGR of 4.60% during the forecasted period | Evolve Business Intelligence
• The global Travel Accommodation Market size was valued at USD 690.71 billion in 2022 growing at a CAGR of 4.60% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Travel Accommodation Market size accounted for USD 690.71 Billion in 2022, growing at a CAGR of 4.60% from 2023 to 2033.The Travel Accommodation Market encompasses lodging options for travelers, including hotels, vacation rentals, hostels, and alternative accommodations booked through platforms like Airbnb or Booking.com. It caters to diverse preferences and budgets, offering various amenities and experiences worldwide. Key players in this market include hotel chains, online booking platforms, and individual property owners, driving competition and innovation in hospitality services. The market's growth is fueled by increasing travel trends, changing consumer preferences, and the rise of online booking platforms, facilitating easier access to accommodations globally.
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The Travel Accommodation Market is primarily driven by evolving traveler preferences seeking diverse lodging options, including personalized experiences and cost-effective stays. Online booking platforms' increased accessibility and the rise of alternative accommodations like vacation rentals contribute to the market's growth, offering flexibility and unique stays.
Key Players
Some of the major Travel Accommodation Market players holding high market shares include Hilton Worldwide Holdings Inc., Radisson Hotel Group, A&O Hotels and Hostels GmbH and Hyatt Hotels Corporation. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Red Lion Hotels Corporation, Oyo Rooms, Accor Hotels Group, Wyndham Destinations, Airbnb Inc., Marriott International
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Segmental Analysis
Based on type, the Travel Accommodation Market is segmented into hotels, hostels, resorts, vacation rentals, and others. Hotels have a significant portion of the market for travel accommodations because they charge guests for services like meals and short-term lodging. These days, one of the most popular types of lodging for tourists is vacation rentals. They provide customers with a range of personalized stay choices.
Based on applications, the Travel Accommodation Market is segmented into leisure, professional, and others.
Based on price point, the Travel Accommodation Market is segmented into economy, mid-range, and luxury.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune's global 2000 companies.
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