Global Hotels Market : Growing Demand for Budget Hotels to Expand Market at 4.0% CAGR

A research report recently published by Transparency Market Research forecasts the global hotels market to expand at a CAGR of 4.0% during the period between 2015 and 2021, The report, titled “Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021”, projects the global hotels market to be worth US$702.74 bn by 2021. The overall market was valued at US$534.02 bn in 2014.

The report states that the increasing expenditure on travel and tourism has propelled the growth of the global hotels market. The growing tourism industry, along with segmented offerings from major players, has further boosted the market growth. However, the report states that unstable political environment across some of the regions might restrain the growth of the market during the forecast horizon. Natural disasters also might negatively affect the market. The overall market has a huge opportunity to grow in the untapped luxury hotels segment.

On the basis of hotel type, the report categorizes the global hotels market into 1 Star, 2 Star, 3 Star, 4 Star, 5 Star, and unrated. The 3 Star segment dominates the overall market owing to the thriving travel and tourism industry, along with demand for luxurious lifestyle. However, during the forecast horizon, due to the surging demand for budget hotels, the unrated segment is likely to exhibit the fastest growth.

The report segments the global hotels market into four key regions: North America, Asia Pacific, Europe, and Rest of the World. North America has emerged as the largest and the fastest growing region in the market owing to the rapid growth of the travel and tourism industry. While the 3 Star segment has dominated the regional market, the unrated segment is anticipated to emerge as the fastest growing segment during the forecast horizon. The U.S. is the key market in the region due to increasing business and leisure tourism.

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In Asia Pacific, countries such as India, China, Singapore, and South Korea are contributing largely towards the growth of the hotels market. Singapore is the fastest growing market in the region with the 5 Star segment accounting for the largest share of the market. In Rest of the World, Saudi Arabia, Brazil, and UAE are some of the major countries driving the growth of the hotels market. UAE is the fastest growing market in the region. In Europe, presence of a large number of hotels across countries such as the U.K., Germany, and France is expected to saturate the regional market during the forecast period.

The report describes the competitive landscape and profiles some of the Key Players operating in the global hotels market such as Marriott International Inc., Hilton Worldwide Holdings Inc., InterContinental Hotels Group Plc, Starwood Hotels and Resorts Worldwide Inc., Accor Group, Indian Hotels Co Ltd., ITC Ltd., Atlantis The Palm Limited, Jumeirah International LLC, and Four Seasons Holdings Inc.

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This release was published on openPR.