Travel Accommodation Market Size, Share, Growth, Forecast, 2032

The global travel accommodation market size was USD 786.10 billion in 2023. The market is set to rise from USD 879.02 billion in 2024 to USD 1.93 trillion by 2032 at a CAGR of 10.39% during 2024-2032.

Travel accommodation comprises commercial settings, including hostels, resorts, vacation rentals, and hotels, where travelers halt for the duration of their outings. They provide numerous services for guests, such as massages, toiletries, laundry service, food service, and parking. Increased need for travel accommodation facilities due to a rising trend of spending holidays at gorgeous locations, especially among youth, is fostering market expansion.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅- https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/travel-accommodation-market-110515

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:
▶ Marriott International (U.S)
▶ Hyatt Hotels Corporation (U.S)
▶ IHG Hotels & Resorts (U.K)
▶ Emaar Hospitality Group (UAE)
▶ Accor S.A. (France)
▶ Awaze Vacation Rentals Ltd (U.K)
▶ Hilton (U.S)
▶ OYO Rooms (India)
▶ Cygnett Hotels & Resorts (India)
▶ Four Seasons Hotels Limited (Canada)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
Hotels to Lead the Market Due to Their Easy Availability

By type, the market is classified into hotels, resorts, hostels, vacation rentals, and others. Hotels are expected to lead the travel accommodation market share in the coming years due to their easy availability. They are normally situated in main locations, including near transportation centers and town areas. Hotels are gaining traction with the service offerings for both business and holiday travelers.

Increased Travelers' Preference for Reasonable Accommodation Assisted Economy Segment Expansion

On the basis of price point, the market is categorized into economy, mid-range, and luxury. The economy segment commanded the market due to rising middle-class consumers' inclination toward economic accommodation services. These conveniences save the travelers' accommodation prices during trips as they offer basic utilities, including food and clean rooms.

Increased Preference for Exciting and Fun Activities by Younger Generation to Propel the Demand for Leisure Tourism

In terms of application, the market is divided into leisure, professional, and others. The leisure segment is set to rule the market over the projected period as many people arrange trips to unwind themselves from the daily hustle. The younger generation's increased preference for exciting and fun activities is driving the demand for leisure tourism.

Growing Focus on Price and Service Comparison Offered by Accommodation Services to Boost the Adoption of Online Travel Agencies

Based on the mode of bookings, the market is segregated into direct bookings, online travel agencies, tour operators, and others. Online travel agencies led the global market as they support travelers in price and service comparison offered by several travel accommodation services. Online travel agencies are gaining traction among consumers due to their easy use and convenience.

From the regional ground, the market is classified into Europe, South America, North America, Asia Pacific, and the Middle East & Africa.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The market research report presents a complete market examination, highlighting essential elements, including the competitive environment and noticeable product categories. Furthermore, the report provides valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes several aspects that have fostered market expansion in recent times.

𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞- https://www.fortunebusinessinsights.com/enquiry/get-a-quote/travel-accommodation-market-110515

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
Rise in the Introduction of New Online Hotel Booking Services to Propel Market Growth

There is an increase in hotel, hostel, and resort bookings through online sources, including hotel websites, online booking platforms, and vacation rental portals. Many people highly prefer online booking sources as they offer price comparisons, check availability, and save time. These platforms also focus on offering promotional discounts and deals on special events and holiday seasons. An increase in the introduction of new online hotel booking services and rising online accommodation booking throughout countries are fostering market growth

Nevertheless, substantial investment costs are impeding the travel accommodation market growth.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Rise in Tourism Augmented Market Growth in Europe

Europe commanded the global market due to a rise in tourism across European countries, including France, the U.K., Italy, and Germany. The existence of several gorgeous locations is boosting market expansion.

Market growth in North America is attributed to the rising number of travelers in the U.S. and Canada and the increasing number of visitors across different accommodation amenities.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
Key Players Offer Enhanced Facilities to Boost Their Market Share

With several economies, mid-scale, and large-scale travel accommodation companies, the market is extremely competitive. Key players focus on offering enhanced facilities to boost their market share. They provide numerous services, such as the best food offerings, to improve customers' booking experience and increase their customer base.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐮𝐦𝐦𝐚𝐫𝐲: https://www.fortunebusinessinsights.com/travel-accommodation-market-110515

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
August 2024: An Indian hotel business, The Swosti Group, declared ideas to inaugurate its new five-star resort in Puri, Odisha, India. This resort will include 125 rooms, luxury suites, an infinity swimming pool, a restaurant, spa, gym, sky lounge bar, and conference halls.

𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬-
https://www.fortunebusinessinsights.com/online-accommodation-booking-market-105007
https://www.fortunebusinessinsights.com/hotel-market-104983
https://www.fortunebusinessinsights.com/luxury-hotel-market-104408

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This release was published on openPR.