Hotels Market Overview: Key Trends and Industry Developments

Hotels Market Poised for Significant Growth

The global hotels market is experiencing robust expansion, with projections indicating a rise from USD 981.22 billion in 2023 to USD 1,816.88 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.

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Competitive Landscape and Regional Demand

The market is characterized by intense competition, with both established chains and independent hotels striving to enhance their offerings. Notably, small room capacity hotels are gaining traction, especially in North America, due to their compact designs and cost-effective rates. This trend aligns with the preferences of millennial travelers seeking short-term stays with high-quality amenities.

United States: Growth Opportunities in the Hotel Sector

In the United States, the hotel industry is witnessing a shift towards chain business models. Projections suggest that the chain hotel sector will grow from USD 74 billion in 2023 to USD 178.6 billion by 2030. This growth is attributed to streamlined operations and consistent pricing strategies facilitated by technological advancements.

Asia Pacific: Trends and Consolidation in the Hospitality Industry

The Asia Pacific region has recorded a 19% year-on-year increase in hotel transactions, totaling USD 5.7 billion in the first half of 2024. This surge is led by significant deals in countries like Japan, China, and Singapore. The region is anticipated to reach a record USD 11.6 billion in hotel transactions for the full year 2024, driven by strong investor appetite, particularly in Japan.

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Middle East and Africa: Massive Investments Fueling Hospitality Expansion

The Middle East is undergoing unprecedented growth in its hospitality sector, with projects worth approximately USD 1.9 trillion under development. Saudi Arabia leads with USD 1.2 trillion, followed by the United Arab Emirates with USD 300 billion, and Egypt with USD 200 billion. This substantial investment underscores the region's commitment to attracting 160 million annual tourists by 2030.

Europe: Market Updation and Emerging Opportunities

Europe's hotel industry is adapting to evolving traveler preferences, emphasizing sustainable practices and technological integrations. The region is witnessing a trend towards boutique and lifestyle hotels that offer unique experiences, catering to the demand for personalized services. Additionally, mergers and acquisitions are on the rise as companies seek to expand their portfolios and enhance market presence.

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Market Segmentation: In-Depth Analysis:

by Hotel Type

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

The market is divided into two segments: business/commercial hotels, boutique hotels, resort hotels, transit hotels, bed & breakfast hotels, and others. The business/commercial hotels segment is anticipated to grow at a compound annual growth rate (CAGR) during the forecast period. The main driver of this segment's growth in the global market during this time is the growing demand from consumers for business/commercial hotels, which offer numerous advantages to their patrons.

by Price Level

Luxury
Upscale
Midscale
Economy

The market is divided into four segments: Economy, Midscale, Upscale, and Luxury. Over the course of the projected period, the luxury segment is anticipated to rise quickly at a CAGR. The increase in tourism, increased disposable income, rising living standards, and a growing desire for leisure travel are the main drivers of the luxury market's expansion. These are the main drivers of the global market's expansion throughout the course of the predicted period.

by Room Capacity

Small
Medium
Large
Mega

The market is divided into four segments: Mega, Large, Medium, and Small. By 2030, it is anticipated that the small room capacity segment will hold the biggest market shares. Small hotels are characterized by their small rooms, space-saving architecture, and lower-than-average rates, and they are popping up in major cities all over the world. North America is a favorable place for participants in the hotel industry to invest because small hotels are the trend with the biggest share in this region. Small hotels are able to meet the needs of the growing number of millennial travelers who need short-term hotel stays with luxurious interiors and lots of services.

by Business Model

Individual
Chain

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Learn about the top players driving innovation in the Market :

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

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