Press release
Travel Accommodation Market Set to Reach $1102.14 Billion by 2029 with 9% Yearly Growth
Travel Accommodation
The increase in international business tourism is expected to drive the growth of the travel accommodation market. International business tourism involves travel for corporate meetings, conferences, and events. This growth is driven by globalization, economic growth, trade agreements, corporate expansion, and the rise of remote and hybrid work models. Travel accommodations are essential for business travelers, providing convenient and comfortable lodging options that allow them to focus on their professional activities. For example, in May 2024, the Office for National Statistics reported that UK residents made 6.3 million international business trips in 2023, an increase from 4.9 million in 2022. The increase in international business tourism is boosting demand for travel accommodations.
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What Is the projected market size and growth rate for the travel accommodation market?
The travel accommodation market has grown significantly, projected to expand from $713.44 billion in 2024 to $780.29 billion in 2025, with a CAGR of 9.4%. The past growth was attributed to an increasing preference for experiential travel, the rise of online booking platforms, higher disposable income, improved earning capacity, and overall growth in the hotel industry.
The travel accommodation market is forecasted to see substantial growth, reaching $1102.14 billion by 2029 at a CAGR of 9.0%. Key drivers include increased international business tourism, high demand for vacation hotels, rising tourism and social engagement, an aging population with early retirement, and growing participation in outdoor activities. Major trends in the forecast period will involve the adoption of smart hotel technologies, the development of eco-friendly accommodations, the rise of the experience economy, tech-driven transformations, and the increasing popularity of vacation rentals.
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What new trends are reshaping the travel accommodation market and its opportunities?
In the travel accommodation market, companies are adopting AI-driven booking platforms to enhance the customer experience and streamline the booking process. For instance, in March 2024, Bag2Bag introduced India's first generative AI-based hotel booking platform. This platform allows instant room allocation based on user preferences, real-time pricing adjustments, and personalized recommendations, significantly improving the user experience while optimizing hotel resource management.
What major market segments define the scope and growth of the travel accommodation market?
The travel accommodation market covered in this report is segmented -
1) By Type: Hotels, Hostels, Resorts, Vacation Rentals, Other Types
2) By Price Point: Economy, Mid-Range, Luxury
3) By Mode Of Booking: Direct Booking, Online Travel Agency, Other Modes Of Booking
4) By Application: Leisure, Professional, Other Applications
Subsegments:
1) By Hotels: Luxury Hotels, Budget Hotels, Boutique Hotels, Business Hotels, Extended Stay Hotels
2) By Hostels: Dormitory-Style Hostels, Private Room Hostels, Backpacker Hostels, Eco-Friendly Hostels
3) By Resorts: Beach Resorts, Ski Resorts, Wellness And Spa Resorts, All-Inclusive Resorts, Luxury Resorts
4) By Vacation Rentals: Short-Term Rentals, Villas And Private Homes, Apartments, Cabins And Cottages, Timeshare Rentals
5) By Other Types: Bed And Breakfasts (B&B), Motels, Glamping, Campsites And Caravan Parks, Farm Stays And Agritourism
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Which region dominates the travel accommodation market?
North America was the largest region in the travel accommodation market in 2023. The regions covered in the travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the travel accommodation industry growth?
Major companies operating in the travel accommodation market are Alibaba Group Holding Limited, American Airlines Inc., Marriott International Inc., MGM Resorts International, Radisson Hotel Group, Expedia Group Inc., JetBlue Airways Corporation, Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Accor S.A., InterContinental Hotels Group plc, Hays Travel Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Tripadvisor Inc., Choice Hotels International Inc., Wyndham Destinations, The Ascott Limited, Oravel Stays Private Limited, Vrbo, Red Lion Hotels Corporation, eLong Inc., A&O Hotels and Hostels GmbH, Rewe Group, Tuniu Corporation
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What Is Covered In The Travel Accommodation Global Market Report?
•Market Size Forecast: Examine the travel accommodation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the travel accommodation market for a structured understanding.
•Key Players Overview: Analyze major players in the travel accommodation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the travel accommodation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the travel accommodation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the travel accommodation market.
•Industry Challenges: Identify potential risks and obstacles affecting the travel accommodation market.
•Competitive Landscape: Review strategic developments in the travel accommodation market, including expansions, agreements, and new product launches.
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