Serviced Apartment Market Is Booming So Rapidly Growth by 2032 | Marriott International, Inc., The Ascott Limited, Oakwood Worldwide

The serviced apartment industry has witnessed accelerated expansion as modern travelers and business professionals seek flexible, cost-effective, and comfortable accommodation alternatives to traditional hotels. The increasing demand for long-term stays driven by rising business travel, expatriate assignments, and urbanization has reinforced the importance of serviced apartments as a preferred lodging solution. This industry size reflects robust business growth, catalyzed by innovations in booking platforms and enhanced amenities tailored to the evolving needs of guests. The Global Serviced Apartment Market size is estimated to be valued at USD 124.16 billion in 2025 and is expected to reach USD 284.93 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12% from 2025 to 2032. The current market forecast highlights lucrative market opportunities that align with shifting consumer preferences and broader hospitality trends.

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➤Actionable Insights

● Production capacity for serviced apartments rose by 15% in 2024, fueled by aggressive property development in key urban hubs.
● Average pricing per night experienced an uptick of approximately 8% in 2024, reflecting high occupancy rates and inflationary pressures on operational costs.
● Export-equivalent indicators show an increase in international bookings for serviced apartments, with Asia Pacific witnessing a 20% growth in inbound demand during 2024.
● Diverse use cases such as corporate relocations, medical tourism, and extended vacations account for 45% of total market demand, demonstrating varied sectoral dependencies influencing market size.
● Recent micro-level data points to emerging nano-markets within tier-2 cities showing 10-12% growth in serviced apartment inventory, underscoring decongestion trends from primary metropolitan areas.

❖Market Segment and Regional Coverage

○ By Property Type: Studio, One-Bedroom, Two-Bedroom, Penthouse, and Others
○ By Application: Corporate Travel, Leisure Travel, Extended Stay, Government and Military, and Others
○ By Booking Channel: Online Travel Agencies (OTAs), Direct Bookings, Travel Management Companies, and Others
Regional and Country Analysis:
○ North America: U.S. and Canada
○ Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
○ Europe: Germany, U.K., Spain, France, Italy, Benelux, Denmark, Norway, Sweden, Russia, and Rest of Europe
○ Asia Pacific: China, Taiwan, India, Japan, South Korea, Indonesia, Malaysia, Philippines, Singapore, Australia, and Rest of Asia Pacific
○ Middle East & Africa: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Israel, South Africa, North Africa, Central Africa, and Rest of MEA

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✔Key Players

» Marriott International, Inc.
» The Ascott Limited
» Oakwood Worldwide
» InterContinental Hotels Group (IHG)
» Fraser Hospitality
» Staybridge Suites
» Citadines Apart'hotel
» Residence Inn by Marriott
» Hilton Worldwide Holdings Inc.
» Accor S.A.
» Sonder Holdings Inc.
» Wyndham Hotels & Resorts
» Blueground
» Taj Hotels
» Greet Hotels

Several key market players have adopted innovative growth strategies recently. For example, Marriott International expanded its Residence Inn portfolio through strategic acquisitions in North America, resulting in a 10% increase in market revenue in 2024. The Ascott Limited intensified its technology integration by launching AI-driven guest services, enhancing customer satisfaction and operational efficiency, contributing to widened market share in the Asia Pacific. Oakwood Worldwide strengthened its presence via joint ventures in emerging Latin American markets, boosting its footprint and competitive edge.

➤Growth Factors

✓ Rising corporate travel and remote work trends significantly augmented market growth, with a 12% increase in demand for extended stay serviced apartments in 2024 alone.
✓ Increasing urbanization and expatriate population expansion in Asia Pacific and Middle East regions serve as critical market drivers.
✓ Enhanced digital platforms improving booking flexibility and price transparency contribute to accelerated market revenue.
✓ Post-pandemic travel normalization catalyzed renewed interest in serviced apartment solutions, with a 25% rise in leisure segment demand recorded in 2024.

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❖ Market Trends
⇨ Hybrid work models lead to higher occupancy rates for serviced apartments in suburban and secondary city locations, displaying a 15% annual increase.
⇨ Sustainable and eco-friendly serviced apartments are gaining traction, with operators retrofitting existing properties to meet green building standards, capturing a niche market share.
⇨ Technology advancements like contactless check-ins and integrated smart room solutions are becoming market essentials, with deployment rates surpassing 30% among top market players.
⇨ Rising consumer preference for personalized and flexible stay options drives innovation in segmented packages catering to families, solo travelers, and business groups.

✒Key Takeaways

→ Serviced Apartment Market size encompasses diverse property types with studio and one-bedroom units dominating inventory.
→ Corporate travel remains a key segment, driving substantial business growth within serviced apartment market segments.
→ Online Travel Agencies (OTAs) lead booking channels, leveraging technology to enhance market scope and accessibility.
→ Asia Pacific region shows dynamic growth fueled by urban expansion and rising middle-class income.
→ North America's market dynamics benefit from strong corporate travel demand and established serviced apartment infrastructure.
→ Europe continues to innovate in sustainable lodging, defining evolving industry trends across countries like Germany and the U.K.

❓ Frequently Asked Questions

1. Who are the dominant players in the Serviced Apartment Market?
Key players include Marriott International, The Ascott Limited, Oakwood Worldwide, InterContinental Hotels Group, and Hilton Worldwide Holdings, among others, leveraging scalability and innovation in services.

2. What will be the size of the Serviced Apartment Market in the coming years?
The Serviced Apartment Market size is projected to reach USD 284.93 billion by 2032, growing at a CAGR of 12% from 2025 to 2032.

3. Which end user industry presents the largest growth opportunity?
Corporate travel and extended stay segments are expected to offer the largest growth opportunities, supported by rising business travels and remote work flexibility.

4. How will market development trends evolve over the next five years?
Market trends will evolve towards integrating smart technology, sustainable operations, and diversification into tier-2 cities and emerging regions, enhancing overall market share.

5. What is the nature of the competitive landscape and challenges in the Serviced Apartment Market?
The market features intense competition with rapid technological adoption as a differentiator; challenges include regulatory complexities and shifting traveler preferences.

6. What go-to-market strategies are commonly adopted in the Serviced Apartment Market?
Strategies include mergers and acquisitions, technology integration, geographic expansion, and partnership development with corporate clients to optimize occupancy rates and market revenue.

✍️ Author of this marketing PR:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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