Global Hotels Market - Future Trends and Opportunities 2021
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Unstable political environment is one of the major factors restraining the hotels industry. Political stability is one of the major factors behind the success of the travel and tourism industry. The political condition of a country affects its business as well as leisure travel. Furthermore, natural disasters are one of the key factors affecting the hotel industry. Apart from this, increasing popularity of budget hotels in the developed countries of North America and Europe, the major players are focusing on the luxury hotels segment in order to maximize their market presence. Due to the shift in consumer preference toward a luxurious lifestyle, hoteliers are keen on launching new range of luxury hotels across different locations globally which is considered as an opportunity for the hotels industry.
3 Star hotels held the largest market share in the hotels market globally and is expected to remain the market leader throughout the forecast period. However, the unrated segment is expected to be the fastest growing market. Increasing demand in the budget hotels segment is one of the major factors fueling the demand in the unrated segment. Apart from this, 5 Star segment is also having huge growth potential in the hotels market. Increasing number of business travelers and demand for luxurious lifestyle are the major factors boosting the demand in this segment.
North America held the largest market share in the hotels market globally. The U.S. is one of the major markets for hotels in North America. Increasing expenditure on travel and tourism is one of the major factors boosting the growth of the hotel industry worldwide. Furthermore, medical tourism industry has also grown considerably which is also one of the major reason contributing in the positive growth of hotels industry across different regions worldwide. However, Asia Pacific is also one of the major markets for hotels globally. Singapore is the fastest growing market in Asia Pacific. Increasing business travel and aggressive branding strategies adopted by key players are some of the major factors fueling the demand in this region.
Europe is expected to experience sluggish growth in the forecast period. U.K., Germany, France and Italy among others are some of the major countries boosting the hotels market in Europe. UAE is also one of the major markets for hotels in rest of the world. The 4 Star segment held the largest market share in the UAE hotels market. Brazil and Saudi Arabia are some of the other major countries boosting the hotels market in rest of the world.
Some of the major players involved in the hotels market are Hilton Worldwide Holdings Inc. (U.S.), Marriott International, Inc.(U.S.), InterContinental Hotels Group PLC (U.K), Starwood Hotels and Resorts Worldwide (U.S.), Accor Hotels (France), Indian Hotels Company Ltd. (India), ITC Ltd. (India), Jumeirah Group LLC (UAE), Atlantis The Palm Limited (UAE), Four Seasons Holdings Inc. (Canada) among others. Aggressive branding and promotional activities along with geographical expansion and establishing strategic partnership are some of the major business strategies adopted by major players in order to strengthen their foothold globally.
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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