- According to Transparency Market Research’s latest report on the global hotels market for the period of 2019 – 2027 (wherein, the period from 2019 to 2027 is the forecast period and 2018 is the base year), business/commercial hotels are expected to increase in number due to rise in business-related travel.
- In the report, revenue generated in the global hotels market is provided in terms of value (US$ Bn) for the forecast period.
Global Hotels Market: Exponential Growth of Travel & Tourism Industry a Key Driver
- Rise in global consumer purchasing power, growth of economies, and digital innovation are cumulatively fueling the expansion of the travel and tourism industry, which is subsequently driving the global hotels market.
- Since the past two decades, international travel departures around the world have grown two-fold, and over the next few years, this trend is projected to grow even more, thus elevating the booking frequency of business and commercial hotels, subsequently contributing to higher occupancy rates.
- The U.S. is a major hotels market, globally. However, the China hotels market is estimated to grow at a rapid pace during the forecast period.
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Consumer Preference for Hotel Chains over Independent Hotels: Key Hotels Market Trend
- There has been growth in global consumer spending capability, which has dynamically transformed consumer preference for hotels. A majority of the traveling population, nowadays, opt for chain hotels over independent hotels. Owing to this, some of the major hotel chains across the globe have stepped up by enhancing their services and implementing a variety of strategies in order to gain more traction in the global hotels market.
- In recent years, health and wellness resorts have received substantial attention, and therefore, some of the hotel chains across the world are including alternative medicine services, high-end spa, and others, knowing that certain travelers, these days, are willing to spend premium for accessing these services. This trend is projected to gain popularity in the near future.
Emergence of Shared Accommodation: A Key Restraining Factor
- Rise in the trend of shared economy has empowered organizations such as Airbnb and Expedia predominantly, which, in response, is expected to adversely impact the hotels market.
- These shared accommodation service providers have relatively lower overhead costs than chain hotels, which enables them to provide their customers with a personalized experience at relatively lower cost.
- The low cost of shared accommodation services adversely impacts the RevPAR of hotels; however, the impact might vary across different fragments of the hotels market.
- Furthermore, constant improvement in the quality of shared accommodation services is likely to negatively impact the RevPAR of chain hotels. Luxury hotels are estimated to be one of the most affected segments, in terms of depleting RevPAR.
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Global Hotels Market: Competition Landscape
- Detailed profiles of major hotels have been provided in the hotels market report to evaluate their financials, key product offerings, recent developments, and strategies.
- Key players operating in the global hotels market include –
- Accor SA
- Marriott International
- Hyatt Hotels Corporation
- Hilton Worldwide Holdings Inc.
- InterContinental Hotels Group PLC.
- Best Western International, Inc.
- Choice Hotels Internationals, Inc.
- Wyndham Destinations, Inc.
- Radisson Hospitality A.B.
- Indian Hotels Company Limited, etc.
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