The global hotels market size was worth around USD 1,376.40 billion in 2023 and is predicted to grow to around USD 2,993.90 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.14% between 2024 and 2032.
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Overview of the Hotel Industry
The hospitality sector is significantly stimulated by the hotel industry, which is a significant sector. Luxury hotels offer a comfortable stay for both vacationers and travelers, as well as a variety of services, including a spa, fitness center, and swimming pool. The increasing number of business travelers worldwide has resulted in substantial growth in the luxury hotel industry in recent years. The global hotel market is anticipated to be driven by evolving consumer preferences and the enhancement of hoteliers’ services during the forecast period. The most significant factor driving the global hotel market is the expanding travel and tourism industry.
Additionally, the proliferation of multinational corporations’ facilities and subsidiaries on a global scale has resulted in an increase in the number of business travelers, which is subsequently driving the hotel market. The primary objective of the main hotels in the market is to enhance the customer service experience and increase the frequency of return visits.
The study also offers a descriptive analysis and the impact of the global hotel market’s main drivers, restraints, and opportunities.
The study also provides an analysis of the competitive landscape of major vendors in the global hotels market, as well as the market attractiveness and Porter’s Five Forces model. A detailed analysis and overview of each segment included in this comprehensive study are also provided.
Growth Drivers in the Hotel Industry
The hospitality industry’s expansion has led to an increase in the number of restaurants and hotels, which is anticipated to drive growth in the hotel market. The hospitality industry and the hotel market have been significantly influenced by the growth of the travel and tourism industry. For a variety of reasons, including business excursions, visits to relatives and friends, pilgrimages, recreation and educational pursuits, and access to quality healthcare facilities, individuals travel from one location to another. The hospitality industry is responsible for providing food and lodging for individuals. Consequently, the hotels market is anticipated to experience growth during the forecast period as a result of the interdependence of hospitality and tourism services.
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The Global Hotels Market is segmented based on product, application and region
Global Hotels Market: Product Segment Analysis
● Business or Commercial Hotels
● Transient Hotels
● Boutique Hotels
● Residential Hotels
● Suite Hotels
● Bed and Breakfast Hotels
● Casino Hotels
● Green Hotels
● Others
Global Hotels Market: Application Segment Analysis
● Leisure
● Business
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The Global Hotels market profiles key players such as:
● AccorHotels
● Best Western International Inc.
● China Lodging Group Limited
● Choice Hotels International Inc.
● citizenM
● Hilton
● Hyatt Corporation
● InterContinental Hotels Group
● ITC Hotels
● Jumeirah International LLC
● Magnuson Hotels
● Marriott International Inc.
● NH Hotel Group Santa Engracia
● Radisson Hotel Group
Regional Analysis of the Global Hotel Market
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa comprise the regional segmentation, which encompasses both historical and projected demand.
In 2023, Europe accounted for a substantial portion of the global hotel market’s revenue. This may be attributed to the growing number of hotels and restaurants in the region, as well as the increasing number of government initiatives to promote tourism by raising awareness of the region’s architectural or historical significance. The Asia Pacific region is expected to experience the most rapid growth during the forecast period, primarily due to the increasing disposable income of emerging countries, including China and India.
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