âGlobal demand for travel accommodation is expected to increase due to increased consumer spending; liberalization of visa regulations in countries such as India, Australia and New Zealand; development of the tourism industry and increase in business travel. The online travel agency segment dominates the market as these agencies offer personalized itineraries as well as other services, making it easy for travelers to plan their visits. However, the increase is online scam and fraud is expected to hamper the growth of the travel accommodation market during the forecast period.
According to a new report released by Allied Market Research, titled “Travel accommodation market By Type, Application, Price and Booking Method: Global Opportunity Analysis and Industry Forecast, 2019-2026‘, The global travel accommodation market size was valued at $ 632.8 billion in 2018 and is expected to reach $ 893 billion by 2026, registering a CAGR of 4.50% from 2019 to 2026. L travel accommodation refers to establishments used by travelers for the purpose of their stay. , and is considered the most basic concern of every traveler. Various accommodations are available for lodging including hotels, resorts, inns, vacation rentals and others. The ideal choice of stay can be determined based on several factors such as purpose of travel, budget for accommodation, availability of the property and method of booking. In addition, accommodation can be booked through a variety of sources including online travel agencies, hotel websites, bookings through agents, and direct bookings.
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The vacation rentals segment is expected to show the strongest growth over the forecast period as vacation rentals provide luxury and budget stay options to their tenants. Growth in this segment is further fueled by tourism in emerging markets. Additionally, the increasing popularity of vacation rentals such as Airbnb, Homeaway and Flipkey and increasing business travel trends, especially in Latin America and Africa, are expected to propel the market growth. Additionally, vacation rentals make it possible to book large homes at economical costs, which is a key factor among budget-conscious travelers.
The growth of the travel accommodation market is mainly driven by the development of the tourism and hospitality industry. Individuals all over the world are increasingly exploring niche destinations and traveling across countries to discover untapped regions further increasing the growth of the market. In addition, the upsurge in business travel due to the rise of globalization has strongly influenced the travel accommodation market.
According to Shankar Bhandalkar, Team Leader, Consumer Goods at Allied Market Research, âGlobal demand for travel accommodation is expected to increase due to increased consumer spending; liberalization of visa regulations in countries such as India, Australia and New Zealand; development of the tourism industry and increase in business travel. The online travel agency segment dominates the market as these agencies offer personalized itineraries as well as other services, making it easy for travelers to plan their visits. However, the increase is the online scam and fraud is expected to hamper the growth of the travel accommodation market during the forecast period â
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The global travel accommodation market is segmented by type, application, and region. By type, the market is categorized into hotel, inn, resort, vacation rental, and others. By application, it is classified into leisure, professional and others. Based on the mode of booking, it is fragmented into online travel agency, hotel website and others. Regarding regions, it is studied in North America, Europe, Asia-Pacific and at LAMEA.
Key Findings of the Travel Accommodation Market:
- By type, the hotel segment accounted for the highest travel accommodation market share in 2018 and is expected to grow at a CAGR of 3.9% between 2019 and 2026.
- By application, the leisure segment accounted for around 63% of the market in 2018 and is expected to grow at a CAGR of 5.80% during the forecast period of the travel accommodation market.
- Based on price, the mid-range segment accounted for the highest travel market share in 2018 and is expected to register a CAGR of 4.8% during the forecast period.
- According to the booking mode, the online segment accounted for around 77% of the market in 2018 and is expected to grow at a CAGR of 4.7% during the analysis period of the travel accommodation market.
- In terms of regions, Europe accounted for around 39% of the travel accommodation market share; however, the Asia-Pacific region is expected to grow at the fastest CAGR of 6.6%.
Major players operating in the global travel accommodation industry include Marriott International, Hyatt Hotels Corporation, Wyndham Destinations, Hilton Worldwide Holdings Inc., Accor Hotels Group, Radisson Hotel Group, Airbnb Inc., A&O Hotels and Hostels GmbH, Red Lion Hotels Corporation, and Oyo Rooms.
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