Travel accommodation refer to establishments used by travelers for the purpose of their stay. There are many types of accommodation available for travelers including hotels, resorts, hostels, vacation rentals and others. The choice of stay results from several factors such as budget, availability of property, purpose of travel and destination. These accommodations are booked through various sources based on the preferences of the traveler which consists of bookings through online travel agents for their knowledge and expertise, bookings directly through hotel websites, etc.
The tourism and hospitality industry has created significant growth potential for the tourist accommodation market. People around the world are increasingly exploring niche destinations and traveling across countries for fun and vacations. In addition, international business tourism has intensified in recent years, constituting the main source of income.
This has created a huge demand for travel accommodation in these regions which is expected to drive the growth of the global travel accommodation market. In addition, due to increasing globalization, the interdependence between businesses from various regions and people has increased significantly, which has fueled the demand for business tourism.
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Thus, Travel Accommodation has seen significant growth for MICE (Meetings, Incentives, Conferences and Exhibitions) thereby increasing the growth of the global travel accommodation market. However, fraudulent attacks on travel accommodation have become commonplace and the number of fraudsters has increased with the advancement of their fraud techniques. These factors are collectively expected to restrain the growth of the global market.
In addition, consumers are turning to digital channels to book accommodation online due to the increased convenience and flexibility, which is expected to provide lucrative opportunities for market expansion. Although online booking scams have increased as a result, it has created an inexplicable challenge not only for online merchants, but also for the travel accommodation industry.
Conversely, the trend for solo travelers has increased dramatically in recent years. This has led to an increase in the need for accommodation, which allows consumers to reside in simple and affordable vacation rentals such as Airbnb, hostels, Capsule hotels and others. This trend can therefore be seen as an opportunity for the growth of the global tourist accommodation market.
The global travel accommodation market is segmented by type, application, and region. Depending on the type, the market is categorized into hotel, inn, resort, vacation rental, and others. Applications covered by the study include leisure, professional activities and others. By method of booking, the market is divided into online travel agencies, hotel websites, and others. Regarding regions, it is studied in North America, Europe, Asia-Pacific and at LAMEA.
Major players operating in the global travel accommodation market 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.
Main benefits for stakeholders
â¢ This report provides quantitative analysis of current trends, estimates and dynamics of the global Travel Accommodation market size from 2019 to 2026 to identify the dominating opportunity of the Travel Accommodation market.
â¢ Key countries in all major regions are mapped according to their market share.
â¢ Porter’s Five Forces Analysis highlights the power of buyers and suppliers to empower stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
â¢ A comprehensive analysis of the factors driving and limiting the growth of the travel accommodation market is provided.
â¢ Thorough market analysis helps determine existing opportunities.
â¢ The report includes details on regional and global market analysis, key players, market segments, application areas and growth strategies.
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Key market segments
â¢ By type
o Vacation rental
â¢ By application
â¢ By price level
â¢ By booking method
o Online travel agency
o Direct bookings
â¢ By region
Â§ The rest of Europe
Â§ Rest of Asia-Pacific
Â§ Latin America
Â§ Middle East