According to a new report published by Allied Market Research, titled, “Travel Accommodation Market by Type, Pet Type, Application, Price, and Booking Method: Global Opportunity Analysis and Industry Forecast, 2022-2031” , the Travel Accommodation Market was valued at USD 632.80 Billion in 2021 and is projected to reach USD 1,974.30 Billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.
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Travel accommodation refers to the establishments used by travelers as part of their stay and is considered the most basic concern of every traveler. Various accommodations are available for accommodation including hotels, resorts, hostels, vacation rentals and others. The ideal choice of stay can be determined based on several factors such as purpose of travel, travel accommodation budget, property availability, and method of booking. Additionally, accommodation can be booked through a variety of sources including online travel agencies, hotel websites, bookings through agents, and direct bookings.
The vacation rentals segment is expected to show the highest growth during the forecast period of the travel accommodation market, as vacation rentals offer budget and luxury stay options to their tenants. The growth of this segment is further fueled by tourism in emerging markets. Additionally, rise in popularity of vacation rentals such as Airbnb, Homeaway, and Flipkey and rise in business travel trends, especially in Latin America and Africa, are expected to propel the growth of the market. The travel accommodation market trends include increasing preferences for leisure travel, increasing camping market marketing activities, and other factors to support the growth of the market.
Additionally, vacation rentals make it possible to book large homes at economical costs, which acts as a key driver among budget-conscious travelers. The growth of the market is mainly driven by the development of the tourism and hospitality industry. Individuals across the world are increasingly exploring niche destinations and traveling across countries to discover untapped regions, which further increases the growth of the travel accommodation market. In addition, the upsurge in business travel due to the rise of globalization has strongly influenced the market.
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During the pandemic, a huge drop in international tourists has been recorded. According to the United Nations World Tourism Organization (UNWTO), a 73% decline in international tourist arrivals was recorded in 2020. Additionally, the travel accommodation industry was also significantly affected. Internal business travel and accommodations include travel between a company’s offices, food, trade shows and conventions. Most of the business enterprises have started using online video conferencing platforms which have helped to organize meetings and conferences at minimal cost, which reduces business travel bookings as well as general travel accommodation in the whole world. Moreover, some companies perceive business travel as an unnecessary cost and are increasing the adoption of ICT and online platforms to organize meetings as a cost control measure. Therefore, the loss suffered by the business travel accommodation industry may not be fully recovered even in the post-COVID period, due to the increase in the penetration of ICT technologies.
The global travel accommodation market size is segmented into type, application, price, booking method and region. The type segment includes hotels, inns, resorts, vacation rentals and others. Applications covered in the study include hobby, professional, and others. Based on price, the market is categorized into economy, midrange, and luxury. According to the mode of booking, it is separated into online travel agency, hotel website and others. Regionally, it is studied in North America (United States, Canada and Mexico), Europe (Germany, Spain, United Kingdom, Italy, France, Switzerland and rest of Europe), Asia-Pacific ( India, China, Japan, Australia, and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).
Key Players of Global Travel Accommodation Industry that have been analyzed in this report are 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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Main results of the study
- By type, travel accommodation market analysis shows that the vacation rental segment is expected to grow at a CAGR of 12.4% from 2021 to 2031.
- By region, Europe accounted for around 39% of the travel accommodation market share of the total global travel accommodation market in 2021.
- Regionally, Europe is expected to occupy a major share of the travel accommodation market in 2031.
- By booking mode, the online travel agency is expected to grow at a CAGR of 12.9% from 2022 to 2031.
- By price, the luxury travel accommodation segment is expected to grow at the fastest CAGR of 11.8% during the travel accommodation market forecast period.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.