The travel accommodation global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Travel Accommodation Market, 2024The travel accommodation global market report
2024
Market Size - The travel accommodation market size has grown strongly in recent
years. It will grow from $655.75 billion in 2023 to $713.44 billion in 2024 at
a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period
can be attributed to emerging trend of traveling for experiences, expanding
reach of online booking platforms, increasing disposable income, improved
earning capacity, and growth in the hotel industries.
The travel accommodation market size is expected to see strong growth in the
next few years. It will grow to $1,010.94 billion in 2028 at a compound annual
growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed
to growth in international business tourism, growing high demand for vacation
hotels, increasing tourism and social engagement, rising aging population and
early retirement, and rising participation in outdoor activities. Major trends
in the forecast period include adoption of smart hotel technologies,
development of eco-friendly accommodations, rising of the experience economy,
tech-enabled transformation, and rising of vacation rentals.
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Scope Of Travel Accommodation MarketThe Business Research Company's reports
encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Travel Accommodation Market Overview
Market Drivers -The growth of international business tourism is anticipated to
enhance the travel accommodation market significantly in the near future.
International business tourism entails cross-border travel for purposes such as
meetings, corporate events, and conferences. The increase in this sector is
driven by factors like globalization, economic growth, trade agreements,
corporate expansion, and the rise of remote work and hybrid business models.
Travel accommodations are crucial for international business tourism, providing
convenient and comfortable lodging options that allow business travelers to
focus on their professional commitments. For instance, in May 2024, the Office
for National Statistics Census, a UK-based government agency, reported that UK
residents made 6.3 million international business trips in 2023, an increase
from 4.9 million in 2022. This upward trend indicates the growing significance
of business travel in the current global economy. Therefore, the expansion of
international business tourism is driving growth in the travel accommodation
market, with further developments expected through 2024 and into 2028.
Market Trends - Major companies operating in the travel accommodation market
are focusing on technological advancements such as AI-driven booking platforms
to gain an advantage in developing such products. AI-driven booking platforms
are online systems or applications that utilize artificial intelligence (AI)
technologies to enhance and streamline booking travel accommodations and related
services. These platforms leverage AI to provide more efficient, personalized,
and user-friendly experiences. For instance, in March 2024, Bag2Bag, an
India-based hospitality company, launched India's first generative AI online
hotel booking platform. This platform offers unique features such as instant
room allocation based on user preferences and real-time pricing adjustments
based on demand. Additionally, it provides personalized recommendations and
seamless booking experiences, significantly reducing the time required for
users to find and book accommodations. These innovations improve customer
satisfaction and optimize hotel resource management, leading to higher
occupancy rates and better revenue management.
The travel accommodation market covered in this report is segmented –
1) By Type: Hotels, Hostels, Resorts, Vacation Rentals, Other Types
2) By Price Point: Economy, Mid-Range, Luxury
3) By Mode Of Booking: Direct Booking, Online Travel Agency, Other Modes Of
Booking
4) By Application: Leisure, Professional, Other Applications
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Regional Insights - North America was the largest region in the travel
accommodation market in 2023. The regions covered in the travel accommodation
market report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies - Major companies in the market are Alibaba Group Holding
Limited, American Airlines Inc., Marriott International Inc., MGM Resorts
International, Radisson Hotel Group, Expedia Group Inc., JetBlue Airways
Corporation, Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels
Corporation, Accor S.A., InterContinental Hotels Group plc, Hays Travel
Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited,
Tripadvisor Inc., Choice Hotels International Inc., Wyndham Destinations, The
Ascott Limited, Oravel Stays Private Limited, Vrbo, Red Lion Hotels
Corporation, eLong Inc., A&O Hotels and Hostels GmbH, Rewe Group, Tuniu
Corporation
Table of Contents
1. Executive Summary
2. Travel Accommodation Market Report Structure
3. Travel Accommodation Market Trends And Strategies
4. Travel Accommodation Market – Macro Economic Scenario
5. Travel Accommodation Market Size And Growth
…..
27. Travel Accommodation Market Competitor Landscape And
Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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