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Hotel is exhibiting a strong presence around the world as it is driven by the positive international relations between countries. The place providing multiple services apart from accommodation, which includes security, conference and event facilities, restaurants, and bars are assisting to surge the occupancy rate. The rising growth of sports tourism led to an increasing establishment of hotels is assisting to foster the demand. For instance, according to the Sports Events and Tourism Association data published, in 2019 there are about 180 million travel to sporting events in the United States.
The thriving growth of the global travel industry encouraging the usage of a hotel is helping to accelerate market growth. For instance, according to the data released by the World Travel and Tourism Council, in 2019 the travel and tourism industry made a contribution of USD 8.9 trillion to the global economy. In addition, the increasing number of global events such as World Scout Jamborees, International Technology Fair, International Fashion Expo, and others attracting large number of people to the events aid the need for a hotel.
Nevertheless, the presence of alternative accommodation places such as hostel, short term rental homes, and others are hampering the growth of the market.
Key Market Driver -
The flourishing growth of the global travel industry to propel the hotel industry
Key Market Restraint -
The availability of substitute accommodation places are acting as a restraining factor for the market growth.
Marriott International, Inc., Hyatt Hotels Corporation, Hilton Hotels & Resorts, Hyatt Hotels Corporation, and others are the key companies operating in the global hotel market.
The hotel market is segmented into by service type, room type, star ranking, and geography.
On the basis of service type, the market is bifurcated into accommodation service and non-accommodation service. Accommodation service is anticipated to be the leading segment owing to people majorly utilizing a hotel as an accommodation place for their stay rather than the other services that it is offering.
Based on room type, the market is fragmented into single, dual, deluxe, double-double, and others. Single is estimated to be the largest market on account of a large number of people tend to travel alone and possess the desire to have privacy during their stay increases the preference for this segment.
By star ranking, the market is grouped into 3 stars and below, 4 stars, and 5 stars and above. 3 stars and below segment is projected to be the dominant due to being at a reasonable price range to large number of guest while still offering the large number of services similar to that of other stars hotel.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Europe is assessed to hold the leading share and is anticipated to continue throughout the forecast period of 2020-2027. The region receiving large number of international tourists has resulted in fostering the occupancy rate and helped to surge the market growth. For instance, according to the data released by the United Nations World Tourism Association, in 2018 the international tourist arrival of Europe is assessed to be 710 million. In addition, the attractive destination of this region such as Poznan, Poland, Geneva, Switzerland, Budapest, HungaryBraga, Portugal, and others increasingly attracting people from all over the world assist to generate traction.
Asia Pacific is assessed to exhibit a significant presence in the hotel market, owing to the rising growth of the disposable income leading to surge, the utilization of hotel. For instance, according to Trading Economics, in 2019 India witnessed a rise in disposable income to USD 2,937,239.52 million from its prior year of USD 2,818,144.54 million. Furthermore, the rising growth of business traveling to this region is anticipated to fuel the consumption rate. For instance, according to the data published by the Travel Trends Today in May 2018, India has witnessed annual growth in business travel expenses of 11.4 percent.
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