The Global Travel Accommodation Market is anticipated to increase to a value of over $800 billion by 2026, at a growing Compound Annual Growth Rate (CAGR) of 4%.
Travel Accommodation: Introduction
Travel Accommodation allude to establishment utilized by travellers for the persistence of stay. Various kinds of accommodation are accessible for travellers, including lodgings, resorts, hotels, vacation rentals, etc. The decision of stay is resultant of different factors like budget, accessibility of the property, motivation behind travel, and destination. These facilities are reserved through different sources relying upon the travellers’ preferences, which comprises of appointments through web-based travel planners for their knowledge and expertise, booking directly on hotel/ lodging sites.
There are two types of Accommodation:
- Catered
Catered convenience gives the tourist with food. The food may or may not be involved in the cost of the hotel.
- Not- Catered
Self-cooked and non-catered accommodation are sorts of accommodation that don't offer food. Self-catered facilities offer cooking facilities, like a small kitchen and cooking gear. Non- catered accommodation is possible a room-just convenience with no cooking facilities.
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Market overview
Expansion in worldwide the travel industry, ascend in the tendency among customers to move from item to experience, and advancement in the corporate travel industry have helped the development of the worldwide travel accommodation market. However, surge in rates of forgery and unpredictable fortunes for destinations hamper the market development. Despite, advent of artificial intelligence and reception of eco- friendly accommodating facilities for solo travellers would open new freedoms for the market players in the coming future.
Thus, has formed an enormous demand for Travel Accommodation in some districts, which is likely to support the development of the worldwide Travel Accommodation market. Moreover, owing to ascend in globalization, the interconnectedness among organizations across different locales and individuals has developed incredibly, which has powered the interest for professional tourism.
Consequently, travel accommodation has developed at a critical rate for MICE (meetings, incentives, conferences, and exhibitions) purposes, thereby increasing the development of the worldwide travel accommodation market. Yet, fraud assaults on travel accommodation have become widespread and the quantity of fraudsters has developed with headway in their fraud strategies. These variables altogether are expected to limit the development of the worldwide market.
Economic growth
The Global Travel Accommodation Market size was esteemed at $600 billion in 2018, is anticipated to increase to a value of over $800 billion by 2026, at a growing Compound Annual Growth Rate (CAGR) of 4%.
The travel industry and hospitality industry have made huge potential for development of the Travel Accommodation market. People overall are progressively investigating special destinations and travelling across nations for joy and occasions. Also, travel industry has heightened in the recent years, thus, filling in as a central type of revenue.
Market segmentation: Analysis
The Global travel Accommodation is segmented into Type, Application, Price Point, mode of booking, and geographic region.
On the basis by Type – Hotel, Hostel, Resort, and Vacation Rental
By type, the hotel segment in travel Accommodation market stored the biggest offer in 2018, because of development and progressions in the hospitality area along with expansion in the travel industry. Though, the vacation rentals segment is expected to develop at the most elevated rate during the time frame, owing from expansion in inclination for budget- friendly accommodation by millennial explorers.
On the basis by Application – leisure, Professional, and others.
Thinking about application, the leisure travel accommodation section in travel Accommodation market was the significant investor in 2018, characteristic to increment in travel with the end goal of relaxation, vacations, and leisure.
On the basis by Price point – Economy, Mid- Range, and Luxury.
As per Price point, the mid-range accommodation is profoundly liked by tourists, since they offer a mix administrations and low rates. Customers today have an expanded inclination for spending on experience as compared to products, which has prompted ascend popular for mid-range accommodations.
On the basis by Mode of Booking – Online Travel Agency, and Direct Bookings.
By Mode of booking, online booking has driven the growth of the travel accommodation immensely. Customers are moving their inclination toward advanced channels for making online accommodation bookings because of expanded convivence and adaptability, which is expected to offer rewarding freedoms for market extension.
On the basis by region – North America, Europe, Asia- Pacific, and LAMEA
Europe involved the biggest portion of the overall industry in travel Accommodation market, as it has the largest number of inbound travellers. Besides, the travel industry has significantly grown in nations, like, France, Spain, and Germany for leisure as well as for professional purposes.
But still, Asia-Pacific is likely to observe quick development during the estimate time frame, attributable to ascend in the travel industry because of fast economic growth, huge infrastructure projects, accessibility of agreeable and cost- effective commute office, and improvement in air network.
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Key market players in the Travel Accommodation market:
- Marriott International
- Hilton Worldwide Holdings Inc.
- A&O Hotels and Hostels GmbH
- Hyatt Hotels
- Oyo Rooms
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