The hotels market worldwide has undergone a sea change, thanks to a
booming tourism industry, ability of people to splurge more, and most
importantly with the advent of new technology. As a result, the
competition has intensified over the years. Prominent players in the
hotels market are trying to steal a march against their competitors
by offering better services to their customers through the use of
technology and various offers. This has helped them to bring about
customer engagement.
Some of the key players operating in the global
hotels market are Hilton Worldwide Holdings Inc., Marriott
International Inc., InterContinental Hotels Group Plc, Indian Hotels
Co Ltd., Starwood Hotels and Resorts Worldwide Inc., Four Seasons
Holdings Inc., Atlantis The Palm Limited, Accor Group, ITC Ltd., and
Jumeirah International LLC.
A report by Transparency Market Research projects the global market
for hotels to rise at a steady 4.0% CAGR during the period between
2015 and 2021. At this pace, it expects the market to attain a value
of US$702.74 bn by 2021 from US$534.02 bn in 2014.
The global market for hotels can be segmented on the basis of the
type of hotel into unrated, 1 Star, 2 Star, 3 Star, 4 Star, and 5
Star. Among those, the 3 Star segment accounts for maximum share in
the market currently. This is because of the travel and tourism
industry growing at a cracking pace and more and more people opting
for better accommodations at reasonable rates.
Geographically, the key segments of the global hotels market are
North America, Europe, Asia Pacific, and the Middle East and Africa.
Of them, North America leads the market and going forward too will
retain its dominant share by expanding at a healthy clip. Business
and leisure tourism have propelled the market in the region.
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Booming Travel and Tourism Industry Drives Growth
At the forefront of driving demand in the global hotels market is of
course the travel and tourism industry which has been seeing
explosive growth in the last two decades. Besides, numerous
multinational companies setting up offices in different corners of
the world has also provided a boost to the market as this has served
to increase the number of business travelers. With offices in
different parts of the world, incomes of locals have also gone up,
thereby further boosting the tourism industry which in turn is
filliping the demand for hotels.
Unstable Political Environment Hampering Demand
Posing a challenge to the global hotels market, on the other hand, is
the unstable political environment in many parts of the world, such
as the Middle East. “Political stability is the primarily
precondition for the travel and tourism industry to succeed. The
political environment of a nation affects both its business and
leisure travel,” explains the lead analyst of the TMR report. In
addition, natural disasters can also negatively impact the hotel
industry.
A noticeable trend in the global hotel industry is the proliferation
and surging popularity of budget hotels. The growing youth population
worldwide wanting to travel while still completing their studies has
resulted in strong the demand for budget hotels. However, targeting
the upmarket clients, hoteliers are also coming up with new range of
luxury hotels across important tourist spots across the globe. North
America and Europe are key markets where luxury hotels are much in
demand on account of a copious number of well-heeled travelers.
This review is based on the findings of a TMR report, titled, “Hotels
Market (Type - 1-star, 2-star, 3-star, 4-star, 5-star, and unrated) -
Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2015 – 2021.”
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