The leading players in the global hotels market include Marriott International, Accor Hotels, ITC Ltd., InterContinental Hotels Group PLC, Hilton Worldwide Holdings Inc., Four Seasons Holdings Inc., Indian Hotels Company Ltd., Atlantis The Palm Limited, Starwood Hotels and Resorts Worldwide, and Jumeirah Group LLC. The key strategies likely to be pursued by the leading market players in the coming years are aggressive marketing and branding initiatives along with strategic partnerships and/or acquisitions to expand their geographical presence. According to a Transparency Market Research (TMR), the global hotels market is expected to be valued at US$702.7 bn by 2021.
Demand for Unrated Hotels Set to Rise, 3 Star Hotels to Remain Dominant
By type, the report segments the global hotels market into unrated hotels, 1 star, 2 star, 3 star, 4 star, and 5 star hotels. Of these, 3 star hotels dominate the demand from the global hotels market, as they present a feasible compromise between the luxury of higher-rated hotels and the subpar quality on offer in lower-rated ones. Due to this, 3 star hotels are likely to remain the leading revenue generator for the global hotels market. However, the rising demand for budget travel could give the unrated hotels segment a significant boost in the coming years.
Regionally, the report segments the global hotels market into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America is likely to retain clear dominance in the hotels market in the coming years due to the high number of international hotel brands operating in developed countries such as the U.S. and Canada.
Asia Pacific is also likely to emerge as a key contributor to the global hotels market in the coming years, with the hotels industry exhibiting promising prospects in leading economies such as Singapore, China, India, and South Korea. Singapore is likely to remain a leading contributor to the Asia Pacific hotels market despite the country’s small size, since most hotels in Singapore are luxury hotels and also benefit from the position of Singapore as a prime global commercial center.
Rising Demand for Travel to Lead to Rising Need for Hotels
As a part of the service sector, the hotels market is dependent to a large extent on the performance of the global tourism industry. The rising expenditure on travel from the middle class is thus a key driver for the global hotels market. The increasing disposable income of urban consumers in developing regions has led to a notable rise in the interest in travel, while travel is already a popular pursuit in developed regions such as North America and Western Europe.
The increasing emphasis among hotels to provide segmented offerings has also helped the hotels industry stay in touch with the contemporaneous demand trends. The rising incorporation of technological advances in the operation of the hotels industry has also helped ensure a steady growth in demand, as the rising use of smartphones and other modern communication devices has become a hallmark of the target demographic of hotels.
On the other hand, the unstable political environment in several emerging regions is a key restraint on the global hotels market. The tourism industry needs political stability in order to thrive, and the hotels industry has also been directly affected by the unstable political situation in regions such as the Middle East and Southeast Asia.
The information in this preview comes from a Transparency Market Research report titled ‘Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.’
The global hotels market is segmented as follows:
Global Hotels Market: By Type
- 1 Star
- 2 Star
- 3 Star
- 4 Star
- 5 Star
Global Hotels Market: By Geography
- North America
- Asia Pacific
- Rest of the World
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