Published On: Jun 16, 2016
According to a recent market research report published by Transparency Market Research, the global hotels market is estimated to expand at a CAGR of 4.0% during the period between 2015 and 2021. The report, titled “Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” projects this market to be worth US$702.74 bn by 2021. The overall market stood at a valuation of US$534.02 bn in 2014.
Browse the full Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021 report at https://www.transparencymarketresearch.com/hotels-market.html
In the tourism and hospitality industry, hotels play a pivotal role. The performance of the industry directly impacts the growth of the global hotels market. With an increase in the number of consumers spending more on travel for business and leisure, the hotels market is anticipated to witness positive growth in the coming years.
The report states that the rapid growth of the travel and tourism sector has boosted the growth of the global hotels market. Segmented offerings from major players in the market, coupled with the rapid growth of the tourism industry will also support the growth of the market in the coming years. However, the unstable political environment and natural disasters in a few regions are anticipated to restrain the market’s growth during the forecast period. The overall market has a massive scope of growth in the luxury hotels segment.
On the basis of hotel type, the report segments the global hotels market into 1star, 2 star, 3 star, 4 star, 5 star, and unrated. In 2014, the hotels with 3-star rating dominated the overall market. Consumers seeking a more luxurious lifestyle and the positive growth of the travel and tourism sectors have fuelled the demand for 3 star hotels. However, during the forecast period, the rising demand for budget hotels will mark the fastest growth of the unrated segment.
The report studies the global hotels market across four key regions: Europe, North America, Asia Pacific, and Rest of the World. North America has emerged as the largest and fastest growing market for hotels. The 3 star segment held the largest share of this regional market in 2014. Consumers are increasingly looking for budget suites and hotels nowadays and this will lead to the fastest growth of the unrated hotels in North America.
On the other hand, Europe is anticipated to witness sluggish growth during the forecast period. France, Germany, and the U.K. are some of the major countries contributing towards the growth of the Europe hotels market. In Asia Pacific, Singapore, India, China, and South Korea are driving the growth of the market. The rise in the number of business travelers has fuelled the demand for hotels across Asia Pacific. Singapore is the fastest-growing market accounting for the largest share in the 5 star segment.
Describing the competitive landscape, the report profiles some of the major players operating in the global hotels market such as Marriott International Inc., Atlantis The Palm Limited, Hilton Worldwide Holdings Inc., InterContinental Hotels Group Plc, Accor Group, Starwood Hotels and Resorts Worldwide Inc., ITC Ltd., Indian Hotels Co Ltd., Jumeirah International LLC, and Four Seasons Holdings Inc. The report also provides insightful information about the key players including their company overview, financial overview, revenue, and recent developments.
Global hotels market has been segmented as:
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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