Pune, India, July 20, 2023 (GLOBE NEWSWIRE) -- The global hotel market size is projected to experience dynamic growth in the upcoming years owing to the increasing number of international tourists across the world, finds Fortune Business Insights™ in its report, titled “Hotel Market, 2023-2030”.
In recent years, there has been a substantial rise in the number of international tourists traveling all over the world, which has resulted in the high demand for hotels across several regions in the market. Thus, this is a crucial factor driving the growth of this market. For instance, as per the report published by the United Nations World Tourism Association, in 2018, the total number of international tourists traveling to Europe was approximately 710 million.
However, the availability of alternative accommodation places such as homestays, hostels, and others is projected to restrict the growth of this market.
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List of Key Players Profiled in the Hotel Industry:
- Marriott International, Inc.
- Hyatt Hotels Corporation
- Hilton Hotels & Resorts
- Hyatt Hotels Corporation
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| No. of Pages | 100+ |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Smart Home Appliances Market Growth Drivers | The flourishing growth of the global travel industry propelled the hotel industry |
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Segments:
On the basis of service type, this market is classified into accommodation service and non-accommodation service. By room type, the market is divided into single, dual, deluxe, double-double, and others. Based on star ranking, the market is categorized into 3 stars and below, 4 stars, and 5 stars and above. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Driving Factors
Increasing Number of Events Worldwide to Fuel the Market
Over the years, there has been a considerable increase in the number of events such as the International Technology Fair, International Fashion Expo, and others, which attract a huge number of people from all over the world. This has led to the increasing need for hotels, which in turn helps to boost the demand for hotels across several regions. Thus, this is an important factor contributing to the growth of this market.
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Highlights/Summary:
The report provides a bird’s eye-view analysis of the industry trends and outlook, as well as supplies a meticulous study of all market segments. In addition, the report contains an in-depth assessment of the market drivers and challenges and also offers an exhaustive evaluation of the regional dynamics and competitive landscape of the market.
Regional Insights
Rising Number of Attractive Destinations to Boost the European Market Growth
The European region is projected to witness substantial growth in the hotel market share on account of the rising number of attractive destinations such as Poland, Geneva, Switzerland, and others in this region.
The Asia Pacific region is anticipated to grow steadily in this market due to the increasing disposable income of the people in this region.
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Competitive Landscape
Strategic Alliances by Key Players to Intensify Competition
The leading companies in the hotel market are focusing on strategic collaborations with small-scale and large-scale companies on account of the rising demand for hotels from the travel and tourism industry. This has resulted in the increasing competition among key companies which will help them to diversify their business portfolio and broaden their market foothold.
Key Industry Development:
- May 2020: World Of Hyatt & Small Luxury Hotels announced the extension of their partnership to more than 200 hotels.
Read Related Insights:
Luxury Furniture Market Size to Reach $33.31 Billion by 2030 | At 5.57% CAGR
United States Hotel Toiletries Market to Reach USD 11.41 Billion by 2029 | U.S. Hotel Toiletries Industry Striking CAGR of 12.45%
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