Travel Accommodation Market Report 2024

This Travel Accommodation market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The travel accommodation market size has grown strongly in recent years. It will grow from $655.75 billion in 2023 to $713.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth during the historic period can be attributed to the emerging trend of traveling for experiences, the expanding reach of online booking platforms, rising disposable incomes, improved earning capacity, and overall growth in the hotel industry.

The travel accommodation market size is expected to see strong growth in the next few years. It will grow to $1.01 trillion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to the expansion of international business tourism, a high demand for vacation hotels, increased tourism and social engagement, a rising aging population and early retirement, and growing participation in outdoor activities. Major trends expected during this period include the adoption of smart hotel technologies, the development of eco-friendly accommodations, the rise of the experience economy, tech-enabled transformations, and an increase in vacation rentals.

The growth of international business tourism is anticipated to drive the expansion of the travel accommodation market. International business tourism involves cross-border travel for purposes such as meetings, conferences, and corporate events. The rise in international business tourism is attributed to factors such as globalization, economic growth, trade agreements, corporate expansion, an increase in conferences and exhibitions, market competition, infrastructure development, cultural exchange, and the emergence of remote and hybrid work models. Travel accommodations are essential for international business tourism as they offer convenient and comfortable lodging, allowing business travelers to concentrate on their professional activities. For example, in May 2024, the Office for National Statistics Census, a UK-based government agency, reported that UK residents took 6.3 million international business trips in 2023, up from 4.9 million in 2022. Thus, the increase in international business tourism is boosting the travel accommodation market.

Companies in the travel accommodation market are focusing on technological innovations, such as AI-driven booking platforms, to stay competitive. AI-driven booking platforms are online systems or apps that use artificial intelligence (AI) to improve and streamline the booking of travel accommodations and related services. These platforms leverage AI to offer more efficient, personalized, and user-friendly experiences. For instance, in March 2024, Bag2Bag, an India-based hospitality company, launched India's first generative AI online hotel booking platform. This platform features instant room allocation based on user preferences and real-time pricing adjustments according to demand. It also provides personalized recommendations and a smooth booking experience, significantly reducing the time needed for users to find and book accommodations. These advancements enhance customer satisfaction and optimize hotel resource management, resulting in higher occupancy rates and better revenue management.

In February 2024, ComfortDelGro, a Singapore-based transport group, acquired CMAC Group for $86.92 million. This acquisition strengthens ComfortDelGro's presence in the UK, expands its ground transportation portfolio, and aligns with its strategic growth objectives, emphasizing its commitment to expanding its international reach. CMAC Group is a UK-based company specializing in transport and accommodation solutions.

Major companies operating in the travel accommodation market are Alibaba Group Holding Limited, American Airlines Inc., Marriott International Inc., MGM Resorts International, Radisson Hotel Group, Expedia Group Inc., JetBlue Airways Corporation, Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Accor S.A., InterContinental Hotels Group plc, Hays Travel Limited, Shanghai Jin Jiang International Hotels (Group) Company Limited, Tripadvisor Inc., Choice Hotels International Inc., Wyndham Destinations, The Ascott Limited, Oravel Stays Private Limited, Vrbo, Red Lion Hotels Corporation, eLong Inc., A&O Hotels and Hostels GmbH, Rewe Group, Tuniu Corporation.

North America was the largest region in the travel accommodation market in 2023. The regions covered in the travel accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the travel accommodation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Travel accommodation refers to lodging options available for travelers, including hotels, motels, resorts, hostels, vacation rentals, and bed and breakfasts. These facilities offer temporary housing along with various amenities to ensure comfort and convenience during a trip.

The main types of travel accommodation are hotels, hostels, resorts, vacation rentals, and other options. Hotels provide lodging, meals, and additional guest services. They are available at different price points, such as economy, mid-range, and luxury. Booking can be done through various methods, including direct booking, online travel agencies, and other channels. These accommodations cater to different applications, such as leisure, professional, and other purposes.

The travel accommodation market research report is one of a series of new reports that provides travel accommodation market statistics, including the travel accommodation industry global market size, regional shares, competitors with travel accommodation market share, detailed travel accommodation market segments, market trends, and opportunities, and any further data you may need to thrive in the travel accommodation industry. These travel accommodation market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The travel accommodation market includes revenues earned by entities by providing lodging, room service, housekeeping, concierge assistance, and access to facilities such as pools, gyms, and dining establishments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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