Major companies in the hotel and other travel accommodation market include Marriott International, MGM Resorts International, Rewe Group, Ctrip. Com International Ltd. , Intercontinental, Hilton Worldwide Holdings, Accor Hotels, TUI Group and Shanghai Jin Jiang International Hotels (Group) Company Limited.
New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hotel And Other Travel Accommodation Global Market Report 2022" - https://www.reportlinker.com/p06193674/?utm_source=GNW
The global hotel and other travel accommodation market is expected to grow from $645.44 billion in 2021 to $784.33 billion in 2022 at a compound annual growth rate (CAGR) of 21.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1,349.43 billion in 2026 at a CAGR of 14.5%.
The hotel and other travel accommodation market consists of sales of short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels by entities (organizations, sole traders or partnerships) that provide short-term lodging services and related goods in facilities known as hotels, motor hotels, resort hotels, and motels. The establishments in this industry offer food and beverage services, recreational services, conference rooms, convention services, laundry services, parking, and other services.
The main types of hotel and other travel accommodation are hotel and motel, casino hotels, bed and breakfast accommodation, all other traveler accommodation.A bed & breakfast accommodation is a form of lodging that includes an overnight stay as well as the first meal of the day in the fee.
The different modes of booking involve online bookings, direct bookings, others and the includes various ownerships such as chained, standalone. The price point of the services includes economy, mid-range, and luxury and are used for tourist accomodation (Leisure), official business (professional).
Asia Pacific was the largest region in the hotel and other travel accommodation in 2021.North America was the second largest region accounting in the global hotel and other travel accommodation market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing use of social media and access to mass media is positively impacting the tourism and hotel industries.With tourists sharing their travel information, photographs and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world.
According to a survey by Stackla, in 2019, 86% of people (and 92%of Gen Z) said they’ve become interested in a specific location after seeing user-generated content in social media .Also, the mass media is playing an important role in helping countries promote tourism by educating people about their culture.
This rising awareness is resulting in large number of people travelling abroad and is expected to drive growth in the hotel and other travel accommodation industry during the forecast period.
Hotels are using technologies that are transforming customer experiences.Some technologies are leading to great improvements and savings to the hotel and other travel accommodation market.
The most significant trend in the accommodation industry is the use of near-field-communication (NFC) technology, infrared technologies, and robots.NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process.
Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions.Hotels are also using robots to deliver amenities to guest rooms and for other functional purposes.
Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the hotel and other travel accommodation market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the hotel and other travel accommodation market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The countries covered in the hotel and land other travel accommodation market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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