Hotel Market Report 2024 (Global Edition)

Global Hotel Market Report 2024 Market Size Split by Type (Business/Commercial Hotels, Boutique Hotels, Resort Hotels, Casino Hotels, Transit Hotels, Bed & Breakfast Hotels, Others), by Business Model...

Hotel Market Report Description

We have various report editions of Hotel Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Hotel Market Insights Video

Top Companies in Hotel Market

Competitive Landscape includes company profiling of the key manufacturers listed below. It also provides the key developments such as new product launches, expansion, mergers & acquisitions, partnerships, agreements, joint ventures, business overview, key strategies and financial analysis associated with the key players. Strategy implemented to overcome the COVID-19 Impact will be discussed in the report scope. Key players Financials includes Revenue (USD Million), Gross Margin (%) and Market Share (%) (2019- 2023), S.W.O.T Analysis, (To read more request the sample pages Or speak to analyst/author directly).

Top Companies Market Share in Hotel Industry: (In no particular order of Rank)

• Hilton Worldwide Holdings Inc
• InterContinental Hotels Group PLC
• Best Western International Inc
• Hyatt Hotels Corporation
• Wyndham Destinations Inc
• Choice Hotels International Inc
• Radisson Hospitality A.B
• Accor S.A
• Marriott International Inc
• Indian Hotels Company Limited
• Others
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Hotel Market Regional Analysis

Region and country analysis section of Hotel Industry Analysis has been segmented into 5 major region such as North America, Europe, Asia Pacific, Middle East & Africa ,and Latin America (along with respective major contributing countries) and provides the revenue share, current trends.

The base years considered for all the estimations by analyzing trends and growth rate will help you gain an in-depth understanding of the conclusions provided in this report. This report also includes figures, graphs, pie charts, tables and bar graphs that explain the data analysis based on current trends at the country level as well as key regions. This research report also focuses on assessing factors such as profit, product price, capacity, production, supply demand market growth rate along with others to create a clear picture on the future prospects of Hotel market.

The current report Scope analyzes Hotel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Hotel Market

North America hotel market size 2023

The North America hotel market size will be USD 239.60 Billion by 2023.

North America Hotel Market Analysis:

North America accounts for a significant share of 30.66% of the market, due to the presence of a large number of hotels, and resorts in this region. The Wyndham Hotel Group, LLC, IHG Hotels & Resorts, Four Seasons, The Ritz-Carlton Hotel Company, L.L.C and others expanding their presence in this region.

The development of hotel infrastructure and expansion of its services boost the demand for hotels in this region. On September 2, 2021, the Hilton expanded its presence in Nevada, Las Vegas with the opening of 44 branded hotels and more than 14,000 rooms in 2011. Furthermore, the Hilton doubled its presence in the US. The development and expansion of major hotel chains in North America is due to the rising number of international tourists. The number of international tourist visitors is high in this region, as people are traveling to the US, and Canada for business visits, and for leisure or holiday. The visits of international tourists to the US increased to 62.8 million in 2023 (Source: International Trade Administration (ITA), 2023). The increase in tourist visits increases the demand for hotel accommodation in this region.

Europe Hotel Market

Europe hotel market size 2023

The Europe hotel market size will be USD 175.69 Billion by 2023.

Europe Hotel Market Analysis:

Europe accounts for a significant share of 22.39% of the market, due to rising spending on travel and tourism-related services, owing to the presence of popular tourist destinations. The people in Europe spent USD 262.74 on domestic trips, and USD 867.91 on foreign trips. Among the expenditure spent on tourism, accommodation accounts for 35% of the tourism industry in 2021 (Source: European Commission, 2021). The average cost of trips spent at hotels was USD 593.32 in 2021. The rising expenditure spent on hotel accommodation boosts the demand for hotels in Europe. In Europe, the expenditure spent on hotel accommodation is high, owing to rising tourist destinations in Europe. Europe has major tourist destinations such as the Eiffel Tower, the Louvre, Mont Saint Michel, and the Colosseum. Around 29.6% of the people in Europe spend USD 1,665.42 per person on a holiday, which includes accommodation, travel, food, and others. The rise in spending on travel increases the hotel accommodations in this region. Furthermore, the presence of major hotel chains in Europe attracted international visits to this hotel. The presence of major hotel chains such as Accor SA, and InterContinental Hotel Group Plc invested its resources to meet the increasing demand for hotel accommodation in this region. In May 2022, the InterContinental Hotels Group engaged in a partnership with Tristar GmbH to expand 60 additional hotels in Germany, Austria Switzerland, Poland, and Italy. The expansion of these major hotel chains in these European countries boosts demand for accommodation in hotels

Asia Pacific Hotel Market

Asia Pacific Hotel Market Size 2023

The Asia Pacific Hotel market size will be USD 289.63 Billion by 2023.

Asia Pacific Hotel Market Analysis

Asia Pacific is growing at a CAGR of 36.71% during the forecast period, owing to the increasing number of business travelers in Asia Pacific. According to the World Tourism Organization (UNWTO), in 2019, around 6.29 million people arrived in China for business visits. The rising business visits in China boost the demand for business commercial hotels in China. Furthermore, the Asia Pacific is significantly invested in tourism development, owing to rising disposable income and an increase in expenditure on the tourist and hospitality sectors. Vietnam is one of the popular tourist destinations in Southeast Asia. The Vietnam, National Administration of Tourists, in June 2023, welcomed ~5.5 million foreign visitors in 2023.

South America Hotel Market

South America Hotel size 2023

The South America Hotel market size will be USD 46.91 Billion by 2023.

South America Hotel market Analysis:

South America is rapidly growing at a CAGR of 6.02%, during the forecast period, due to the expansion of luxury hotel chains to grow and promote the tourism and hospitality sector in the region. The major hotel chains have expanded their hotels in Brazil, and Chile, to boost the demand for hotels in this region. On August 31, 2021, Kempinski Hotels, a resort with residences and a hotel in South American Brazil opened in Brazil. Furthermore, the countries such as Brazil, Columbia, and Peru attracted international travellers. Four Season, the luxury hotel expanded its presence in Sao Paulo Brazil. The increase in tourist visitors in this region increases the expansion of luxury hotels. In April 2023, the Minor Hotels announced the launch of NH Fiera de Santana in Brazil. The rising expansion and launch of new hotels in this region boost the hotel market.

Middle East and Africa Hotel Market

Middle East and Africa Hotel size 2023

The Middle East and Africa Hotel market size will be USD 32.94 Billion by 2023.

Middle East and Africa Hotel market Analysis:

Middle East and Africa account for a substantial share of 4.23% of the market, due to the rising expenditure done by the government on tourism, and presence of luxury hotel chains, and rising disposable income. 

The United Arab Emirates is recognized as a premium tourism destination and leisure destination. The major brands such as Hilton, Hyatt, and Marriot invested in the UAE tourism. In November 2022, Marriot International engaged in a partnership with RDK Tourism to open four hotels in UAE. This collaboration expanded the hotel chain in the UAE. The investment by the major hotel chains boosts its demand in the market.

 

Hotel Market Analysis

What is a Business/Commercial Hotels Market size?

In 2018, the Business/Commercial Hotels revenue (USD Billion) was USD 244.03 Billion and it is expected to reach USD 398.13 Billion in 2030 A commercial hotel is designed for the accommodation of travellers for leisure purposes. The commercial hotel includes amenities such as on-site dining, fitness facilities, and meeting spaces to meet the demand for different types of guests. The business hotel accommodates guests who are staying for business purposes. The business hotel includes high-speed internet, meeting rooms, and a business center. The business hotels are located near major airports and conference centers. Business hotels focus on offering a professional environment for travelers on business trips. The average duration of stay in a business or commercial hotel is 3 to 7 days. The business or commercial hotels are located in the heart of the city, which increases the transportation convenience of a traveler. The demand for business hotels is high, owing to an increase in business visits of business persons across the globe.

Boutique Hotels

A boutique hotel is small, and stylish, with less than 100 rooms, and offers guests a customized service. The boutique hotel is designed according to the different themes, designs, and styles of the owner. Boutique hotels are different than larger chain hotels offering personalized services and accommodations. Boutique hotels are furnished in a theme and offer 30-50 guest rooms. It also includes WIFI internet, AC, honesty bars, and other gadgets. Boutique hotels have less staff and focus on comfort, luxury, and intimacy. The boutique hotel is located in fashionable and urban areas.

Resort Hotels

The resort hotels are luxury hotels located in natural beauty such as hill stations, sea beaches, and forests, with modern facilities. Travelers stay at resorts to escape from the hectic schedule of life. The average stay in a resort hotel is a week to a few months. There are different types of resort hotels such as summer resorts, winter resorts, sports resorts, and heath resorts and spas. The resort hotels have facilities, which include:
•    Extensive entertainment program
•    Tennis court, golf course, with a trainer
•    Car parking, garaging, service facilities
•    Saddled horses with a trainer
•    Mini golf course, squash, billiards

Casino Hotels 

Casino hotels are for playing casinos. It is also known as a gambling house. Casino hotels have high demand among gamblers, as the major revenue generated by the casino or gambling house is from casinos. The Las Vegas, Nevada, in the US, is known for popular casino hotels. Casino hotels offer lodging facilities with a casino on its premises. The casino hotels offer table wagering games, and other gambling activities such as slot machines, and sports betting. It also offers a range of services and amenities.

Transit Hotels

Transit hotels accommodate guests who are traveling from one destination to another. The transit hotel accommodates guests for a short period of time The transit hotel is also known as an airport hotel, or motel, which attracts guests from layover passengers, and crew members of airlines. Such hotels are located at the entry or near the airport, seaport, and international bus terminals. The stay of a traveller in a transit hotel is for a few hours to a few days. The transit hotel is gaining popularity in the US, and Europe, owing to the construction of comfortable highways, and long-distance travelling is not only convenient but economical as well.

Bed & Breakfast Hotels

Bed and breakfast hotel is common in developed regions. These hotels offer accommodation on the basis of bed and breakfast. The breakfast served may be from the simple continental breakfast to eggs, fresh fruits, cereals, fresh juices, cold cuts, yogurt, breakfast rolls, cheese platter, butter, tea, coffee, chocolate, and others. The bed and breakfast hotel offers overnight stays with a meal included in the price itself. These hotels have a small number of rooms and ensure a comfortable stay for a long period of time. These hotels are usually homes rented for travelers. These hotels offer accommodation at an affordable rate. The presence of major service providers in the hospitality industry boosts the demand for bed and breakfast hotels. For instance, B&B Hotels headquartered in Europe expanded its bed and breakfast hotel chain in the US, owing to rising students below 26 years of age needing accommodation.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Hotel Industry. Request a Free Sample PDF!

By Business Model , Independent Hotel market held largest market share!

Independent hotels have their own proprietary ownership of their hotels. The independent hotels have small lodging services owned by families and large properties owned by major international hotel companies. The owner has independent control and profit earned completely by the owner. Independent hotels manage and operate their resources independently and do not hold any brand affiliation. Independent hotels meet the increasing demand of specific target customers. Independent hotels can adopt new strategies or changes in their organization and management structure to upgrade their operations. Independent hotels are flexible and focus on resources. Independent hotels are free from restrictive regulation of agreements.

Chain

A chain hotel is a brand of a group of hotels operated by the same company or owner. The chain hotel manages its operation through a series of hotels located in different areas. Hotel chain attracts customer with aggressive loyalty programs. 

The Hilton Hotel Inter-Continental Hotels Group, Hyatt, and Marriot International are some major shareholding hotel chains across the globe. The increasing awareness about these brands and rising spending on the hotel chains boost their demand in the market. In August 2023, Marriott International engaged in a partnership with New Development Group to introduce a new Edition Hotels Brand to Dali in Southwestern China. The expansion of international hotel chains boosts its demand in the market

 

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Hotel Room Capacity Segment Analysis

• Small
• Medium
• Large
• Mega

Hotel Price Level Segment Analysis

• Luxury
• Upscale
• Midscale

Hotel Booking Mode Segment Analysis

• Online
• Offline

The base years considered for all the estimations by analyzing trends and growth rate will help you gain an in-depth understanding of the conclusions provided in this report. This report also includes figures, graphs, pie charts, tables and bar graphs that explain the data analysis based on current trends at the country level as well as key regions. This research report also focuses on assessing factors such as profit, product price, capacity, production, supply demand market growth rate along with others to create a clear picture on the future prospects of this market.

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion