Travel Accommodation Market Size, Trends, Opportunities, Innovations & Forecast till 2026
According to a new report published by KD
Market Insights, titled, “Travel
Accommodation Market by
Type, Application, Price Point, and Mode of Booking: Global Opportunity
Analysis and Industry Forecast, 2019–2026,” the global travel accommodation
market size was valued at $632.8 billion in 2018, and is projected to reach
$893 billion by 2026, registering a CAGR of 4.50% from 2019 to
2026. Travel accommodation refers to establishments used by travelers for the
purpose of stay and is regarded as the most basic concern of every traveler.
Various accommodations are available for lodging, including hotels, resorts,
hostels, vacation rentals, and others. The ideal choice of stay can be
determined depending upon multiple factors such as purpose of travel, budget of
travel accommodation, availability of the property, and mode of booking.
Furthermore, accommodation can be booked through various sources, which include
online travel agencies, hotel websites, booking through agents, and direct
bookings.
The vacation rentals segment is anticipated to
exhibit the highest growth during the forecast period, as vacation rentals offer
budget-friendly and luxury stay options to their tenants. The growth of this
segment is further fueled by tourism in emerging markets. Moreover, increase in
popularity of vacation rentals such as Airbnb, Homeaway, and Flipkey and rise
in business travel trends, especially in Latin America and Africa are projected
to propel the market growth. Furthermore, vacation rentals enable booking large
homes at economical costs, which acts a key driver among budget-friendly
travelers.
The growth of the travel accommodation market
is primarily driven by the development of the tourism & hospitality
industry. Individuals worldwide are increasingly exploring niche destinations
and travelling across countries to discover untapped regions, which further
augments the market growth. In addition, upsurge in business travel due to rise
in globalization has majorly influenced the travel accommodation market.
According to Shankar Bhandalkar, Team Lead, Consumer Goods at KD Market Insights, “The global demand for travel accommodation is expected to increase due to upsurge in consumer spending; liberalization of visa regulations in countries such as India, Australia, and New Zealand; development of the tourism industry, and increase in business travel. The online travel agency segment dominates the market, as these agencies provide customized itinerary along with other services, making it easy and convenient for the travelers to plan their tours. However, rise is online scam and fraud is anticipated to hinder the growth of the travel accommodation market during the forecast period”
The global travel accommodation market is
segmented into type, application, and region. Depending on type, the market is
classified into hotel, hostel, resort, vacation rental, and others. By
application, it is categorized into leisure, professional, and others. On the
basis of mode of booking, it is fragmented into online travel agency, hotel
website, and others. Region wise, it is studied across North America, Europe,
Asia-Pacific, and LAMEA.
Key findings of the study
- Depending on type, the hotels segment
accounted for the highest travel accommodation market share in 2018, and is
estimated to grow at a CAGR of 3.9% between 2019 and 2026.
- By application, the leisure segment accounted for about 63% of the market in 2018, and is expected to grow at a CAGR of 5.80% during the travel accommodation market forecast period.
- On the basis of price point, the mid-range segment accounted for the highest travel market share in 2018, and is expected to register a CAGR of 4.8% during the forecast period.
- As per mode of booking, the online segment accounted for about 77% of the market in 2018, and is expected to grow at a CAGR of 4.7% during the travel accommodation market analysis period.
- Region wise, Europe accounted for about 39% of the travel accommodation market share; however, Asia-Pacific region is expected to grow at the fastest CAGR of 6.6%.
- By application, the leisure segment accounted for about 63% of the market in 2018, and is expected to grow at a CAGR of 5.80% during the travel accommodation market forecast period.
- On the basis of price point, the mid-range segment accounted for the highest travel market share in 2018, and is expected to register a CAGR of 4.8% during the forecast period.
- As per mode of booking, the online segment accounted for about 77% of the market in 2018, and is expected to grow at a CAGR of 4.7% during the travel accommodation market analysis period.
- Region wise, Europe accounted for about 39% of the travel accommodation market share; however, Asia-Pacific region is expected to grow at the fastest CAGR of 6.6%.
The key players operating in the global travel
accommodation industry include Marriott International, Hyatt Hotels
Corporation, Wyndham Destinations, Hilton Worldwide Holdings Inc., Accor Hotels
Group, Radisson Hotel Group, Airbnb Inc., A&O Hotels and Hostels GmbH, Red
Lion Hotels Corporation, and Oyo Rooms.
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