Global Hotels Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at CAGR of XX% during forecast period of 2020 to 2027.
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In Hotel market, a Hotel refers to all forms of business relating to the provision of accommodation in lodging and various types of other services that are interconnected and intended for the public services. There are several types of hotels classified on different criteria as well as various small & large players operating in the market.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Hotel Companies Aiming on Technological Innovations to Gain Competitive Advantage & Make Maximum Profit
On a global level, the hotels market is one of the most-highly competitive market. Key players in this market are competing on countless aspects to gain maximum profits over their competitors. In isolation, key players in the hotels market are inventing world-class pricing and revenue management strategies, which would be cost effective to their customers and would generate high revenue for themselves. They are introducing dynamic pricing techniques that are supported by innovative technicalities like, advanced machine learning and artificial intelligence (AI) tools to achieve finest effects for customers as well as hotel owners.
A shift from investing in independent hotels to increasing investments in chain hotels
The business of chain hotels is expected to shift from ~US$ X7.X4 billion in 2019 to ~US$ 17X.X6 billion by the end of the forecast year 2027. This shift shows increasing investment by players is moving from independent hotels to chain hotels in the hotels market. Since the trend of chains/franchises is gaining status in upscale and midscale-level hotels, owners of hotel are streamlining operational procedures for managers by employing predictable and affordable tariffs for customers with the help of innovative digital devices & advanced software technology. Hotel owners are trying to create end-to-end solutions for hotel managers by empowering them as much as possible helps in generating more revenues.
Micro Hotels Gain Popularity amongst Millennial Travelers
While exploding major metropolitan areas around the world, micro hotels are marked by their compact rooms, space-saving design and lower-than-average rates. The trend of micro hotels is holding largest share in North America, which makes this region as a favorable investment option for players in the hotels market. The number of millennial travelers is increasing who required hotel stays for short-period with high-quality furnishings and large number of amenities, these requirements can be fulfilled by micro hotels. Developments in the hospitality industry are mainly dominated by the launches of new hotels in high-demand urban locations. Major players are focused towards expanding their services to offer guest rooms in central locations of urban cities.
Hotel companies are also gaining popularity and emerging with new concept of 'airport hotels'.
Currently the North America holds the maximum market value share in the global hotels market and will continue to dominate the market with an expected revenue of ~US$ 2X.X3 billion over the forecast period. Hence market is witnessing the high investments by branded hotel giants and independent hotels in micro hotels in the urban cities of North America, followed by Asia the Pacific and Europe regions, owing to high demand. For instance, in January 2019, a leading American multinational smart hospitality company Marriott International, declared the launch of its chain of Moxy hotels in Southeastern U.S.
Global Hotels Market: Exponential Growth of Travel & Tourism Industry a Key Driver
Rise in consumer purchasing power, growth of economies, digital innovation and increasing usage of internet are cumulatively fueling the expansion of the travel and tourism industry, which is consequently driving the global hotels market.
Since the past few years, travelling frequency of people around the globe has increased tremendously, whether it’s in national travelling or on international level. This trend is anticipated to grow even more in the forecast period, thus enriching the booking frequency of hotels for business and commercial purpose as well as for tourism purpose, subsequently contributing to higher occupancy rates.
Globally the U.S. is a major hotels market, yet, the China hotels market is estimated to grow at a rapid pace during the forecast period.
Global Hotels Market: Emergence of Shared Accommodation a Key Restraining Factor
Rise in the trend of shared accommodation offered by some players in the market is expected to adversely impact growth of the hotels market. These shared accommodation service providers have relatively lower overhead costs compared to chain hotels, which enables them to provide their customers with a personalized experience at relatively lower cost. The low cost of shared accommodation services adversely impacts the revenue of hotels; however, the impact might vary across different fragments of the hotels market. Additionally, constant improvement in the quality of shared accommodation services is likely to negatively impact the market of chain hotels.
Segmentation of the Global Hotels Market
Global Hotels Market is segmented by hotel type, by price level, by room capacity, by business model, and by region. Changing industry trends and other crucial market dynamics associated with these sections of the global hotels market are discussed in detail in the report.
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Scope of the Global Hotels Market: Inquire before buying
Global Hotels Market by Hotel Type
• Business/ Commercial Hotels
• Boutique Hotels
• Resort Hotels
• Casino Hotels
• Transit Hotels
• Bed & Breakfast Hotels
Global Hotels Market by Price Level
Global Hotels Market by Room Capacity
Global Hotels Market by Business Model
Global Hotels Market by Geography
• North America
• Asia Pacific (APAC)
• Latin America
• Middle East & Africa
Global Hotels Market: Competition Landscape
Detailed analysis of competition, new entrants, strategic alliances, mergers and acquisition in the Global Hotels Market is covered in the report. The report covers the market leaders and followers in the industry with the market dynamics by region. It will also help to understand the position of each player in the market by region, by segment with their expansion plans, R&D expenditure and organic & in-organic growth strategies. Long term association, strategic alliances, supply chain agreement and mergers & acquisition activities are covered in the report in detail. Expected alliances and agreement in forecast period will give future course of action in the market to the readers. All major & important players are profiled, benchmarked in the report on different parameters that will help reader to gain insight about the market in minimum time.
Key players operating in the global hotels market include -
• Accor SA
• Marriott International
• Hyatt Hotels Corporation
• Hilton Worldwide Holdings Inc.
• InterContinental Hotels Group PLC.
• Best Western International, Inc.
• Choice Hotels Internationals, Inc.
• Wyndham Destinations, Inc.
• Radisson Hospitality A.B.
• Indian Hotels Company Limited,
• Oravel Stays Private Limited
• TC Limited
• EIH Limited
• Bharat Hotels Limited
• Lemon Tree Hotels
• The Leela Palaces
Objective of the Global Hotels Market:
The objective of the report is to present a comprehensive analysis of Global Hotels Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Hotels Market dynamics, structure by analyzing the market segments and project the Global Hotels Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Hotels Market make the report investor’s guide.
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