According to a new report published by Allied Market Research, titled, “Travel Accommodation Market by Type, Animal Type, Application, Price Point, and Mode of Booking: Global Opportunity Analysis and Industry Forecast, 2022–2031,”. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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The travel accommodation market was valued at $632.80 billion in 2021, and is estimated to reach $1,974.30 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.
The vacation rentals segment is anticipated to exhibit the highest growth during the travel accommodation market 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. Travel accommodation market trends include the rise in preferences of leisure travel, increasing marketing activities of camping market, and other factors to support the market growth.
Based on type, the hotels segment accounted for the largest market share in 2021, contributing to around three-fifth of the global travel accommodation market, and is projected to maintain its lead position during the forecast period. This is due to offering of guest services such as short-term lodging and meals to travelers at specific costs. However, the vacation rentals segment is estimated to witness the largest CAGR of 12.4% from 2022 to 2031, owing to rise in marketing activities by the service providers and surge in adoption of westernized trends.
Based on application, the leisure segment contributed to the highest market share in 2021, accounting for more than two-thirds of the global travel accommodation market, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 11.6% from 2022 to 2031. This is due to surge in disposable income of Asian travelers and increase in hectic schedules that lead them to plan for leisure tours and stays. The report also analyzes the segments including professional and others.
Based on mode of booking, the direct booking segment accounted for the largest market share in 2021, holding around three-fourths of the global travel accommodation market, and is estimated to continue its highest contribution throughout the forecast period. This is attributed to ease provided by this mode of booking and lack of fraudulent activities involved with direct booking. The report also offers analysis of segments including online travel agency and others.
Region wise, it is studied across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, Switzerland, and rest of Europe), Asia-Pacific (India, China, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Europe held the largest market share in 2021, accounting for nearly two-fifths of the global travel accommodation market. Asia-Pacific is projected to register the fastest CAGR of 12.4% from 2022 to 2031
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Key Market Players Profiled In The Report:
○ Marriott International
○ Hyatt Hotels Corporation
○ Wyndham Destinations
○ Airbnb Inc.
○ A&O Hotels and Hostels GmbH
○ Red Lion Hotels Corporation
○ Oyo Rooms
○ Hilton Worldwide Holdings Inc.
○ Accor Hotels Group
○ Radisson Hotel Group
Key findings of the study
○ By type, travel accommodation market analysis shows that the vacation rentals segment is expected to grow at a CAGR of 12.4% from 2021 to 2031.
○ By region, Europe accounted for approximately 39% of the travel accommodation market share of the total in the global travel accommodation market in 2021.
○ Region wise, Europe is expected to occupy a major share in the travel accommodation market in 2031.
○ By mode of booking, the online travel agency is expected to grow at a CAGR of 12.9% from 2022 to 2031.
○ By price point, the luxury travel accommodation segment is expected to grow at the fastest CAGR of 11.8% during the travel accommodation market forecast period.
Reason to Buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Travel Accommodation market.
○ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Travel Accommodation Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
○ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
○ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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