According to a new report published by Trends Market Research, 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.
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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 Allied Market Research, “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.
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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%.
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.