Non-Residential Accommodation Services

Non-Residential Accommodation Services

Global Non-Residential Accommodation Services Market to Reach US$606.0 Billion by 2030

The global market for Non-Residential Accommodation Services estimated at US$562.1 Billion in the year 2023, is expected to reach US$606.0 Billion by 2030, growing at a CAGR of 1.1% over the analysis period 2023-2030.

The U.S. Market is Estimated at US$152.0 Billion While China is Forecast to Grow at 2.6% CAGR

The Non-Residential Accommodation Services market in the U.S. is estimated at US$152.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$115.3 Billion by the year 2030 trailing a CAGR of 2.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.6% and -0.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 0.8% CAGR.

Global Non-Residential Accommodation Services Market - Key Trends & Drivers Summarized

Why Are Non-Residential Accommodation Services Expanding in Modern Economies?

Non-residential accommodation services, including hotels, motels, hostels, and vacation rentals, have experienced significant growth due to the increasing demand for temporary lodging among business travelers, tourists, and students. With the rise of global mobility, fueled by both work-related travel and the growing popularity of tourism, the need for flexible, short-term accommodations has surged. The hospitality sector has also adapted to the needs of digital nomads and remote workers, offering extended stay options and co-living spaces. Additionally, the expansion of budget and mid-range accommodation services is meeting the demands of cost-conscious travelers, creating a diverse range of options that cater to various price points and preferences.

How Are Digital Platforms Transforming Non-Residential Accommodation Services?

The non-residential accommodation services market has been greatly transformed by the rise of digital platforms like Airbnb, Booking.com, and Expedia. These platforms have revolutionized the way travelers search for, compare, and book accommodations, offering more convenience and transparency. Furthermore, digital solutions have enabled the sharing economy to flourish, with more individuals renting out rooms or entire homes to travelers. Online reviews, pricing transparency, and dynamic pricing algorithms are empowering both service providers and consumers to make informed decisions. Mobile applications, automated check-ins, and AI-driven customer service chatbots have also streamlined the booking and accommodation experience, improving the overall quality of service and customer satisfaction.

How Is Sustainability Shaping the Future of Accommodation Services?

Sustainability has become a major focus within the non-residential accommodation services industry as more consumers prioritize eco-friendly travel options. Many hotels and vacation rental operators are adopting green certifications, energy-efficient practices, and waste reduction programs to appeal to environmentally conscious travelers. Additionally, the rise of "sustainable tourism" is pushing the industry toward developing accommodations that have a smaller ecological footprint, such as properties that utilize renewable energy, water-saving technologies, and locally sourced materials. Travelers, particularly millennials and Gen Z, are increasingly opting for accommodations that align with their values, driving demand for sustainable lodging options.

The Growth in the Non-Residential Accommodation Services Market Is Driven by Several Factors

The growth in the non-residential accommodation services market is driven by several factors, including the increasing demand for flexible and diverse accommodation options, fueled by rising global tourism and business travel. Digital platforms and online booking systems have made it easier for consumers to access a wide range of accommodation services, driving market expansion. The growing trend of remote work and the digital nomad lifestyle is also contributing to demand for long-term and flexible stay options. Additionally, sustainability trends are reshaping the market, with eco-conscious travelers seeking out environmentally responsible accommodations. The expansion of budget and mid-tier accommodations is further driving growth by catering to a wider range of consumer needs and preferences.

Select Competitors (Total 46 Featured) -

• ACCOR SA
• AccorHotels
• Hilton Worldwide Holdings Inc.
• Hyatt Hotels & Resorts
• Marriott International, Inc.
• MGM Resorts International
• Radisson Hotel Group

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