Travel Accommodation Market by Type (Hotels, Hostels, Resorts, Vacation Rentals, and Others), Price Point (Economy, Mid-Range, Luxury), Mode of Booking (Direct Booking, Online Travel Agency, and Others), Application (Leisure, Professional, and Others), an

Travel Accommodation Market by Type (Hotels, Hostels, Resorts, Vacation Rentals, and Others), Price Point (Economy, Mid-Range, Luxury), Mode of Booking (Direct Booking, Online Travel Agency, and Others), Application (Leisure, Professional, and Others), and Region 2023-2028

Market Overview:

The global travel accommodation market size reached US$ 706 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,391 Billion by 2028, exhibiting a growth rate (CAGR) of 12.01% during 2023-2028. The burgeoning tourism industry, rising demand for budget-friendly travel accommodations, and the liberalization of visa regulations in several countries represent some of the key factors driving the market.

Travel accommodations are used by travelers for staying during their vacations. They comprise hotels, hostels, resorts, and vacation rentals, which can be selected after analyzing factors, such as the budget, purpose of travel, availability of the property, and mode of booking. They can be booked through hotel websites, online and offline travel agencies, direct bookings, and applications. They offer convenience to customers by providing easy reservation processes with appropriate cancellation period. Travel accommodations assist in saving time as travel accommodations are usually located in the city center. They provide various benefits to travelers, such as room service, laundry, concierge, breakfast buffet, swimming pools, spas, restaurants, or gyms. They also deliver evacuation plans and security on-site to enhance the safety of their customers. As they offer last-minute lodging, comfort, and consistent services, the demand for travel accommodations is rising worldwide.

Travel Accommodation Market Trends:

At present, there is a rise in the demand for budget-friendly travel accommodations, such as hostels, capsule hotels, paying guests (PGs), and others, across the globe. This, along with the thriving travel and tourism industry, represents one of the key factors supporting the growth of the market. Moreover, governing agencies of several countries are liberalizing visa regulations to attract more tourists. In line with this, the increasing consumer spending on traveling is offering lucrative growth opportunities to industry investors. Besides this, the growing number of solo travelers to spend prolonged alone time is positively influencing the market. In addition, the wide availability of travel accommodations through online websites, along with the burgeoning e-commerce industry, is strengthening the growth of the market. Apart from this, there is an increase in the utilization of infrared sensors that are used to confront customer complaints about housekeeping across the globe. This, coupled with the growing employment of near-field communication (NFC) technology that allows the exchange of data between devices and makes digital money a quick and secure process, is offering a positive market outlook. Additionally, the escalating demand for leisure travel for relaxation, vacations, and recreational activities is propelling the growth of the market. Furthermore, the rising trend of home-sharing services that allow locals to host travelers by renting spare bedrooms or unused properties is expected to bolster the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global travel accommodation market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on type, price point, mode of booking, and application.

 Type Insights:

Hotels
Hostels
Resorts
Vacation Rentals
Others

The report has provided a detailed breakup and analysis of the travel accommodation market based on the type. This includes hotels, hostels, resorts, vacation rentals, and others. According to the report, hotels represented the largest segment.

Price Point Insights:

Economy
Mid-Range
Luxury

A detailed breakup and analysis of the travel accommodation market based on the price point has also been provided in the report. This includes economy, mid-range, and luxury. According to the report, mid-range represented the largest segment.

Mode of Booking Insights:

Direct Booking
Online Travel Agency
Others

A detailed breakup and analysis of the travel accommodation market based on the mode of booking has also been provided in the report. This includes direct booking, online travel agency, and others. According to the report, direct booking represented the largest segment.

Application Insights:

Leisure
Professional
Others

A detailed breakup and analysis of the travel accommodation market based on the application has also been provided in the report. This includes leisure, professional, and others. According to the report, leisure represented the largest segment.

Regional Insights:

North America

United States
Canada

Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe was the largest market for travel accommodation. Some of the factors driving the Europe travel accommodation market included the growing demand for affordable and sustainable travel options, increasing preference for online booking platforms, and the rise of the sharing economy.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global travel accommodation market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies include A&O Hotels and Hostels GmbH, Accor S.A., Airbnb Inc., Hilton Worldwide Inc., Hyatt Hotels Corporation, Marriott International Inc., OYO Rooms, Radisson Hotel Group, Red Lion Hotels Corporation (Sonesta International Hotels Corporation), Wyndham Destinations, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:

How has the global travel accommodation market performed so far and how will it perform in the coming years?
What are the drivers, restraints, and opportunities in the global travel accommodation market?
What are the key regional markets?
Which countries represent the most attractive travel accommodation markets?
What is the breakup of the market based on the type?
Which is the most attractive type in the travel accommodation market?
What is the breakup of the market based on the price point?
Which is the most attractive price point in the travel accommodation market?
What is the breakup of the market based on the mode of booking?
Which is the most attractive mode of booking in the travel accommodation market?
What is the breakup of the market based on the application?
Which is the most attractive application in the travel accommodation market?
What is the competitive structure of the global travel accommodation market?
Who are the key players/companies in the global travel accommodation market?