Hotel is displaying a significant global presence as a result of the favourable international ties between nations. The occupancy rate is increasing as a result of the location offering several services in addition to lodging, such as security, conference and event space, restaurants, and bars. The demand is being fueled by an increase in hotels due to the growing popularity of sports tourism. For instance, the Sports Events and Tourism Association reported that over 180 million people will visit athletic events in the United States in 2019.
The booming worldwide tourism industry, which promotes hotel use, is assisting in accelerating market expansion. For instance, the World Travel and Tourism Council’s data indicates that the travel and tourism sector contributed USD 8.9 trillion to the world economy in 2019. Additionally, the demand for hotels is being aided by the rise in the number of international events, such as World Scout Jamborees, International Technology Fairs, International Fashion Expo, and others that draw enormous crowds.
Request Access Full Report is Available:@ https://www.zionmarketresearch.com/report/hotels-market
However, the availability of alternative lodging options including hostels, short-term rental homes, and others is impeding the market’s expansion.
Key Players Mentioned
The major firms active in the world hotel market include Marriott International, Inc., Hyatt Hotels Corporation, Hilton Hotels & Resorts, Hyatt Hotels Corporation, and others.
The hotel industry is divided into segments based on area, star rating, service type, and room type.
The market is divided into two categories, accommodation service and non-accommodation service, based on the type of service provided. Due to the fact that most guests use hotels as places to stay rather than taking advantage of the other services they provide, the accommodation service is predicted to be the most lucrative market area.
The market is split into North America, Europe, Asia Pacific, South America, and Middle East & Africa on the basis of region.
Throughout the projected period of 2020–2027, Europe is expected to continue to maintain the largest share. The area’s high influx of tourists from other countries has increased occupancy rates and fueled market expansion. For instance, based on information made public by the United Nations World Tourism Association, it is estimated that 710 million foreign travellers visited Europe in 2018. Additionally, this region has several popular tourist destinations, including Poznan, Poland, Geneva, Switzerland, and Budapest, Hungary To get traction, cities like Braga, Portugal, and others that are drawing tourists from all over the world.
A strong presence in the hotel industry is predicted for Asia Pacific as a result of increased disposable income levels and rising hotel occupancy rates. For instance, Trading Economics reports that India’s disposable income increased in 2019 from USD 2,818,144.54 million to USD 2,937,239.52 million. Additionally, it is projected that the increased number of business travellers to this area will increase consumption. For instance, corporate travel expenses have increased by 11.4 percent annually in India, according to statistics from Travel Trends Today released in May 2018.
Request a Sample Copy of the Research Report:@ https://www.zionmarketresearch.com/sample/hotels-market
- North America
- The U.S.
- Asia Pacific
- Latin America
- Middle East and Africa