According to a new market report published by Transparency Market Research “Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” the hotels market was valued at USD 534.02 billion in 2014, which is expected to reach USD 702.74 billion by 2021, growing at a CAGR of 4.0% from 2015 to 2021.
Hotels industry is one of the major sectors fueling the growth of hospitality sector at the global level. Booming travel and tourism industry is one of the major factors fueling the demand in the hotels industry. In addition, with large number of multinational companies opening their bases globally has also increased the number of business travelers boosting the hotels industry. The major companies in the hotels market are also focusing on improvement of customer service experience there by increasing the number of revisits. Moreover, increasing disposable income and demand for luxurious lifestyle is also boosting the hotels industry. By type, the hotels market has been segmented into 1 Star, 2 Star, 3 Star, 4 Star, 5 Star and unrated among others.
3 Star hotels held the largest market share in the hotels market globally and is expected to remain the market leader throughout the forecast period. The 3 Star segment was valued at USD 179.07 billion in 2014. However, the unrated segment is expected to be the fastest growing market and is expected to reach USD 32.84 billion by 2021. Increasing demand in the budget hotels segment is one of the major factors fueling the demand in the unrated segment. Apart from this, 5 Star segment is also having huge growth potential in the hotels market. The 5 Star hotel segment is expected to reach USD 95.16 billion by 2021. Increasing number of business travelers and demand for luxurious lifestyle are the major factors boosting the demand in this segment.
North America held the largest market share in the hotels market globally. The North America hotels market is expected to grow at a CAGR of 5.6% from 2015 to 2021. The U.S. is one of the major markets for hotels in North America. The U.S. hotels market was valued at USD 113.60 billion in 2014. However, Asia Pacific is also one of the major markets for hotels globally. The Asia Pacific hotels market is expected to reach USD 154.59 billion by 2021. Singapore is the fastest growing market in Asia Pacific growing at a CAGR of 6.1% from 2015 to 2021. Increasing business travel and aggressive branding strategies adopted by key players are some of the major factors fueling the demand in this region.
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