Worldwide Hotels Market Expected To Grow At A CAGR Of 4% Over The Period From 2016 To 2020

Date: 2016-09-18

The hotels market was estimated at USD$ 555.3 billion in 2015, and is anticipated to reach USD$ 675.6 billion by 2020, expanding at a CAGR of 4 % between 2016 and 2020.

By type, the market is segmented into 5 star, 4 star, 3 star, 2 star, 1 star, and unrated hotels. Amongst these, in 2014, 3 star hotels led the market with a share of USD$ 179.07 billion and are expected to maintain its superiority in the forecast horizon. On the other hand, the unrated hotels segment is predicted to be the most swiftly developing segment and is predicted to reach USD$ 32.8 billion in 2021.

Geographically, the global hotels market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America held the biggest share and is the most swiftly developing hotels market. South Korea, India, Singapore, and China are the key markets stimulating the Asia Pacific hotels market. Germany, the UK, and France are the prime countries fuelling the Europe hotels market.

Increasing expenditure on travel and tourism is one of the major factors boosting the growth of the hotel industry worldwide. Furthermore, medical tourism industry has also grown considerably which is also one of the major reason contributing in the positive growth of hotels industry across different regions worldwide. However, Asia Pacific is also one of the major markets for hotels globally. Singapore is the fastest growing market in Asia Pacific. Increasing business travel and aggressive branding strategies adopted by key players are some of the major factors fueling the demand in this region.

Unstable political environment is one of the major factors restraining the hotels industry. Political stability is one of the major factors behind the success of the travel and tourism industry. The political condition of a country affects its business as well as leisure travel. Furthermore, natural disasters are one of the key factors affecting the hotel industry. Apart from this, increasing popularity of budget hotels in the developed countries of North America and Europe, the major players are focusing on the luxury hotels segment in order to maximize their market presence. Due to the shift in consumer preference toward a luxurious lifestyle, hoteliers are keen on launching new range of luxury hotels across different locations globally which is considered as an opportunity for the hotels industry.

According to survey, the region of Hotels market share as following:
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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

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