Global Hotels Market : Increase in Disposable Income Propels Market

2024-11-08 03:27:10 News & Society

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The recent boom in the hospitality sector has boosted the global hotels industry to a great extent. The rise in disposable income has enabled people to spend on touring and traveling to various places, which has transformed the market for hotels in the global scenario.

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Analysts have determined that the worldwide global hotel market stood at US$534.02 billion in 2014. Over the period from 2015 to 2021, the market is expected to develop significantly on account of heavy investments from major market players and report a CAGR of 4%, attaining an estimated value of US$702.74 billion by 2021.

3-Star Hotels Market: Rising Prosperity among Middle-class Consumers Boosting Market Growth

There are 6 types of hotels across the world, unrated, 1-star, 2-star, 3-star, 4-star, and 5-star. Among these, the 3-star hotels segment has recorded the highest growth, owing to the increased capacity for expenditure among middle-class customers. The rising number of visitors has encourages hoteliers to add more facilities to their 3-star hotels, which is drawing more attention from customers and fueling the 3-star hotels market.

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On the other hand, analysts expect the unrated hotels segment to register the fastest growth in the near future, owing to the increasing demand for budget hotels from backpackers and regular travelers. On the other end of the spectrum, the 5-star hotels segment is also showing huge potential for growth on account of the rising number of business travelers and the increasing demand for high-quality services in the global arena.

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North America: U.S. Emerges as Biggest Contributor

The hotels market in North America has acquired the leading position in the global industry. The dominance of this region is attributed to the huge base of luxury hotels present in the U.S., owing to which the U.S. hotels market accounted for US$113.60 billion in 2014. The regional market is most likely to maintain its dominance in the forthcoming years.

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On the other hand, experts anticipate the market for hotels in Asia Pacific to reach US$154.59 billion by 2021, wherein Singapore is projected to report the fastest growth, at a CAGR of 6.1% between 2015 and 2021. The rapid increase in business travel and medical tourism, coupled with aggressive branding strategies by major players, is the main reason propelling this regional market.

The European hotels industry is projected to witness sluggish growth in the near future. However, the hotel market in the rest of the world is predicted to show significant development, owing to the rise in the 4-star hotels segment in the UAE. In 2014, the UAE hotels market reported an aggregate market value of US$6.5 billion. Saudi Arabia and Brazil are the other prominent regional markets for hotels in the rest of the world.

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Global Hotels Market: Major Players

In spite of the presence of a huge base of major and small-scale participants in the global arena, the worldwide hotels market is moderately consolidated in nature. InterContinental Hotels Group PLC, Starwood Hotels and Resorts Worldwide, Hilton Worldwide Holdings Inc., Accor Hotels, Marriott International Inc., Atlantis The Palm Ltd., Indian Hotels Co. Ltd., Four Seasons Holdings Inc., Jumeirah Group LLC, and ITC Ltd. are the major participants operating in the hotels market worldwide.

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