Travel Accommodation Market Upcoming Trends & Growth Forecast 2031

The travel accommodation market was valued at $632.80 billion in 2021, and is estimated to reach $1,974.30 billion by 2031, growing at a CAGR of 11.3% from 2022 to 2031.

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According to the Travel Accommodation Market report published by the Allied Market Research, the study presents impending revenue forecast of the industry for the next few years coupled with imminent market trends and opportunities. Moreover, the study also doles out different logical tables and graphs to identify the complexities of the market.

A complete and wide-ranging evaluation of the aspects that drive and restrain the Market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.

The report helps clients in comprehending their first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contains in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.

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Major Key Players:

The major players in the global travel accommodation industry that have been analyzed in this report include Marriott International, Hyatt Hotels Corporation, Wyndham Destinations, Hilton Worldwide Holdings Inc., Accor Hotels Group, Radisson Hotel Group, Airbnb Inc., AO Hotels and Hostels GmbH, Red Lion Hotels Corporation, and Oyo Rooms.

Market Segmentation:

The global travel accommodation market size is segmented into type, application, price point, mode of booking and region. The type segment comprises hotel, hostel, resort, vacation rental, and others. The applications covered in the study include leisure, professional, and others. On the basis of price point, the market is categorized into economy, mid-range, and luxury. Depending on mode of booking, it is segregated into online travel agency, hotel website, and others. Region wise, it is studied across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, Switzerland, and rest of Europe), Asia-Pacific (India, China, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

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Key findings of the study

By type, travel accommodation market analysis shows that the vacation rentals segment is expected to grow at a CAGR of 12.4% from 2021 to 2031.
By region, Europe accounted for approximately 39% of the travel accommodation market share of the total in the global travel accommodation market in 2021.
Region wise, Europe is expected to occupy a major share in the travel accommodation market in 2031.
By mode of booking, the online travel agency is expected to grow at a CAGR of 12.9% from 2022 to 2031.
By price point, the luxury travel accommodation segment is expected to grow at the fastest CAGR of 11.8% during the travel accommodation market forecast period.

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