Hotels - Worldwide

  • Worldwide
  • It is projected that the revenue of Hotels market will reach US$446.50bn by 2024 worldwide.
  • Looking forward, an annual growth rate of 3.32% (CAGR 2024-2028) is expected, resulting in a projected market volume of US$508.90bn by 2028.
  • By this year, the number of users in this market is expected to reach 1.40bn users.
  • The user penetration is expected to hit 17.5% by 2028, up from 16.3% in 2024.
  • The average revenue per user (ARPU) is expected to be US$0.35k.
  • By 2028, it is expected that 82% of the total revenue in the Hotels market will be generated through online sales.
  • It is noteworthy that United States, the most revenue will be generated in comparison to other countries, which will be US$110,500m in 2024.
  • In Japan, hotels are incorporating traditional cultural elements such as tatami floors and Japanese gardens to attract tourists.

Key regions: Indonesia, Malaysia, India, Saudi Arabia, Europe

 
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Analyst Opinion

The Hotels market will keep its pole-position among the Travel & Tourism markets, when it comes to revenues and user penetration rate. Surveys show that Hotels are, especially for Asian tourists, without doubt the most popular accomodation option.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Global Comparison
  • Hotel Star Rating
  • Methodology
  • Key Market Indicators
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