Turismo
Travel Accommodation Market to Reach $893 Bn, Globally, by 2026 at 4.50% CAGR: Allied Market Research
Rise in global tourism, developments in corporate travel industry, and surge in the inclination among consumers to shift from product to experience drive the growth of the global travel accommodation market. On the other hand, increase in incidence of forgery and fluctuating fortunes for destinations restrain the growth to some extent. However, innovation through artificial intelligence and eco-friendly accommodations for solo travelers are expected to create lucrative opportunities in the near future.
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Based on type, the hotel segment contributed to around three-fifths of the global tourist accommodation market revenue in 2018 and is expected to retain its dominance during 2019–2026. The fact that hotels provide short-term paid accommodation, meals, and other facilities according to the exact needs of travelers and tourists has propelled the growth of the segment. The vacation rental segment, on the other hand, is projected to grow at the fastest CAGR of 6.7% throughout the estimated period. Increase in the drift toward renting large homes enables to lower the cost of accommodation which is appealing to budget-cost travelers. Also, booming tourism business in emerging markets has fueled the growth.
Based on application, the leisure segment garnered the largest share in 2018, holding nearly two-thirds of the global tourist accommodation market. This is attributed to increase in the number of travelers who travel for the purpose of relaxation, leisure, entertainment, recreation, religious reasons, visiting relatives and friends. The same segment would also showcase the fastest CAGR of 5.0% till 2026.
Based on Geography, Europe , followed by North America , accounted for nearly two-fifths of the global tourist accommodation market share in 2018 and is expected to dominate during the study period. In terms of both inbound and outbound tourism, Europe has now topped the list among all the other continents. For this reason, there are a growing number of new investors emerging in the European travel accommodation market. Simultaneously, the Asia-Pacific region would register the fastest CAGR of 20.7% through 2019–2026. International inbound tourist arrivals have grown exponentially over the last five decades. This strong momentum has created a huge positive influence on the travel accommodation sector in the region.
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