Industry Background:
The establishment which provides meals accommodation and other services for the tourists and travelers are known as hotels. Though hotels are distinguished by the class star categories (i.e. 1-5 star), there is no certain standard method for assigning the same categories. Hotels provide all the luxurious services and charges for the same.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Marriott International Inc. (United States), Atlantis the Palm Limited (UAE), Hilton Worldwide Holdings Inc. (United States), InterContinental Hotels Group Plc. (United Kingdom), Accor Group (France), Starwood Hotels and Resorts Worldwide Inc. (United States), ITC Ltd. (India), Indian Hotels Co Ltd. (India), Jumeirah International LLC (UAE) and Four Seasons Holdings Inc. (Canada) |
According to AMA, the market for Hotels is expected to register a CAGR of 10.0% during the forecast period to 2030. This growth is primarily driven by Robust Growth of Tourism Industry, Increasing Disposable Income across the Globe and Growth in Expenditure on Luxurious Goods and Services.
Globally, a noticeable market trend is evident Influx of International Travelers
The Hotels, Resorts & Cruise Lines sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Marriott International Inc. (United States), Atlantis the Palm Limited (UAE), Hilton Worldwide Holdings Inc. (United States), InterContinental Hotels Group Plc. (United Kingdom), Accor Group (France), Starwood Hotels and Resorts Worldwide Inc. (United States), ITC Ltd. (India), Indian Hotels Co Ltd. (India), Jumeirah International LLC (UAE) and Four Seasons Holdings Inc. (Canada), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. A number of Hotel Service Providers are available in the market. Hotel business grows with the brand name. Thus, the threat of new entrants is minimum due to increased customer loyalty toward a specific brand as well as higher initial investments. Moreover, a number of key players are opting technological enhancements and better customer service to gain a competitive edge. Some of the Key players are offering services with different brand names, for instance, Marriot International Inc. is offering hotel services through multiple brand names such as JW Marriot, The Ritz Carlton, The Luxury Collection and others.
Key Developments in the Market:
In October 2023, InterContinental Hotels and Resorts announced a distinctive global evolution plan, which includes the introduction of the "Blossoming Moments" series of events in Greater China.
Influencing Trend:
Influx of International Travelers and Unique Destinations with Unique Perks
Market Growth Drivers:
Robust Growth of Tourism Industry, Increasing Disposable Income across the Globe and Growth in Expenditure on Luxurious Goods and Services
Challenges:
Maximum Cost Incurred and Increasing Energy Consumption
Restraints:
Changing Consumer Preferences and Unstable Economical and Political Environment
Opportunities:
Enhancing Guest Experience and Personalised/Customised Consumer Services
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Hotels Market
- Analysis about New Entrants in Hotels Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Hotels Study Sheds Light on
The Hotels Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Hotels industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Hotels industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.