Travel Accommodation Market to Reach $893 Bn, Globally, by 2026 at 4.50% CAGR

Allied Market Research

Increase in global tourism, high-end developments in corporate travel industry, and rise in the inclination among consumers to shift from product to experience fuel the growth of the global travel accommodation market.

PORTLAND, Oregon, Nov. 18, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Travel Accommodation Market by Type (Hotels, Hostels, Resorts, Vacation Rentals, and Others), Application (Leisure, Professional, and Others), Price Point (Economy, Mid-range and Luxury), and Mode of Booking (Online Travel Agency, Direct Bookings, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global travel accommodation industry garnered $632.8 billion in 2018, and is estimated to reach $893 billion by 2026, growing at a CAGR of 4.50% from 2019–2026. The report also provides a detailed analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends.

Drivers, restraints and opportunities-

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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The hotel segment to lead the trail by 2026-

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.