The "Travel Accommodation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report by IMARC Group offers a detailed analysis of the industry, including travel accommodation market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global travel accommodation market size reached US$ 706 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,391 Billion by 2028, exhibiting a growth rate (CAGR) of 12.01% during 2023-2028.
Travel accommodation refers to a place or facility that provides temporary lodging for travelers, tourists, and other individuals away from their homes. In addition to sleeping arrangements, food and beverage options, these accomodations offer recreational facilities and transportation assistance. These accommodations may range from budget hotels and hostels to luxury resorts, and can include a variety of lodging options such as apartments, villas, and cottages. Their primary purpose is to serve as temporary stays that provide comfort and safety to tourists during their journeys. Furthermore, travel accommodations can also serve as a base of operations for exploring the region and local attractions. Some of the advantages of travel accommodation include easy access to various amenities, availability of local cuisine, and awareness of local activities.
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The global market is primarily driven by the increasing trend of international and domestic travel among the masses. This can be attributed to the inflating disposable income levels and shifting consumer preference for experiential travel. In line with this, the growing demand for personalized travel experiences among consumers is driving the market for unique travel accommodation, particularly boutique hotels, homestays, and apartments. Moreover, the rising popularity of solo travel is also propelling the demand for single rooms and smaller accommodation options, thereby driving the market. In addition to this, the rising environmental concerns and an enhanced focus on sustainable development is leading to a higher uptake of eco-friendly and sustainable accommodation options. Furthermore, the emerging trend of budget airlines and budget travel is resulting in the adoption of affordable accommodation options such as budget hotels, hostels, and motels, which in turn is driving the market. Some of the other factors contributing to the market include rapid urbanization, the advent of bleisure travel, the growing convenience of online bookings and extensive research and development (R&D) activities.
The report has segmented the market into the following categories:
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