The global travel accommodation market size was USD 786.10 billion in 2023. The market is set to rise from USD 879.02 billion in 2024 to USD 1.93 trillion by 2032 at a CAGR of 10.39% during 2024-2032.
Travel accommodation comprises commercial settings, including hostels, resorts, vacation rentals, and hotels, where travelers halt for the duration of their outings. They provide numerous services for guests, such as massages, toiletries, laundry service, food service, and parking. Increased need for travel accommodation facilities due to a rising trend of spending holidays at gorgeous locations, especially among youth, is fostering market expansion.
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List of Key Players Profiled in the Market Report
Segments
Hotels to Lead the Market Due to Their Easy Availability
By type, the market is classified into hotels, resorts, hostels, vacation rentals, and others. Hotels are expected to lead the travel accommodation market share in the coming years due to their easy availability. They are normally situated in main locations, including near transportation centers and town areas. Hotels are gaining traction with the service offerings for both business and holiday travelers.
Increased Travelers' Preference for Reasonable Accommodation Assisted Economy Segment Expansion
On the basis of price point, the market is categorized into economy, mid-range, and luxury. The economy segment commanded the market due to rising middle-class consumers’ inclination toward economic accommodation services. These conveniences save the travelers' accommodation prices during trips as they offer basic utilities, including food and clean rooms.
Increased Preference for Exciting and Fun Activities by Younger Generation to Propel the Demand for Leisure Tourism