Hotels Market Trend, Share, And Growth Report 2032

Hotels Market: Size

The global hotels market size was worth around USD 1,376.40 billion in 2023 and is predicted to grow to around USD 2,993.90 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.14% between 2024 and 2032.

The report encloses a forecast and current estimates for hotels market on a global and regional level. The study provides the historical data from 2018 to 2022 and the forecast period from 2024 to 2032 based on revenue. The revenue of hotels market is measured in USD Billion.

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Hotels Market: Overview

The hotel industry is a major sector that drives the growth of the hospitality sector substantially. Luxury hotels provide a comfortable stay for tourists and travelers alike along with offering various services, such as swimming pool, fitness center and spa. Luxury hotels have been experiencing significant growth in recent years owing to the rising number of business travelers globally. Changing customer preferences and up gradation in the services provided by hoteliers are expected to drive the global hotels market over the forecast time period. Growing travel and tourism industry is the major factor fueling the hotels market globally. Moreover, the large number of multinational corporations opening their facilities and subsidiaries globally has also augmented the number of business travelers, which, in turn, is propelling the hotels market. The major firms in the hotels market are focusing on improving the customer service experience and increase the number of revisits.

The study also provides the impact and the descriptive analysis of major drivers, restraints, and opportunities of the global hotel market.

The study also offers the market attractiveness and Porter’s Five Forces model analysis to gauge the competitive landscape of major vendors in the global hotels market. This comprehensive study also provides a detailed analysis and overview of each segment included in the study.

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Hotels Market: Growth Drivers

The growing hospitality industry has resulted in the rising number of restaurants and hotels, which is expected to hotels market growth. The development of the travel and tourism industry has played a major role in the development of the hospitality industry and the hotels market. People travel from one place to another for various reasons, such as business trips, visits to relatives and friends, pilgrimages, for recreation and educational purposes, and to get access to quality healthcare facilities. Food and accommodation for people are taken care of by the hospitality industry. Hence, hospitality and tourism services are dependent on each other which, in turn, are expected to drive the hotels market growth over the forecast timeframe.

Global Hotels Market: Segmentation

The report concludes the size, star, type, ownership, budget, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on size, the hotels market is segmented into small hotels, medium hotels, and large hotels and very large hotels.

On the basis of the star, the market is segmented into 1 and 2 Star, 3 Star, 4 Star, and 5 Star.

Based on the type, the market is segmented into business or commercial hotels, transient hotels, boutique hotels, residential hotels, suite hotels, bed and breakfast hotels, casino hotels, green hotels, and others.

On the basis of ownership, the market is segmented into independent hotels and chain.

On the basis of budget, the market is categorized into the economy, luxury, and elite.

On the basis of end-user, the market is segmented into leisure and business.

Hotels Market: Report Scope

Global Hotels Market: Regional Analysis

The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

Europe held a major revenue share of the global hotels market in 2023. This can be due to the increasing number of hotels and restaurants across the region and the rising government initiatives for the promotion of tourism, by spreading awareness regarding the architectural or historical significance of the region. The Asia Pacific is predicted to grow at the fastest rate over the forecast time period, owing to the rising disposable income mostly in emerging countries, such as India and China.

Global Hotels Market: Key Players Analysis

Some key players operating in the global hotels market include

• AccorHotels
• Best Western International Inc.
• China Lodging Group Limited
• Choice Hotels International Inc.
• citizenM
• Hilton
• Hyatt Corporation
• InterContinental Hotels Group
• ITC Hotels
• Jumeirah International LLC
• Magnuson Hotels
• Marriott International Inc.
• NH Hotel Group Santa Engracia
• Radisson Hotel Group
• Shanghai Jin Jiang International Hotels (Group) Company Limited
• The Indian Hotels Company Limited
• Westmont Hospitality Group
• Wyndham Hotels & Resorts Inc.

This report segments the global hotels market into:

Global Hotels Market: Size Analysis

• Small Hotels
• Medium Hotels
• Large Hotels and Very Large Hotels

Global Hotels Market: Star Analysis

• 1 and 2 Star
• 3 Star
• 4 Star
• 5 Star

Global Hotels Market: Type Analysis

• Business or Commercial Hotels
• Transient Hotels
• Boutique Hotels
• Residential Hotels
• Suite Hotels
• Bed and Breakfast Hotels
• Casino Hotels
• Green Hotels
• Others

Global Hotels Market: Ownership Analysis

• Independent Hotels
• Chain

Global Hotels Market: Budget Analysis

• Economy
• Luxury
• Elite

Global Hotels Market: End-User Analysis

• Leisure
• Business

Global Hotels Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa