The hotels market was estimated at US$534 billion in 2014, and is anticipated to reach US$702.7 bn by 2021, expanding at a CAGR of 4.0% between 2015 and 2021 according to a report titled “Hotels Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021” released by Transparency Market Research.
By type, the market is segmented into 5 star, 4 star, 3 star, 2 star, 1 star, and unrated hotels. Amongst these, in 2014, 3 star hotels led the market with a share of US$179.07 billion and are expected to maintain its superiority in the forecast horizon. On the other hand, the unrated hotels segment is predicted to be the most swiftly developing segment and is predicted to reach US$32.8 billion in 2021.
The exponential growth of the travel and tourism industry is amongst the prime factors fuelling the hotels market. Additionally, the aggressive branding tactics implemented by major players are also boosting the global market for hotels. Furthermore, key players’ focus on customer experience enhancement and the consequent increase in the count of revisits by the customers is stimulating the hotels market.
Geographically, the global hotels market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America held the biggest share and is the most swiftly developing hotels market. South Korea, India, Singapore, and China are the key markets stimulating the Asia Pacific hotels market. Germany, the UK, and France are the prime countries fuelling the Europe hotels market.
Browse Research Report: http://www.transparencymarketresearch.com/hotels-market.html