Global Travel Accommodation Market to Garner $893 Billion by 2026: AMR

Portland, OR, June 08, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global travel accommodation market was pegged at $632.8 billion in 2018, and is projected to hit $893 billion by 2026, registering a CAGR of 4.5% from 2019 to 2026.Increase in global tourism, rise in the inclination among consumers to shift from product to experience, and advancements in the corporate travel industry have boosted the growth of the global travel accommodation market. However, surge in incidences of forgery and volatile fortunes for destinations hamper the market growth. On the contrary, advent of artificial intelligence and adoption of eco-friendly accommodations for solo travelers would open new opportunities for the market players in the coming future.Thorough insights on the impact of the COVID-19 on the Travel Accomodation Market @ https://www.alliedmarketresearch.com/request-sample/6044
Covid-19 scenario: The widespread of Covid-19 has adversely affected the global travel accommodation industry.The lockdown in various countries and stopped international flights have negatively impacted the travel and tourism industry.Due to pandemic, employees in several countries are expected to experience decrease in income, which would hamper the industry even after the pandemic.The global travel accommodation market is segmented on the basis of type, application, price point, mode of booking, and geography. Based on type, the market is divided into hotels, hostels, resorts, vacation rentals, and others. The vacation rental segment is estimated to manifest the highest CAGR of 6.7% during the forecast period. However, the hotel segment held the largest share in 2018, accounting for three-fifths of the market.On the basis of application, the market is divided into leisure, professional, and others. The leisure segment is expected to portray the highest CAGR of 5.0% during the study period. Moreover, the segment held the largest share in 2018, accounting for nearly two-thirds of the market.Send Me Enquire About This Report@ https://www.alliedmarketresearch.com/purchase-enquiry/6044Based on price point, the market is categorized into economy, mid-range, and luxury and on the basis of mode of booking, the market is classified into online travel agency, direct bookings, and others.The global travel accommodation market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific is estimated to register the highest CAGR of 20.7% during the forecast period. However, the market across Europe contributed the largest share in 2018, holding two-fifths of the market.The global travel accommodation market report includes an in-depth analysis of the major market players such as Radisson Hotel Group, Hilton Worldwide Holdings Inc., Accor Hotels Group, Marriott International, Hyatt Hotels Corporation, Wyndham Destinations, Red Lion Hotels Corporation, Oyo Rooms, Airbnb Inc.,A&O Hotels, and Hostels GmbH.Avenue Basic Plan | Library Access | 1 Year Subscription |
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