Hotels Market Overview:
The Hotels market research gives a detailed view of the competition, including the market share and company profiles of the major competitors in the global industry. The scope of the research includes a comprehensive examination of the Hotels Market, as well as the reasons for variations in the industry's growth in various locations.
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Hotels Market revenue was US$ 24.7 Bn in 2020 and is expected to reach US$ 45.44 Bn. by 2027 at a CAGR 9.1% through out the forecast period.
Market Scope:
Following the completion of market engineering, which included calculations for market statistics, estimations of market size, market forecasts, market breakdown, and data triangulation, significant primary research was done to acquire information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up techniques, as well as many data triangulation methodologies, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all facts obtained over the whole market engineering process in order to provide essential information throughout the report.
Drivers:
The operational activities of the hotel industry have dramatically increased since India's economy was opened up in 1991 and globalisation was adopted. India's hotel industry is a thriving industry. International sporting events, trade shows, and exhibitions will likely contribute to an increase in both domestic and foreign tourism. The COVID-19 pandemic's effects on the sales revenue of market leaders, market followers, and market disruptors were examined in the report study, and this is reflected in our analysis.
Major factors driving the India hotel market over the forecast period include rising domestic travellers' purchasing power parity, developing airline industry, rising foreign visitor arrivals, and loosened visa requirements.
Segmentation:
The India hotel market is divided into four categories: location, property size, service level, and theme. The city hotel segment accounted for 37% of the market in 2020 and is anticipated to continue to dominate during the forecast period. These hotels are typically found in the city proper, close to the financial district, retail hub, and railway intersections. Because of the benefits of their enviable location, rates are high. They see a lot of traffic, and occupancy is typically high.
Over the forecast period, the heritage hotel theme segment is anticipated to hold the largest market share. These hotels have infrastructure that is older. These hotels make every effort to showcase the local culture through local cuisine and artwork.
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Key Players:
Primary and secondary research is used to identify market leaders, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary research included a review of the leading manufacturers' annual and financial reports, whereas primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are utilized to compute percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data.
The biggest players in the Hotels market are as follows:
• OYO
• Lemon Tree Hotel
• Treebo
• Hyatt Hotels Corporation
• InterContinental Hotel Groups
• Marriott International
• Radisson Blue Hotels
• Shangri La Hotels & Resorts
• Taj Hotels Resorts & Places
• The Lalit Hotels
• The Leela Palace
• The Oberoi Group
• The Park Hotels
• Bharat Hotels Limited
• Hotel Leelaventure Limited
• ITC Hotels Limited
• The Indian Hotels Company Limited
• Sarovar Hotels Private Limited
• Marriott Hotels India Private Limited
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Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Hotels market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Hotels Market:
End-user industries where Hotels are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Hotels manufacturers, influencing the development of the Hotels market in 2020. End-user business demand for Hotels has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.
Key Questions Answered in the Hotels Market Report are:
- In 2021, which segment held the highest proportion of the Hotels market?
- What is the Hotels market's competitive landscape?
- What are the primary drivers assisting Hotels market growth?
- Which region has the most market share in the Hotels market?
- What will be the Hotels market's CAGR throughout the projected period (2022-2027)?
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