Published By : 25 Aug 2016 | Published By : QYRESEARCH
Hotels are considered as one of the most vital segments of the global hospitality industry. The global hotels market is estimated to grow robustly in the coming few years, thanks to the booming tourism industry worldwide. In addition, the rising number of players entering the global hotels market are expected to fuel the growth of the market in the near future. As a result, the competitive scenario of the global hotels market is expected to become intense in the coming years.
Hotels offers several facilities to the consumers, including a stay, swimming pool, business centers, conference facilities, childcare, and social functional services. The rising disposable income among the population, especially in developing countries is further expected to augment the growth of the overall market in the near future. Furthermore, the increasing expenditure on travel and tourism and booming travel industry are some of the other factors estimated to drive the global hotels market. Nevertheless, the political instability in several countries is one of the prime factors projected to curb the growth of the market in the coming few years.
The global hotels market can be classified on the basis of type into 1 star, 2 star, 3 star, 4 star, 5 star, and unrated. Among these types, the 3 star hotels segment accounts for a massive share in the global market at present. The fast growth of this segment can be attributed to the growing demand for luxurious travel across the globe. On the other hand, the rising inclination towards budget hotels is estimated to encourage the growth of the unrated hotels segment in the next few years. Thus, this segment is projected to witness a substantial growth in the near future.
The prominent players engaged in the global hotels market include Atlantis The Palm Limited, Marriott International, Starwood Hotels and Resorts Worldwide, Hilton Worldwide Holdings, Jumeirah International LLC, Indian Hotels Co Ltd., InterContinental Hotels Group Plc, Four Seasons Holdings, ITC Ltd., and Accor Group. The new players participating in the market are making remarkable efforts to create a niche for themselves in the global hotels market worldwide.