Global Residential Hotel Market Size To Worth USD 120.90 Million By 2030 | CAGR of 11.01%
Category: Consumer GoodsGlobal Residential Hotel Market Size To Worth USD 120.90 Million By 2030
The Global Residential Hotel Market Size was valued at USD 46.10 million in 2021 and is expected to reach USD 120.90 million by 2030, growing at a CAGR of 11.01% during 2021-2030. as per the latest research report by Spherical Insights & Consulting.
The residential hotel market is seeing moderate growth in the past year. Due to the increasing number of consumers who spend on traveling and tourism. In some residential hotels, the services provided at home such as maid for making food, and necessary equipment like fridge, oven. These are the major factors that can boost the residential hotel market in the forecast period. Due to the longer period staying consumers choose foods like home because of an increase in health concerns.
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Browse key industry insights spread across 175 pages with 117 market data tables and figures & charts from the report “Global Residential Hotel Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Upscale Residential Hotel, Midscale Residential Hotel, and Economy Residential Hotel), By Application (Travelers, Business Customers, Trainers and Trainees, Government and Army Staff, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents https://www.sphericalinsights.com/reports/residential-hotel-market
The major trend in this industry is easy availability & high convenience of hotel bookings such as online bookings. Moreover, the rise in the travel & tourism industry across the country is another major factor aiding the growth of the market propelled by the development of different tourism places & entertainment centers. This industry is one of the most impacted sectors by the COVID-19 pandemic which has declined the demand for stay hotel sector across the globe. Additionally, the increasing number of tourist centers worldwide is another major factor generating the demand for long-time lodging across different states of the country which is also expected to boost the demand for markets across the globe in the future.
The biggest difference between a residential hotel and other hotels is the price, what guests are billed for, and the different lifestyles often associated with each property type. The average price for one night in a standard hotel room is higher than the average price of one night in a residential hotel room. Customers at most of the residential hotels can also expect to get amenities such as Wi-Fi and major utilities included in their nightly rate whereas other hotels sometimes charge fees for premium options like faster internet and movie rentals. For mid-range options, it is also witnessed that differences such as coin-operated laundry facilities at residential hotels versus professional onsite laundering services at other hotels. Plus, hotels typically offer additional lounge spaces, bars, restaurants, stores, and concierge services while this is not the norm at the average residential hotel.
These types of hotels are mostly used by travelers, business customers, trainers and trainees, and government and army staff. They often feature a home-away-from-home style and will often be referred to as apartment hotels or serviced apartments. Furthermore, the rising number of business travelers is one of the major factors aiding in the growth of the residential hotel market. Most of the companies of different industries have already planned to expand their geographical reach across the globe which is also pushing the demand for more enterprises such as foreign companies which are expected to drive the market during the near future. Additionally, the country has been under lockdown for almost a year, there will be a pent-up demand for traveling & long-term stays outside the home for different categories of travelers. Therefore, it is one a good opportunity for hotel firms to expand. A large part of the hotel business comes from business travelers and this might not resume immediately. However, leisure travel has immense scope given that it is pent-up demand and hotels will make the most of it by offering attractive packages.
The residential hotel vendors include Hilton Worldwide, Hyatt Hotel, Marriott International, InterContinental Hotels Group (IHG), Choice Hotels International, Accor Hotels, and others. The companies operating in this industry are focusing more on efficient growth, operational efficiency, and productivity improvement, achieving high safety standards, and maintaining sustainable development. The players are focusing on securing a leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet a higher market share and develop a socially responsible business company is identifying various strategic pillars such as mergers & acquisitions, new product launches, product enhancement, and others.
Cloud-based servers have further changed the game, giving accommodation providers easy access to real-time diverse data that enables a more personalized and efficient user experience for hotel bookings. Also, operationally it allows providers to use data to tailor guest experiences faster and drive a more personalized relationship with them. With this trend comes a growing responsibility to handle data responsibly, respecting consumer preferences, and rights.
Moreover, it is also easy for market vendors to circulate the offers and vouchers for their customers in an online channel which is another reason behind the adoption of online bookings among consumers. Consumers nowadays prefer to book a hotel stay on an online platform which also helps them to pre-book their stay in the desired hotels. In addition, the online booking platform also helps to filter their specific requirements such as various amenities, price ranges, and levels of luxury along with the status of room availability. This factor is expected to generate huge opportunities for market vendors during the forecast period.
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The North America region is dominating the market share of the global Residential Hotel Market owing to it being the world's oldest hotel market, with considerable service experience. However, Europe is the second-largest market for residential hotels due to the high-quality service, classic style, interpersonal relationships, and interior elegance that is not overly luxurious are all factors that contribute to the popularity of European hotels.
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