Japan Hospitality Market Size, Share, and COVID-19 Impact Analysis, By Hotel Type (Chain hotels, independent hotels), By Application (Service apartments, Budget and economy hotels, Mid and upper mid-scale hotels, Luxury hotels), and Japan Hospitality Market Insights Forecasts 2022 – 2032

Industry: Automotive & Transportation

RELEASE DATE Dec 2023
REPORT ID SI3127
PAGES 200
REPORT FORMAT PathSoft

Japan Hospitality Market Insights Forecasts to 2032

  • The Japan Hospitality Market Size was valued at USD 22.5 Billion in 2022.
  • The Market Size is growing at a CAGR of 1.6 % from 2022 to 2032.
  • The Japan Hospitality Market Size is expected to reach USD 26.45 Billion by 2032.

 

Japan Hospitality Market

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The Japan Hospitality Market Size is expected to reach USD 26.45 billion by 2032, at a CAGR of 1.6 % during the forecast period 2022 to 2032.

 

The need for real-time optimized guest experience management, lower operational costs, and a growing preference for IoT are all driving up demand for hospitality software and services. These factors are propelling the hospitality market forward.

 

Market Overview

The use of automated software and other cutting-edge hospitality technologies is referred to as smart hospitality. Both hotels and cruise ships frequently use it. It contributes to cost savings, boosts staff productivity, and gives guests a distinctive experience that encourages them to return. It aids the visitor in choosing the correct number, kind, and type of rooms, as well as internet features and in-room entertainment systems. It is being widely embraced on a global level. It improves the customer experience, which raises the company’s revenue. Hotels provide luxurious experiences to their customers through high-class services such as pools, bars, gardens, private beaches, and other services tailored to the customer's desire and comfort. There are no set criteria for hotels to achieve the five-star rating. High-rated hotels offer luxury services through all of their channels of operation.

 

Report Coverage

This research report categorizes the market for Japan's hospitality market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan Hospitality market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Japanese hospitality market.

 

Japan Hospitality Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 22.5 Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:1.6 %
2032 Value Projection:USD 26.45 Billion
Historical Data for:2018-2021
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Hotel Type, By Application, and COVID-19 Impact Analysis.
Companies Covered: APA Hotels & Resorts, Okura Nikko Hotel Management Co. Ltd., Prince Hotels & Resorts, Route Inn Japan Co. Ltd., Super Hotel Co. Ltd., Tokyu Hotels & Resorts Co. Ltd., Toyoko Inn Co. Ltd., and Others
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The demand for hospitality software and services is increasing, as is the demand for real-time optimized guest experience management, lower operational costs, and growing interest in IoT. These are the primary factors driving the growth of the smart hospitality market. Smart hospitality is a rapidly expanding industry that uses automated software, smart solutions, and mobile devices to improve customer service. Using these technologies, guests can select their rooms, room types, and room numbers via their mobile devices, resulting in an excellent guest experience.

 

Restraining Factors

The high initial deployment costs limit the market's ability to grow. Market expansion is being hampered by integration over legacy networks and systems. The shortage of technically qualified workers is stifling market growth.

 

Market Segment

  • In 2022, the chain hotel segment accounted for the largest revenue share over the forecast period.

Based on the hotel type, the Japanese hospitality market is segmented into chain hotels and independent hotels. Among these, the chain hotel segment has the largest revenue share over the forecast period. With growing brand recognition and trust, the market for chain-operated hospitality is expanding. Hotel chains frequently offer standardized high-quality service and amenities, which appeals to both leisure and business travelers looking for dependability and consistency. Furthermore, these chains benefit from effective marketing and customer loyalty programs, which encourage repeat visits and referrals. Another advantage is the use of economies of scale.

 

  • In 2022, the luxury hotel segment accounted for the largest revenue share over the forecast period.

Based on application, the Japanese hospitality market is segmented into service apartments, budget and economy hotels, mid and upper-mid-scale hotels, and luxury hotels. Among these, the luxury hotel segment has the largest revenue share over the forecast period.  The rise in affluence and high net-worth individuals willing to spend significantly on premium accommodations is propelling the market for upscale room types in the luxury hotel industry. These upscale rooms frequently include personalized services, such as private butlers, that enhance the guest experience. Along with this, a significant factor driving growth is the demand for exceptional amenities such as private plunge pools, in-room massage services, and gourmet in-room dining options.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japanese hospitality market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • APA Hotels & Resorts
  • Okura Nikko Hotel Management Co. Ltd.
  • Prince Hotels & Resorts
  • Route Inn Japan Co. Ltd.
  • Super Hotel Co. Ltd.
  • Tokyu Hotels & Resorts Co. Ltd.
  • Toyoko Inn Co. Ltd.
  • Others

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In October 2022, Hyatt expanded its hotel portfolio in Japan with the opening of the Fuji Speedway Hotel in Shizuoka, the country's first Unbound Collection by Hyatt property. The hotel has 120 rooms, including 21 suites, all with private balconies overlooking the Fuji Speedway race track or Mount Fuji.

 

  • In July 2022, UK-based hotel group YOTEL announced the launch of its first hotel in Japan, which will be located in Ginza in Tokyo. The hotel will feature the brand's signature robotic staff, motorized SmartBeds, as well as fully integrated technologies.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Japan Hospitality Market based on the below-mentioned segments:

 

 

Japan Hospitality Market, By Hotel Type

  • Chain hotels
  • Independent hotels

 

Japan Hospitality Market, By Application

  • Service apartments
  • Budget and economy hotels
  • Mid and upper-mid-scale hotels
  • Luxury hotels

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