ALBANY, NY—Transparency Market Research, in its Hotels Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021 report, estimated the hotels market at $534 billion in 2014, and anticipated it to reach $702.7 billion by 2021, expanding at a compound annual growth rate (CAGR) of 4% between 2015 and 2021.
By type (number of stars plus unrated), in 2014, three-star hotels led the market with a share of $179.07 billion and are expected to maintain their superiority in the forecast horizon. On the other hand, the unrated hotels segment is predicted to be the most quickly developing segment and is forecast to reach $32.8 billion in 2021.
Geographically, the global hotels market is segmented into Europe, North America, Asia-Pacific, and Rest of the World (RoW). North America held the biggest share and is the most swiftly developing hotels market. South Korea, India, Singapore, and China are the key markets stimulating the Asia-Pacific hotels market. Germany, the U.K. and France are the prime countries fuelling the Europe hotels market.