The United States generated the highest revenue, accounting for approximately 22% of the global market.
According to a new report published by Allied Market Research, titled “Beach Hotels Market by Type, Service Type, and Occupants: Global Opportunity Analysis and Industry Forecast, 2022-2031”, the global beach hotel market size was valued at 121,202 .6 million in 2021. , and is expected to reach $215,404.3 million by 2031, registering a CAGR of 4.6% from 2022 to 2031. In 2020, the standard segment accounted for approximately 50% of the global market in terms of value.
Beach hotels are hotels located on or near the seashore or facing the sea. people’s purchase and the various discounts offered on online booking have fostered the growth opportunities of the beach hotel market.
Leisure tourism, commercial tourism, medical tourism and other types of tourism are all included in travel and tourism. Lifestyle changes, increase in tourism marketing, increase in accessibility of transportation facilities and other factors that are encouraging the expansion of travel and tourism activities are expected to boost the growth of the industry beach hotels. The continuous expansion of the travel and tourism sector and the integration of various fields such as hospitality and infrastructure with the efforts of the government is accelerating the global growth of the travel and tourism industry, which in turn complements the growth of the beach hotel market.
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As e-literacy grows, so does the adoption of mobile phones, laptops, and other networking devices. Customers are gradually moving away from traditional reservations to turn to online reservations. The goal of online travel service providers is to make travel planning and booking easier for passengers. The internet travel industry is driven by quick and easy flight and hotel bookings, increased customer confidence in online payment, and the ability to compare the many travel alternatives available.
The increase in internet penetration in rural areas and Tier 2 and Tier 3 cities has made it easier for consumers to book beach hotels, who can book their stay with just one click. In addition, it results in greater simplicity in booking transport and accommodation services, allowing customers to book easily.
As one of the most popular travel booking mediums, especially among young travelers, market players widely offer travel services through websites and mobile apps, bringing profitable potential to the hotel market beach to develop its marketing mix on the online platform.
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By region, Asia-Pacific and North America collectively contributed about half of the global market in 2021. Developing countries such as Indonesia, India, and Mexico show huge growth potential for this market due to high disposable income and decent numbers of the millennial population are turning towards beach tourism and opting for beachfront hotels in these countries.
The beach hotel market segments are based on type, service type, occupants, and region. On the basis of type, the market is segmented into budget, standard and premium. By type of service, the market is segmented into accommodation, food & beverage, and others. On the basis of occupiers, the market is segmented into solo and group. Regionally, the market is analyzed in North America (United States, Canada and Mexico), Europe (United Kingdom, Germany, France, Italy, Spain, Sweden and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Indonesia and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).
Main results of the study
Based on the beach hotel market for the region, Europe accounted for the largest share of global market revenue, registering a significant CAGR from 2022 to 2031, followed by Asia-Pacific.
Based on trends in the beach hotel market in 2021, the group’s occupier segment accounted for approximately 75% share, by value, and is expected to grow at the highest CAGR of 4.4%.
North America is expected to grow at the highest CAGR of 4.9% from 2022 to 2031 during the forecast period of the beach hotel market.
In 2021, the United States generated the highest revenues, accounting for approximately 22% of the global market.
Latin America is expected to grow at a significant CAGR of 3.7% over the forecast period.
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According to the analysis of the global beach hotel market, market players have adopted various development strategies to expand their beach hotel market share, increase their profitability and stay competitive in the market. Key Players profiled in this report are Accor SA, Four Seasons Hotels Ltd., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, ITC Ltd., Marriott International, Inc., Omni Hotels & Resorts, Radisson Hospitality, Inc., Rancho La Puerta Inc. and The Indian Hotels Company Limited.
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