Asia Hotel Industry Market 2021-2026

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    ASIA HOTEL INDUSTRY MARKET

     

    INTRODUCTION

    A hotel is a place where people may stay for a short period of time and pay for it. The amenities given might range from a basic bed and garment storage to deluxe facilities such as ensuite bathrooms. Larger hotels may offer extra amenities to its guests, such as a swimming pool, business center, day-care, conference facilities, and social event services.

     

    The hotel business is one of the most significant components of the broader service industry, providing to clients that need overnight lodging. It is closely connected with the travel and hospitality industries, however there are significant distinctions in scope. This page will teach you more about the hotel business, its connections to other service industry sectors, and the many types of hotel and guest accommodations available.

     

    The hotel business is the segment of the service sector that deals with visitor housing or accommodation. Most definitions of the hotel business include not only hotels, but also many other types of overnight lodging, such as hostels, motels, and inns.

     

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    The hotel sector is exclusively concerned with the provision of lodging and related services to guests. The hospitality sector, on the other hand, is concerned with leisure in a broader sense. As a result, it includes lodging, restaurants, bars, cafés, nightlife, and a variety of travel and tourism services.

     

    Travel and tourism, as well as the hotel business, are examples of hospitality service industries. Food and service management, leisure, bars, nightclubs, amusement parks, hotels, hostels, restaurants, self-catering housing, holiday centers, and travel brokers are also included in this industry.

     

    It has rapidly expanded in educating individuals for the hospitality business over the previous 26 years and, despite the economic downturn, is keen to expand further. The hotel business is a significant component of this sector. People’s personal wealth has expanded in tandem with the growth of the economy. This domestic triumph has created  greater need for  more hotels,  attract tourism.

     

    ASIA HOTEL INDUSTRY MARKET DEVELOPMENTS AND INNOVATIONS

    S No Overview of Development Development Detailing Region of Development Possible Future Outcomes
    1 ITC Hotel to launch new luxury hotel brand Mementos across destinations ITC Hotel is set to launch a destination-led luxury brand called Mementos adding to its bouquet of five brands including the recently announced Storii. Mementos would be aimed at addressing the need for boutique luxury hotels across various destinations. Global Better Accessibility and Innovation

     

    ASIA HOTEL INDUSTRY MARKET DYNAMICS

    The expansion of the travel and tourism sector, as well as shifting patterns in living standards, have resulted in progressive growth in the luxury hotel market trends.

     

    The demand for luxury hotels varies by property type and is affected by factors such as location, size, and on-site amenities. Rising disposable income, the popularization of weekend culture, the advent of low-cost airline services, and a thriving service industry are all projected to propel the market. Inflationary pressures on buying power and living standards are two of the primary factors driving people to luxury resorts. Hosting sporting events by a city or country is another important aspect.

     

    Among tourists, there is a rising trend of experiencing a luxurious lifestyle during vacations or holidays. They regard it as a very peaceful and refreshing holiday experience. This is growing popular among newlyweds and older adults, who describe their luxurious stay as a once-in-a-lifetime opportunity. It has been a tendency in the luxury hotel business to advertise their products while retaining their brand image; for this, numerous techniques and endorsements are used.

     

    The increasing tourism and hospitality industries are largely driving the industry. Furthermore, the working population’s rising demand for weekend vacations, as well as their shifting lifestyle habits, are pushing market growth.

     

    Furthermore, the growing demand for staycations and weekend getaways in luxury hotels for remote working is boosting the global industry. In addition, increased social media penetration and cooperation between hotels and influencers are driving product demand. Over the projection period, the Asia Pacific area is expected to have the greatest growth rate.

     

    People’s growing incomes in developing economies such as India, China, Thailand, Brazil, and South Africa are expected to fuel the global tourist sector, benefiting the entire business. Countries experiencing political upheaval, economic crises, and rigorous Foreign Direct Investment (FDI) rules are expected to see market development stall or stop.

     

    ASIA HOTEL INDUSTRY MARKET SEGMENTATION

    The Asia Hotel Industry Market can be segmented into following categories for further analysis.

     

    By Class Of Hotel Type

    • Luxury Class Hotels
    • Economic Class Hotels
    • Business Hotels
    • Suite Hotels
    • Resorts

     

    By Star Basis

    • 1 Star Hotel
    • 2 Star Hotel
    • 3 Star Hotel
    • 4 Star Hotel
    • 5 Star Hotel

     

    By Presence Classification Type

    • International Chain of Hotels
    • Domestic Chain of Hotels

     

    By Room of Usage Type

    • Luxury Rooms
    • Upper Class Rooms
    • Economical Class Rooms
    • Upscale Rooms

     

    RECENT TECHNOLOGICAL TRENDS IN ASIA HOTEL INDUSTRY MARKET

    The industry of hotels offer travellers and tourists a high-end lodging experience, including amenities such as discreet check-in and check-out, heated & fresh water swimming pool (many hotels offer private swimming pools), spa, fitness area, and others (including customized services) that set them apart from other ordinary hotels.

     

    The rise in demand for luxury stays as a result of changing consumer preferences and improvements in hotelier services fuels the expansion of the hotel sector.

     

    In addition to the COVID-19 epidemic, most individuals avoid interaction with society for their own protection. And one of the must-have services to provide is the automated check-in function for your hotel.

     

    AI hotel technologies may also be utilized behind the scenes to improve operations by managing monotonous chores and answering commonly requested queries, allowing your team to focus on providing the best service possible.

     

    Hotels are using procedures such as routinely changing passwords, utilizing a VPN when accessing the hotel network from outside the hotel, and having a guest network in place so that hotel guests do not connect to the same network as your hotel.

     

    As part of an integrated approach, the software solution requirements of IoT are being implemented within the Smart home automation systems. The Internet of Things (IoT) enables numerous devices to be connected to the internet and controlled by a single central source, such as a phone or tablet.

     

    Everything in a smart hotel room, digital key cards, and even voice-controlled customer service are examples of IoT applications. IoT enables visitors to effortlessly manage and customize everything in their accommodation. They are also beneficial in operations, owing to the fact that IoT functions as a smart hotel technology, utilizing data to identify and fix concerns before they become larger difficulties.

     

    COMPETITIVE LANDSCAPE

    The rise in the travel and tourism sector, an increase in the demand for leisure travel, and an improvement in the level of living are the primary forces fueling the expansion of the luxury hotel market.

     

    However, an increase in hotel prices is likely to stifle industry development. In the future years, the emergence of new luxury hotels is expected to open up new economic prospects for the sector. In 2020, the movement toward digital and contactless services gained traction. Customer-facing services are being redesigned as a result of the increased usage of technology-assisted alternatives such as mobile check-in, contactless payments, voice control, and biometrics.

     

    Marriott International Inc. is one of the leading international hotels chain operating on a global scale of market which covers most of the important tourism destinations on the planet. In its most recent initiative, With a long-term partnership with Sunwing Travel Group’s hotel division, Blue Diamond Resorts, Marriott’s All-Inclusive portfolio is expanding.

     

    By adding 19 franchised resorts across six countries and more than tripling the company’s footprint in the all-inclusive sector to 33 properties by 2025, the deal is anticipated to catapult Marriott into the top ten worldwide all-inclusive players. The chain has been operating a total of 8,000 approx. International footprint based on the resorts and premium hotel requirements.

     

    Hyatt Hotel is part of the digitization procedures and implementation in the hospitality and hotel industries on a global scale of operations. The technology has an integrated approach towards the guest and customer satisfaction.

     

    The guests may browse hotel information for over 700 hotels and resorts in eight different languages with the World of Hyatt app. The app includes information about hotel facilities, maps, pictures, weather, activities, restaurants, rooms, special deals, and room rates in 57 currencies.

     

    Guests may also use World of Hyatt reward points, book points plus cash awards, book award nights, and use corporate and discount coupons while making a reservation. Hyatt Hotels has also initiated a VR based experience. The VR is also part of the latest digitisation process which brings in better levels of display requirements.

     

    COMPANIES PROFILED

    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2021-2026
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2021-2026
    19 Market Segmentation, Dynamics and Forecast by Application, 2021-2026
    20 Market Segmentation, Dynamics and Forecast by End use, 2021-2026
    21 Product installation rate by OEM, 2021
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2021
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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