Global Bed And Breakfast Accommodation Market Share 2024, Forecast To 2033
10 Oct, 2024
The bed and breakfast accommodation market has witnessed robust growth in recent years, increasing from $30.71 billion in 2023 to $32.30 billion in 2024, achieving a compound annual growth rate (CAGR) of 5.2%. This growth is driven by the continuous expansion of budget-focused accommodations, the emergence of platforms capturing a significant share of the budget accommodation market, and a rising demand for localized travel experiences. The market's expansion has also been supported by an increasing middle class with growing disposable incomes. Looking forward, the bed and breakfast accommodation market is projected to maintain its growth trajectory, reaching $39.67 billion in 2028 at a CAGR of 5.3%. Key growth drivers for this forecast period include a rising desire for unique and authentic travel experiences, the growth of domestic and regional tourism, the increasing popularity of eco-friendly and sustainable travel options, and a heightened focus on experiential travel. Major anticipated trends include the implementation of new health and safety measures, contactless check-in, enhanced cleaning protocols, social distancing practices, and innovative service offerings.
Major Driver In The Bed And Breakfast Accommodation Market
The anticipated growth in tourism is likely to drive the expansion of the bed and breakfast accommodation market in the near future. Tourism encompasses individuals traveling outside their usual environment for leisure, business, or other purposes, typically for a limited period. The tourism sector is thriving due to factors like rising disposable incomes, enhanced global connectivity, easier access to travel information, and an increasing desire for unique cultural experiences. Bed and breakfast accommodations play a significant role in tourism by offering personalized lodging experiences that attract travelers looking for local charm. For example, a report by the International Trade Administration in July 2022 noted that non-resident international visitor flow to the United States rose to 5,210,752, reflecting a 160.8% increase compared to July 2021. Thus, the growth of tourism is propelling the bed and breakfast accommodation market, which is expected to grow from $9.1 billion in 2023 to $11.3 billion in 2024 and reach $15.6 billion by 2028.
Request A Free Sample Of The Bed And Breakfast Accommodation Market ReportBed And Breakfast Accommodation Market Competitive Landscape
Major companies operating in the bed and breakfast accommodation market are Marriott International Inc., MGM Resorts International, Radisson Blu Hotels, Rosewood Hotels and Resorts, Hilton Worldwide Holdings, Hyatt Hotels Corporation, Four Seasons Hotels and Resorts, AccorHotels, InterContinental Hotels Group, Best Western International, Shangri-La Hotels, Choice Hotels International, Wyndham Hotels & Resorts, Red Roof Inn, B&B Hotels, The Leading Hotels of the World, Comfort Inn, Relais & Châteaux, Travelodge Hotels, La Quinta Inns & Suites, Quality Inn, Econo Lodge, Microtel Inn & Suites, Knights Inn
Key Bed And Breakfast Accommodation Market Trend
Major companies in the bed and breakfast accommodation market are focusing on developing innovative services like Express Start Breakfast to gain a competitive advantage. Express Start Breakfast is a hotel breakfast service that provides a quick and convenient meal featuring a variety of hot and cold options, allowing guests to enjoy a satisfying breakfast on the go. For example, in April 2023, InterContinental Hotels Group, a UK-based hospitality firm, launched Holiday Inn Express Riyadh, marking the first Holiday Inn Express in Saudi Arabia. The hotel features modern room designs equipped with smart technology, such as smart TVs and high-speed Wi-Fi, enhancing the overall guest experience. The complimentary Express Start Breakfast will offer a flexible food and beverage option, catering to the needs of modern travelers. The hotel is designed to ensure a hassle-free and efficient stay, with features like speedy check-in and amenities such as power showers that enable guests to recharge quickly.
Purchase The Global Bed And Breakfast Accommodation Market Report Directly And Get A Swift DeliveryGlobal Bed And Breakfast Accommodation Market Segmentation
The bed and breakfast accommodation market covered in this report is segmented –
1) By Type: Historic Homes, Countryside Retreats, Coastal Properties
2) By Booking Type: Online Bookings, Direct Bookings
3) By Traveler Type: Domestic, Solo, Group Or Family
By Geography:The regions covered in the bed and breakfast accommodation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the bed and breakfast accommodation market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Bed And Breakfast Accommodation Global Market Report 2024 furnishes information about the global bed and breakfast accommodation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.