There are 25 days left in 2016, so it’s time to start looking ahead to the next year.
Or not so fast. With just 26 days to go until 2017, research firm MarketLine has released one last look at 2015 that paints an interesting picture of the past year.
According to MarketLine, the global hotels and motels industry grew to a value of just over $719.1 billion in 2015, with Europe emerging as the largest regional market, and accounting for more than 34 percent of global market value.
The company’s latest report found that the U.S. and the UK currently form the two largest national hotel and motel industry markets, valued at $189.6 billion and $59.8 billion, respectively. China follows as a close third, with a value of $59.6 billion.
“While the compound annual growth rate (CAGR) for the global market stands at a healthy 6.8 percent between 2011 and 2015, it is not an accurate indication of individual regional markets, which in some cases deviate considerably from the global figure,” Mohammad Hamza Iqbal, an analyst for MarketLine, said in a statement. “North America, for example, has grown by a strong 8.5 percent during this period, whereas the Scandinavian market has grown by a relatively more moderate 4.5 percent.”
The leisure segment was the largest in the global hotel and motel industry in 2015, accounting for almost a third of its total value. The dominance of this segment can be seen across all national markets as well, although the business segment also has a strong presence in countries such as the US, where it accounts for almost 41 percent of the country’s total industry value.
Forecasts suggest that trends within the global hotels and motels market should generally remain the same through 2020, with the Middle Eastern region notably expected to witness very strong growth, at a CAGR of 9.9 percent. Europe is expected to see its CAGR increase slightly to 6.2 percent, and the CAGR for the U.S. is forecast to be stable at 5.4 percent.