Micro Hotel Market is Estimated at US$ 84 Bn in 2022 and is Projected to Reach US$ 150.43 Bn, at a CAGR of 6% During the Forecast Period of 2022-32 | Data Insights by Future Market Insights, Inc.
The European micro hotel market is expected to grow at an 8.60% CAGR, reaching $15.2 million in revenue by 2028. United Kingdom Micro Hotel Market Witnessing Growing Number of Tourists
NEWARK, Del, Nov. 03, 2022 (GLOBE NEWSWIRE) -- As per a recent market analysis by Future Market Insights (FMI), the global Micro Hotel market is poised to reach a valuation of US$ 84 Billion in 2022. Sales projected to increase at a 6.0% CAGR, with the market size reaching US$ 150.43 Billion by 2032.
Multinational groups and large-scale businesses are believed to participate closely in the tourism market. Small businesses may endure because, according to research, there are around 300 of them, and the number of these businesses is large. The purpose of this article is to shed light on the importance of these factors for early business establishment procedures, starting with an understanding of the influence of these processes on the state. The arguments mainly originate via primary source data, with additional insight collected from in-depth interviews with professionals and policymakers.
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The federal government and local government consider the tourism sector to be forward-thinking and significant, and micro, small, and medium-sized hotels can profit from this program by undertaking financing initiatives, promotional campaigns, and training programs.
The tourism and leisure industry reinforces hotel development. It generates jobs and encourages regional improvement through social development. It sustains millions of jobs in the hotel sector.
The hotel business is utilizing cutting-edge social media marketing strategies, including Facebook, to help increase awareness and ticket sales. Clients are turning to booking apps more for convenience and ease of use.
Influencer marketing is the most popular tool for the hospitality industry in building guest loyalty and brand image, which is why so many hotels today use influencer marketing. A good example is Lisa Linh who has a following of 93.5k on Instagram. On her website, she has a section about hotel reviews.
Key Takeaways:
The North America and Asia Pacific regions hold a market share of ~24% and ~24% respectively.
The Covid-19 pandemic had a 30% impact on the value of the Micro Hotel tourism.
Online booking channels lead the charts in Micro Hotels tourism market booking channel segmentation.
New Zealand, the USA, France, Japan, UK, Italy are some of the most popular destinations for Micro Hotel tourism
Promoting domestic tourism and supporting safe returns of international tourism.
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Impact of COVID-19 on the Micro Hotel Market
As the economies affected by COVID-19 continue to spiral out of control, governments and companies will turn to the safety of their people for their primary concern. Nonetheless, the effects on global revenue and stock prices after the fall of equities will be something that governments and companies will have to address swiftly. The disruptions caused by COVID-19 have affected pretty much every corner of the world, and the hotel industry is among the most severely affected. As the travel restrictions were imposed it even directly affected the workers in the hotels. Besides this, the hotel and leisure industries are moving quickly and staying focused to comprehend and quantify the operational and financial implications for their businesses. Decisions to close hotels, restaurants, theme parks, and movie theatres, as well as the overall disruptive impact of the travel ecosystem.
Who is winning?
By providing all-inclusive packages and sparing travellers from the trouble of navigating several channels for their excursions, the major players are able to keep their competitive advantage in the market. Government investments and initiatives are stimulating the market, and they have also assisted the businesses in enhancing their service offerings.
Leading players operating in the Micro Hotel industry are Nine Hours, Container Hotels, Tubohotel , The Pod Hotel, Rolling Huts Micro Hotels, Koyasan guest House, Yotel Hotels.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global Micro hotel tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the micro hotel market based on hotel type (capsule hotel, rolling hotel, snooze box and others), booking channel (phone booking, online booking & in person booking), tourist type (domestic & international), tour type (independent traveller, tour group & package traveller), consumer orientation (men & women), age group (15-25 years, 26-35 years, 36-45 years, 46-55 years, 66-75 years), across seven major regions.
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The Micro Hotel Market by Category
By Booking Channel:
Phone Booking
Online Booking
In Person Booking
By Tourist Type:
Domestic
International
By Tour Type:
Independent Traveller
Package Traveller
Tour Group
By Consumer Orientation:
Men
Women
By Age Group:
15-25 Years
26-35 Years
36-45 Years
46-55 Years
66-75 Years
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Who Is Travelling?
1.1.2. How Much Do They Spend?
1.1.3. Direct Contribution of Tourism To GDP
1.1.4. Direct Contribution of Tourism To Employment
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ Mn) and Forecast (2022-2032)
2.2. Number of Micro Hotel (Mn) and Forecast (2022-2032)
2.3. Total Spending Y-o-Y Growth Projections (2022-2032)
2.4. Number of Micro Hotel Y-o-Y Growth Projections
3. Global Micro Hotel Market Dynamics
3.1. Market Drivers, Challenges & Opportunities
3.1.1. Flexible, affordable, stylish and smart rooms boosting the growth of Micro Hotels.
3.1.2. Micro Hotels could attract multiple segments with their stylish urban vibe specially business and leisure travellers.
3.1.3. The use of technology is growing in hotels
3.1.4. Hotel advertising campaigns should have a strong video focus in 2022.
3.1.5. Determine your Hotels objectives.
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Explore FMI’s Extensive Coverage on Travel and Tourism Domain:
Luxury Hotel Market : The luxury hotel market is estimated at US$ 95,113 million in 2022 and is projected to reach US$ 160,481.2 million by 2032, at an anticipated CAGR of 5.0 % from 2022 to 2032.
Floating Hotels Market : The Global Floating Hotels market is estimated to reach US$ 4.2 Bn in 2022. As per the report, sales are forecasted to increase at a robust 6 % CAGR.
Hotel Channel Management Market : The global hotel channel management market is forecasted to be appraised at US$ 1483 million by 2032, up from US$ 687 million in 2022, advancing at a CAGR of 8% from 2022 to 2032.
Hotel Central Reservation System Market : The Hotel Central Reservation System market is estimate to reach US$ 400 Mn in 2022. The sales from this region are forecast to increase 8 % CAGR, with market valuation to reach US$ 800.84 Mn in 2032.
Capsule Hotels Market : Hotel room prices average around $250 per night in central Tokyo, which makes it a challenge for both companies and their employees to bear.
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