DUBLIN, Nov. 30, 2022 /PRNewswire/ — The “Hostels Global Market Opportunities And Strategies To 2031” report has been added to ResearchAndMarkets.com’s offering.
The global hostels market reached a value of nearly $5,741.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 1.5% since 2016. The market is expected to grow from $5,741.3 million in 2021 to $7,278.7 million in 2026 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.5% from 2026 and reach $9,502.8 million in 2031.
Growth in the historic period resulted from strong economic growth in emerging markets, growth in world population, a rise in disposable income, acceptance of solo travel and an increase in paid leaves globally.
Going forward, millennial travelers, rising spend on leisure, shift in travel trends, the resurgence of staycations, government initiatives, increasing internet penetration and smartphone usage and an increase in budget-conscious travelers will drive the growth. Factors that could hinder the growth of the hostels market in the future include communal lodging Issues and the Russian-Ukrainian war.
The hostels market is segmented by type into students, workers and other types. The students market was the largest segment of the hostels market segmented by type, accounting for 79.1% of the total in 2021. Going forward, the workers market is expected to be the fastest growing segment in the hostels market segmented by type, at a CAGR of 5.2% during 2021-2026.
The hostels market is segmented by price point into economy, mid-range and luxury. The economy market was the largest segment of the hostels market segmented by price point, accounting for 50.3% of the total in 2021. Going forward, the luxury market is expected to be the fastest growing segment in the hostels market segmented by price point, at a CAGR of 5.4% during 2021-2026.
The hostels market is segmented mode of booking into online bookings, direct bookings and other booking modes. The other booking modes market was the largest segment of the hostels market segmented by mode of booking, accounting for 48.6% of the total in 2021. Going forward, the online bookings market is expected to be the fastest growing segment in the hostels market segmented by mode of booking, at a CAGR of 5.7% during 2021-2026.
Asia-Pacific was the largest region in the hostels market, accounting for 36.9% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the hostels market will be Africa, and, Middle East where growth will be at CAGRs of 7.7% and 6.6% respectively. These will be followed by South America, and, Western Europe, where the markets are expected to grow at CAGRs of 6.4% and 5.4% respectively.
The top opportunities in the hostels market segmented by type will arise in the students segment, which will gain $1,194.2 million of global annual sales by 2026. The top opportunities in segment by price point will arise in the economy segment, which will gain $697.7 million of global annual sales by 2026. The top opportunities in segment by mode of booking will arise in the direct bookings segment, which will gain $719.3 million of global annual sales by 2026. The hostels market size will gain the most in the USA at $299.6 million.
Market-trend-based strategies for the hostels market include focusing on hybrid hostels, focusing on eco-friendly hostel pattern, focusing on yoga hostels providing health benefits, leveraging digital technology in their hotel management systems and adopting artificial intelligence technology for higher engagement.
Player-adopted strategies in the hostels market include focus on strategic acquisitions to expand hostel business and focus on strengthening business through expansions.
Scope
Markets Covered:
1) By Price Point: Economy; Mid-Range; Luxury
2) By Type: Students; Workers; Other Types
3) By Booking: Online Bookings; Direct Bookings; Other Booking Modes
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global Hostels Market Segmentation
10. Hostels Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape and Company Profiles
19. Company Profiles
20. Key Mergers and Acquisitions
21. Global Hostels Market Opportunities And Strategies
22. Hostels Market, Conclusions And Recommendations
23. Appendix
Companies Mentioned
A&O Hotels and Hostels
Che Lagarto
St Christopher’s Inns
Vietnam Backpacker Hostels
Loki Hostels
For more information about this report visit https://www.researchandmarkets.com/r/dfh81t
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SOURCE Research and Markets