NEW YORK, Sept. 26, 2023 /PRNewswire/ — The hotel market size in Vietnam is estimated to grow by USD 2.12 billion from 2021 to 2026, growing at a CAGR of 14.43%. The hotel market in Vietnam is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer hotel market in Vietnam are Accor SA, Central Plaza Hotel Public Co. Ltd., Hyatt Hotels Corp., InterContinental Hotels Group, La Siesta Premium Hang Be, Marriott International Inc., Minor International PCL, Muong Thanh Hospitality, SALA DANANG BEACH HOTEL, and Vinpearl. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying
Company Offering:
- Accor SA – The company offers a wide range of hotel brands such as Luxury, Premium, Midscale, Economy, and others.
- Central Plaza Hotel Public Co. Ltd. – The company offers a wide range of hotels such as Centara Mirage Resort Mui Ne.
- Hyatt Hotels Corp. – The company offers sophisticated design, handcrafted details, and modern-day comforts at Park Hyatt Saigon.
- For details on companies and their offerings – Buy the report!
Market Dynamics
- Impactful driver- Growing affordability and rising disposable income
- Major Challenges – Climate change and unexpected weather developments
The growing affordability and rising disposable income are some of the key factors driving the market growth. Vietnam’s impressive economic growth can be due to a significant increase in per capita disposable income, despite the negative impacts of the pandemic in 2020. Vietnam has maintained its economic growth rate. The economy is stable, continuing to consolidate this growth rate. Furthermore, efforts to gradually reduce income inequality, as evidenced by the decline in the GINI coefficient, promise to improve the spending power of different social classes. Moreover, the growing number of people, mainly working women, is boosting individual purchasing power and contributing to economic prosperity in Vietnam. The combination of these factors underlines Vietnam’s dynamic growth and prospects for the future. Hence, these factors are expected to drive the market growth during the forecast period.
Market Segmentation
- By Type, the market is classified into chain hotels and independent hotels. The hotel market share growth in Vietnam by the chain hotels segment will be significant during the forecast period. The growth in hotel market share of the hotel chain segment in Vietnam will be significant during the forecast period. The steady growth of the travel and tourism industry as well as high investment in 5- and 4-star hotels is due to the increasing resort trend in the country. Hence, these factors are expected to drive the segment growth during the forecast period.
Technavio Research experts have provided more insights on the market share of segments – View Free Sample Report
Related Reports:
The HoReCa market is estimated to grow at a CAGR of 3.41% between 2022 and 2027. The market size is forecast to increase by USD 349.22 billion. This Horeca market report extensively covers market segmentation by type (single outlet and HORECA chain), service type (restaurants, hotels, and cafes and pubs), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Increasing demand for healthier food options and accommodations is the key factor driving the growth of the global HoReCa market.
The tourism and hotel market share in Indonesia is expected to increase by USD 21.93 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 11.81%. This report extensively covers the tourism and hotel market in Indonesia segmentations by type of tourists (domestic and international) and hotel type (chain hotels and independent hotels). The increasing preference for local and authentic experiences is one of the key drivers supporting the tourism and hotel market growth in Indonesia.
|
Hotel Market In Vietnam Scope |
|
|
Report Coverage |
Details |
|
Historic period |
2017-2021 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 14.43% |
|
YoY growth 2022-2023 (%) |
13.44 |
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact US:
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
