Budget Hotel Market Growing tremendously in the travel and tourism industry during the forecast period of 2019-2027.
The budget hotel is the lowest category of hotels that offers cheap rooms and meals. The budget hotel offers facilities that must meet basic requirements every day such as room service, telephone, television, air conditioning, mineral water, broadband connection, doctor call, pick up & drop facilities. Some budget hotels have multi-cuisine rooms and mini-bars. Brand Budget hotels are getting involved in the market as they see the demand for Budget Hotel increases, players are investing in establishing brand positions as cheap hotel providers can grow faster than regular travel aggregators. According to industry estimates, inventory in the budget hotel space is expected to increase for both new and existing customers.
Top Key Players Covered in Budget Hotel Market:
Red Roof Inn, Candlewood Suites, HotelF1, Ibis Budget Hotels, Premier Inn, Travelodge Hotels, Roots, Home Inns and Hotels Management, Holiday Inn Express Hotel, and Econo Lodge Hotels
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The global budget hotel market grew in 2015 due to demand for affordable accommodation, with an increase in the middle-class population in Asia-Pacific and European regions. The US ranked first in the Budget Hotels segment with room supply of 874,591 in 2015, followed by the UK and China, while Malaysia was the fastest-growing market at a CAGR of 12.2%. In terms of occupancy rate, Asian countries led from the front with Hong Kong (87% in 2015) at the top, followed by Japan and Singapore. In terms of RevPAR, Hong Kong (US$117.6 in 2015) topped the list, followed by Egypt and the UK.
Technological and population growth are one of the major driving forces for the Global budget hotel Market. They are also huge data networks that are vital for the continuous functioning of various economic sectors. It is now a must-have factor for certain sectors, especially for energy to make sure to have the latest security solutions to avoid risks. The key players are indulging in strategic merger and acquisition activities with their fellow competitors to ease out the cost incurred in research and development activities.
Additionally, it outlines the different verticals of the budget hotel market:
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- Business profiling of prominent companies
- Analysis of global market values, volume, and penetration
- Upstream and downstream analysis of the global market
- Adoption of new technologies
- Global market progress projections
- In-depth analysis of the global market based on historical records, current scenario, and future projections
- Qualitative and quantitative research on the global market
- A detailed description of global trading factors like local consumption, import, and export
- It offers the feasibility of new projects
The global budget hotel market provides the latest information on the present and the future industry trends, allowing the readers to identify the products and services, hence driving the revenue growth and profitability. The research report provides an in-depth study of all the leading factors influencing the market on a global and regional level, including drivers, restraints, threats, challenges, opportunities, and industry-specific trends.
Report Consultant concluded with, effective, innovative and accurate insights into the global budget hotel market by offering the perfect solution for the global market. Different market segments have been examined carefully to understand the ups-down stages of the businesses.
In This Study, The Years Considered To Estimate The Size Of Budget Hotel Market Are As Follows:
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- History Year: 2015-2018
- Base Year: 2018
- Estimated Year: 2019
- Forecast Year 2019 to 2027
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