Yahoo Finance Hotel Industry in Europe will be worth ~€43.9 billion by 2027
According to Mobility Foresights, the Europe Hotel Industry Market size is ~€21.9 billion in 2022 growing at a CAGR of 14.9% during the forecast period 2022 to 2027.
Bangalore, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Report Summary
In 2022, Major industry leaders experienced Q2 REVPAR above the 2019 level due to significant improvement in business profit. The momentum is expected to continue throughout the year by the upcoming summer and the recovery of major seminars and conventions.
The ongoing Russia – Ukraine war, high inflation, and workforce shortage are growing challenges to consolidating the recovery of the European hotel industry.
By 2027, France is expected to grow strong due to upcoming sports events and business events in western Europe that are expected to spike global travelers’ visits and accelerate the demand for hotels. Events like Rugby World Cup Men’s, Olympic 2024, IFA 2022 - Consumer Electronics Unlimited, etc
The Europe hotel market is led by the Whitbread Group followed by the Scandic hotels. The Whitbread group will continue to perform strongly in the UK market and plan to expand to Germany over the domestic market. The German pipeline consisted of 78 new hotels in 2022.
Download sample
https://mobilityforesights.com/product/hotel-industry-in-europe/
Key findings
After 2 years of major pandemic disruption, the hotel industry business rebounded sharply in H1- 2022. This rebound resulted due to an increased number of leisure and business domestic guests and borders reopening for international tourists too.
The recovery in leisure travel will be supported by pent-up demand and the population's accumulated savings, although the timing will be heavily influenced by the success of pandemic containment measures, including vaccination roll-outs.
The use of AI, big data analytics, and IoT in operation improvements for web-based reservations is expected to boost leisure travel market growth by offering a consistent customer experience.
The UK, Ireland, Slovakia, Hungary, and Denmark recorded a significant rise in passenger footfall. Countries with fewer restrictions and more business activities have shown a record rebound in the business hotel segment.
The destinations near the Ukraine-Russia conflict border have recorded a steep fall after the invasion of Ukraine by Russia. This war will have an impact on the tourism industry of the neighboring country Czech Republic in the near future.
With at least 80% occupancy rate, the UK, Poland, and Ireland remained the most popular markets in Europe.
Immediate Delivery Available | Buy this Research Report@
https://mobilityforesights.com/product/hotel-industry-in-europe/
Market trends and opportunities
After the Invasion of Ukraine, the Russian hotel industry experienced a number of cancellations of international tourists and is expected to see a decline in overall hotel revenue. Many international hotels suspended their operations in Russia for an uncertain time and paused new developments for the future.
Domestic passengers have contributed more to Europe hotel market growth in 2022. Short Haul travel will dominate the market due to factors like Lower cost of travel, uncertainty over transportation, and fear of new infectious diseases.
In Greece, Local business owners are experiencing increasing numbers of tourists from China & Japan in the coming months for destination wedding purposes.
Western and Southern Europe accounts for the majority market share for European tourism as it caters to the demands of both International as well as Domestic tourism. Overall Europe International tourism saw a strong rebound in 5 months of 2022 with almost 250M international arrivals recorded.
The number of boutique hotels is supposed to open by the end of 2022 as demand for theme-based hotels increases.
Competitive Landscape
Accor plans to open more than 300 new hotels and resorts in 2022. To complement existing efforts to offer low environmental impact solutions that limit waste & emphasize local sourcing.
Best Western Hotels and Resorts Group is looking forward to the growth of about 200 hotels a year in over 100 key destinations in Europe.
Budget brand Travelodge will give its UK properties a new refresh look with 60 hotels to be transformed during 2022.
Wyndham Hotels & Resorts Partnered with Smy Hotels to develop 20 hotels in Europe in next 10 years
Related reports
COMPANIES PROFILED
Marriott International
Choice Hotels International
Hilton Worldwide
G6 Hospitality LLC
Extended Stay America
Wyndham Hotels & Resorts
InterContinental Hotels Group
AccorHotels
Hyatt Hotels Corporation
Best Western
About Us
We are among the very few market research firms globally, specialized in mobility domain(s). Our zone of research entails automotive, aerospace, marine, locomotive, logistics and construction & agricultural equipment.We deal in syndicated research, custom research and consumer research for all the above domains mentioned.
We envision the future of mobility every single day, following mobility domains is not just our profession rather it's our passion. We are here, just to serve you in the most ideal way and your fulfillment is above everything else.
For Latest Updates Follow Us
Facebook : https://www.facebook.com/mobilityforesights/
LinkedIn: https://www.linkedin.com/company/mobility-foresights-private-limited
Twitter: https://twitter.com/mforesights
CONTACT: Company Name: Mobility Foresights Contact Person: Vishal Giri Email: sales@mobilityforesights.com Phone: +1-315-675-4056 City: Bangalore State: Karnataka Country: INDIA
