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Budget Hotel Market

Budget Hotel Market Size, Growth & Revenue 2023-2030

Budget Hotel is segmented by Application (Short Stay, Business Travel, Group Travel, Family Vacations, Budget Accommodation), Type (Economy Hotels, Hostels, Motels)

Pricing
5400
3400
1800

Industry Overview

The Budget Hotel is at USD80Billion in 2023 and is expected to reach USD130Billion by 2030. The Budget Hotel is driven by factors such as increasing demand in end-use industries, technological advancements, research and development (R&D), economic growth, and increasing global trade. Marriott International, Hilton Worldwide, Accor, IHG, Wyndham Hotels, Choice Hotels, Red Roof Inn, OYO Rooms, Best Western, Travelodge, Motel 6, Super 8, Premier Inn, Tune Hotels, and others are some of the key players in the market.

Budget Hotel Market Size in (USD Billion) CAGR Growth Rate 6.50%

Study Period 2019-2030
Market Size (2023): USD80Billion
Market Size (2030): USD130Billion
CAGR (2023 - 2030): 6.50%
Fastest Growing Region Asia-Pacific
Dominating Region North America
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Key Players

Several key players in the Budget Hotel market are strategically focusing on expanding their operations in developing regions to capture a larger market share, particularly as the year-on-year growth rate for the market stands at 6.40%. The companies featured in this profile were selected based on insights from primary experts, evaluating their market penetration, product offerings, and geographical reach. By targeting emerging markets, these companies aim to leverage new opportunities, enhance their competitive advantage, and drive revenue growth. This approach not only aligns with their overall business objectives but also positions them to respond effectively to the evolving demands of consumers in these regions.
  • Marriott International
  • Hilton Worldwide
  • Accor
  • IHG
  • Wyndham Hotels
  • Choice Hotels
  • Red Roof Inn
  • OYO Rooms
  • Best Western
  • Travelodge
  • Motel 6
  • Super 8
  • Premier Inn
  • Tune Hotels

Budget Hotel Market Segmentation by Players

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Market Driver

Market Trends

Opportunity

Challenges


Key Highlights

  • The Budget Hotel is growing at a 6.50% during the forecasted period of 2019 to 2030
  • Based on type, the market is bifurcated into Economy Hotels, Hostels
  • Based on application, the market is segmented into Short Stay, Business Travel, Group Travel, Family Vacations, Budget Accommodation
  • Global Import Export in terms of K Tons, K Units, and Metric Tons will be provided if Applicable based on industry best practice

Market Segmentation Overview

  • Type Segmentation: categorizes products by their specific variants, helping businesses identify demand drivers and innovate effectively.
  • Application Segmentation: Divides the market based on product usage across industries, enabling targeted marketing and growth identification.
  • Geographic Segmentation: Segments the market by location, allowing for tailored strategies based on regional preferences and economic factors.
  • Customer Segmentation: Focuses on demographics like age, gender, and income, enabling personalized marketing and improved customer targeting.
  • Distribution Channel Segmentation: categorizes by how products reach customers, optimizing supply chain and sales strategies.

Market Segmentation

Segmentation by Type
  • Economy Hotels
  • Hostels

 

Budget Hotel Market Segmentation by Type

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Segmentation by Application
 
  • Short Stay
  • Business Travel
  • Group Travel
  • Family Vacations
  • Budget Accommodation

 

Budget Hotel Market Segmentation by Application

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This report also splits the market by region:



Market Estimation Process

Primary & Secondary Approach

The Budget Hotel is analyzed by both primary and secondary research sources. There are numerous methodologies available to navigate and utilize these resources effectively:
Surveys and Questionnaires: Getting feedback from healthcare professionals, patients, or any other stakeholders on a particular topic. It is a great method to collect quantitative data on behaviors, preferences, and/or experiences.
One on Ones: Interviews with key stakeholders, including physicians, nurses, and administrators can yield rich qualitative data. The interviews can be divided into structured, semi-structured, or unstructured.
Focus Groups: Pull together small numbers of people who share a common characteristic, trait, or behavior to discuss particular topics. Focus Groups: This offers qualitative data and points of view that are often overlooked, such as attitudes, perceptions, or other statements relating to a specific platform.
Observational Studies: Understanding healthcare practices and patient interactions in the way we do it can say a lot more than what people formally report doing.
Field Studies: This method allows researchers to collect data firsthand from healthcare settings, including hospitals, clinics, and even home. It is a way to touch and feel the context that drives service delivery in healthcare.
Secondary Research in Budget Hotel
Secondary research is a kind of revising, restructuring, and rethinking what has already been collected by primary sources. Such research is beneficial as long as it comes at a low cost and gives an overarching view of the market. Some of the important methods include:
Literature Review: To go through the research papers, articles, and studies published in medical journals, industry reports, and academic publications. This is crucial for understanding the study landscape and identifying knowledge deficits.
Reports From the Industry: It aims in examining reports published by Market Research firms, Healthcare Associations, and Government bodies. This report can also be used by all stakeholders including service providers and delivery chains across the world to identify market opportunities in an undetermined depth.
Public Health Records: Data collected by governments and public health authorities in different countries of the world from organizations with global reach like CDC, WHO, or national departments. These are important because they provide us with epidemiological data and numbers.
Company Reports: Read the annual reports, financial statements, and press releases of healthcare companies. It includes company performance reports, market strategies, and competitive positioning for this domain.
Online Databases: You understand the access to databases like PubMed, MEDLINE, and even Google Scholar for scientific articles and study materials. Some of these databases are treasure troves for peer-reviewed data.
Media Sources: Analyzing news articles, press releases, and media coverage related to the healthcare industry. This helps in staying updated on recent developments and emerging trends.
A blended approach of primary and secondary research methods allows researchers to collect well-rounded, solid data that informs the best decisions and strategies.

Research Methodology

At HTF Market Intelligence, we pride ourselves on delivering comprehensive market research that combines both secondary and primary methodologies. Our secondary research involves rigorous analysis of existing data sources, such as industry reports, market databases, and competitive landscapes, to provide a robust foundation of market knowledge. This is complemented by our primary research services, where we gather firsthand data through surveys, interviews, and focus groups tailored specifically to your business needs. By integrating these approaches, we offer a thorough understanding of market trends, consumer behavior, and competitive dynamics, enabling you to make well-informed strategic decisions. We would welcome the opportunity to discuss how our research expertise can support your business objectives.
Report Infographics:
Report Features Details
Base Year 2023
Based Year Market Size (2023) USD80Billion
Historical Period Market Size (2019) USD65Billion
CAGR (2023 to 2030) 6.50%
Forecast Period 2025 to 2030
Forecasted Period Market Size (2030) USD130Billion
Scope of the Report Economy Hotels, Hostels, Short Stay, Business Travel, Group Travel, Family Vacations, Budget Accommodation
Regions Covered
Year on Year Growth 6.40%
Companies Covered Marriott International, Hilton Worldwide, Accor, IHG, Wyndham Hotels, Choice Hotels, Red Roof Inn, OYO Rooms, Best Western, Travelodge, Motel 6, Super 8, Premier Inn, Tune Hotels
Customization Scope 15% Free Customization (For EG)
Delivery Format PDF and Excel through Email

Budget Hotel - Table of Contents

Chapter 1: Market Preface
  • 1.1 Budget Hotel Market Landscape
  • 1.2 Scope of the Study
  • 1.3 Relevant Findings & Stakeholder Advantages

Chapter 2: Strategic Overview
  • 2.1 Budget Hotel Market Outlook
  • 2.2 Total Addressable Market versus Serviceable Market
  • 2.3 Market Rivalry Projection

Chapter 3 : Budget Hotel Market Business Environment & Changing Dynamics
  • 3.1 Growth Drivers
  • 3.2 Available Opportunities
  • 3.3 Influencing Trends
  • 3.4 Challenges

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Sectional Purchase
Chapter 4 : Budget Hotel Industry Factors Assessment
  • 4.1 Current Scenario
  • 4.2 PEST Analysis
  • 4.3 Business Environment - PORTER 5-Forces Analysis
    • 4.3.1 Supplier Leverage
    • 4.3.2 Bargaining Power of Buyers
    • 4.3.3 Threat of Substitutes
    • 4.3.4 Threat from New Entrant
    • 4.3.5 Market Competition Level
  • 4.4 Roadmap of Budget Hotel Market
  • 4.5 Impact of Macro-Economic Factors
  • 4.6 Market Entry Strategies
  • 4.7 Political and Regulatory Landscape
  • 4.8 Supply Chain Analysis
  • 4.9 Impact of Tariff War


Chapter 5: Budget Hotel : Competition Benchmarking & Performance Evaluation
  • 5.1 Budget Hotel Market Concentration Ratio
    • 5.1.1 CR4, CR8 and HH Index
    • 5.1.2 % Market Share - Top 3
    • 5.1.3 Market Holding by Top 5
  • 5.2 Market Position of Manufacturers by Budget Hotel Revenue 2023
  • 5.3 Budget Hotel Sales Volume by Manufacturers (2023)
  • 5.4 BCG Matrix
  • 5.4 Market Entropy
  • 5.5 5C’s Analysis
  • 5.6 Ansoff Matrix
Chapter 6: Budget Hotel Market: Company Profiles
  • 6.1 Marriott International
    • 6.1.1 Marriott International Company Overview
    • 6.1.2 Marriott International Product/Service Portfolio & Specifications
    • 6.1.3 Marriott International Key Financial Metrics
    • 6.1.4 Marriott International SWOT Analysis
    • 6.1.5 Marriott International Development Activities
  • 6.2 Hilton Worldwide
  • 6.3 Accor
  • 6.4 IHG
  • 6.5 Wyndham Hotels
  • 6.6 Choice Hotels
  • 6.7 Red Roof Inn
  • 6.8 OYO Rooms
  • 6.9 Best Western
  • 6.10 Travelodge
  • 6.11 Motel 6
  • 6.12 Super 8
  • 6.13 Premier Inn
  • 6.14 Tune Hotels
  • 6.15 La Quinta

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Sectional Purchase

Chapter 7 : Budget Hotel by Type & Application (2019-2030)
  • 7.1 Budget Hotel Market Revenue Analysis (USD Million) by Type (2019-2023)
    • 7.1.1 Economy Hotels
    • 7.1.2 Hostels
    • 7.1.3 Motels
  • 7.2 Budget Hotel Market Revenue Analysis (USD Million) by Application (2019-2023)
    • 7.2.1 Short Stay
    • 7.2.2 Business Travel
    • 7.2.3 Group Travel
    • 7.2.4 Family Vacations
    • 7.2.5 Budget Accommodation
  • 7.3 Budget Hotel Market Revenue Analysis (USD Million) by Type (2023-2030)
  • 7.4 Budget Hotel Market Revenue Analysis (USD Million) by Application (2023-2030)


Chapter 8: Research Findings & Conclusion
  • 8.1 Key Findings
  • 8.2 Conclusion

Chapter 9: Methodology and Data Source
  • 9.1 Research Methodology & Approach
    • 9.1.1 Research Program/Design
    • 9.1.2 Market Size Estimation
    • 9.1.3 Market Breakdown and Data Triangulation
  • 9.2 Data Source
    • 9.2.1 Secondary Sources
    • 9.2.2 Primary Sources

Chapter 10: Appendix & Disclaimer
  • 10.1 Acronyms & bibliography
  • 10.2 Disclaimer

Frequently Asked Questions (FAQ):

The Budget Hotel market is estimated to see a CAGR of 6.50% and may reach an estimated market size of 6.50% USD130 billion by 2030.

The Budget Hotel Market is estimated to grow at a CAGR of 6.50%, currently pegged at USD80 billion.

Marriott International, Hilton Worldwide, Accor, IHG, Wyndham Hotels, Choice Hotels, Red Roof Inn, OYO Rooms, Best Western, Travelodge, Motel 6, Super 8, Premier Inn, Tune Hotels, La Quinta etc are the main players listed in the Budget Hotel Market Study.

The Budget Hotel Market Study is Broken down by applications such as Short Stay, Business Travel, Group Travel, Family Vacations, Budget Accommodation.

The Budget Hotel Market Study is segmented by Economy Hotels, Hostels, Motels.

The Budget Hotel Market Study includes regional breakdown as

Historical Year: 2019 - Base year: 2023. Forecast period**: 2025 to 2030 [** unless otherwise stated]
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