U.S. Online Accommodation Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Platform Type (Mobile Application and Website); Mode of Booking Type (Third-Party Online Portals and Direct Portals); and States
The U.S. online accommodation market is expected to register a CAGR of around 7% over the period of 2021-2027. The U.S. online accommodation market is uplifting on account of the rising use of mobile applications and websites, the increasing number of businesses, and introduction of the innovative, user-friendly interface portals by key market players. Moreover, the rising disposable income followed by a large number of international students due to the presence of a large number of ivy league universities in the country is positively stimulating the industry landscape. The existence of a huge tourism industry in the country is further contributing to the market growth. For instance, according to the Travel and Tourism Satellite Account (TTSA), the industry produced USD 1.6 trillion in total economic output in 2018. The travel and tourism industry is one of the United States’ largest employers, directly supporting 5.9 million jobs in 2018, of which 1.2 million were supported by travel and tourism-related exports. Travel exports represented 26.0% of total service exports in 2018. However, the market was heavily impacted by the arrival of Covid-19, tourism is one of the sectors most hit by the Covid-19 pandemic, affecting the economies, livelihoods, public services, and opportunities of all states.
Booking Holdings Inc., Hotels.com LP, Hotwire Inc., Orbitz LLC, Agoda Company Pte. Ltd., Airbnb Inc., Hays Travel Limited, Marriott International Inc., First Choice Holidays PLC, and Hilton Worldwide Holdings Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst platform types, the website segment held a prominent share in the market in 2020”
On the basis of platform type, the market is bifurcated into mobile application and website. Among these two, the website segment accounted for a significant share of the U.S. online accommodation market in 2020 and is expected to grow at a robust growth rate during the forecast period owing to the wide availability of user-friendly online booking portals. Moreover, the mobile and internet penetration rate is further contributing to the growth of this segment. According to the World Bank, in 2020, 91% of the total U.S. population was using the internet.
“Amongst mode of booking type, third-party online portals captured a prominent share in the market in 2020”
Based on the mode of booking type, the market is classified into third-party online portals and direct portals. The third-party online portals segment held a commendable share of the U.S. online accommodation market in 2020 and is anticipated to witness a robust CAGR during the forecast period. The growth of this segment can be attributed to the benefits associated with third-party online portals such as exposure & visibility, capturing additional inventory, opaque rates, and others. Moreover, the presence of a vast number of third-party accommodations booking sites on different search engines.
“California held a prominent share of the U.S. online accommodation market”
California accounted for a significant share of the U.S. online accommodation market and is expected to grow at a steady growth rate during the forecast period. The growth of the online accommodation market in this state is mainly attributed to the presence of gigantic tourism industry in California. Tourism is the economic driving force of California. In 2021, 213.5 million visitors traveled to this state, bringing $100.2 billion in direct spending to the economy, and supporting nearly 2 million jobs.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.1. Market Definitions|
|1.4. Currency used in Report|
|2.1. Research Process of the U.S. Online Accommodation Market|
|2.2. Research Methodology of the U.S. Online Accommodation Market|
|2.3. Forecasting Method|
|2.4. Respondent Profile|
|2.5. Main Objective of the U.S. Online Accommodation Market Study|
|3. MARKET SYNOPSIS|
|4. EXECUTIVE SUMMARY|
|5. U.S. ONLINE ACCOMMODATION MARKET COVID-19 IMPACT|
|6. U.S. ONLINE ACCOMMODATION MARKET REVENUE (USD BN), 2019-2027F|
|7.1. Mobile Application|
|8.1. Third-Party Online Portals|
|8.2. Direct Portals|
|9.4. New York|
|10.1. Market Drivers|
|10.2. Market Challenges|
|10.3. Impact Analysis|
|11. U.S. ONLINE ACCOMMODATION MARKET OPPORTUNITIES|
|12. U.S. ONLINE ACCOMMODATION MARKET TRENDS|
|13. LEGAL & REGULATORY FRAMEWORK|
|14.1. Demand Side Analysis|
|14.2. Supply Side Analysis|
|14.2.1. Top Product Launches|
|14.2.2. Top Business Partnerships|
|14.2.3. Top Business Expansions|
|14.2.4. Top Merger and Acquisitions|
|15. VALUE CHAIN ANALYSIS|
|16.1. Porters Fiver Forces Analysis|
|16.1.1. Bargaining Power of Buyer|
|16.1.2. Bargaining Power of Supplier|
|16.1.3. Intensity of Rivalry|
|16.1.4. Threats of New Entrant|
|16.1.5. Threat of Substitute|
|17.1. Booking Holdings Inc.|
|17.2. Hotels.com LP|
|17.3. Priceline.com LLC|
|17.4. Orbitz LLC|
|17.5. Tripadvisor Inc.|
|17.6. Airbnb Inc.|
|17.7. Hays Travel Limited|
|17.8. Marriott International Inc.|
|17.9. First Choice Holidays PLC|
|17.10. Hilton Worldwide Holdings Inc.|
Research Methodology for the U.S. Online Accommodation Market Analysis (2021-2027)
Analyzing the historical market, estimating of the current market, and forecasting the future market of the U.S. online accommodation market were the three major steps undertaken to create and analyze the adoption of online accommodation in the U.S. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the U.S. online accommodation market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the U.S. online accommodation market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the U.S. online accommodation market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major states. Major segments are included in the report as the platform type and mode of booking type. Further state-level analyses were conducted to evaluate the overall adoption.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the U.S. online accommodation market. Further, we conducted factor analysis using dependent and independent variables such as the increasing internet using population and the tourism sector. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the online accommodation market sector across the U.S.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the U.S. online accommodation market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD)
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the S. online accommodation market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major states. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the U.S. online accommodation market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the platform type and mode of booking type in the U.S. online accommodation market.
The main objective of the U.S. Online Accommodation Market Study
The current & future market trends of the U.S. online accommodation market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the U.S. online accommodation market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of platform type and mode of booking type
- Define and analysis of the regulatory framework for the U.S. online accommodation market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the U.S. online accommodation market for the major states
- Major states studied in the report include California, Texas, Florida, New York, Pennsylvania, and Others
- Company profiles of the U.S. online accommodation market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive country level analysis of the industry