Rise in Domestic Trips to Proliferate the US Online Accommodation Market | UnivDatos Market Insights

NOIDA, India, Nov. 3, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the US Online Accommodation Market was valued at USD 12 billion in 2020 and is expected to grow at a CAGR of around 7% from 2021-2027. The analysis has been segmented into Platform Type (Mobile Application and Website); Mode of Booking Type (Third-Party Online Portals and Direct Portals); and States.

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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.

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Market Overview

The U.S. Online Accommodation Market is expected to witness a CAGR of around 7% during the forecast period. Online Accommodation care is a type of care for severe patients during their last phase of life. It focuses on the personal satisfaction of their guardians or individuals who deal with life-limiting diseases. Online Accommodation care can be offered in two types of settings at home or in a facility such as a nursing home, hospital, or even a separate Online Accommodation center. In addition, the growth factors for this segment are the rising geriatric population, increasing cancer in developed countries, cardiovascular diseases, chronic diseases, etc. will drive the growth of this market.

Some of the major players operating in the market include Booking Holdings Inc., Hotels.com LP, Priceline.com LLC, Orbitz LLC, Tripadvisor Inc., Airbnb Inc., Hays Travel Limited, Marriott International Inc., First Choice Holidays PLC, Hilton Worldwide Holdings Inc.

COVID-19 Impact

The recent COVID-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the tourism and hospitality industry. 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.

The U.S. online accommodation market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• 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.
• 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.

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Online Accommodation Market Geographical Segmentation Includes:

• California
• Texas
• Florida
• New York
• Pennsylvania
• Others

California held a prominent share of the U.S. online accommodation market in the past and is expected to grow at a significant growth rate during the forecast period due to the presence of huge tourism industry in the state. California is home to some of the most popular tourist destinations. Millions of people from all over the world come to see some of the most famous tourist places such as Disneyland, the Golden Gate Bridge, Yosemite National Park, and more. However, the market has been hit hard by COVID-19, but it is expected to regain its growth because the world is recovering rapidly from the pandemic.

The major players targeting the market include

• Booking Holdings Inc.
• Hotels.com LP
• Priceline.com LLC
• Orbitz LLC
• Tripadvisor Inc.
• Airbnb Inc.
• Hays Travel Limited
• Marriott International Inc.
• First Choice Holidays PLC
• Hilton Worldwide Holdings Inc

Competitive Landscape

The degree of competition among prominent US companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as US market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the US Online Accommodation Market. The major players have been analyzed by using research methodologies for getting insight views on US competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the U.S. online accommodation market?
• Which factors are influencing the U.S. online accommodation market over the forecast period?
• What are the challenges, threats, and risks in the U.S. online accommodation market?
• Which factors are propelling and restraining the U.S. online accommodation market?
• What are the demanding states of the U.S. online accommodation market?
• What will be the U.S. market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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US Online Accommodation Market Report Coverage

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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