Hotel Industry in India to be Worth INR 1,210.87 Bn by 2023
Research On Global Markets has announced the addition of a market research report titled “Hotel Industry In India (2018-2023)” to their offering. According to the report, the hotel industry in India is predicted to reach a value of INR 1,210.87 Bn by the end of 2023, expanding at a compound annual growth rate (CAGR) of almost 13% during the 2018-2023 period, owing to the high arrival rate of foreign tourists and business delegates. The occupancy rate (percentage of days for which rooms are booked in a given period) of the major hotels in India expanded approximately 65% from FY 2017 to FY 2018, due to growing demand from business and leisure travelers, and a slowdown in the addition of new hotel rooms across the country.
The research report on the hotel industry in India features comprehensive analysis of the key market segments, including rooms, food and beverages, and banquets. In terms of revenue sources for hotels, rooms accounted for the largest share. In FY 2017, on an average, 53.6% of the total revenue of Indian hotels came from rooms, followed by food and beverages, and banquet services. Demand for hotel rooms is high across the country, owing to increased business-related and leisure travel.
Region-wise, Kerala is anticipated to be the leading provider of hospitality services in the country, with a total of 440 approved hotels. Maharashtra, Gujarat, Rajasthan, and Tamil Nadu are the other states that make up the list of top five states with regard to hospitality services, according to Research On Global Markets.
Research on Global Markets tracks the performance of the major players in the hotel industry in India including Bharat Hotels Limited (The Lalit), Hyatt Hotels and Resorts, ITC Hotels, Lemon Tree Hotels Limited, Marriott Hotels India Private Limited, Mayfair Hotels and Resorts Limited, The Indian Hotels Company Limited, The Leela, The Oberoi Group, and The Park Hotels, among others.
Key highlights of this report:
- India hotel industry - definition and structure
- Distribution channels of hotel industry
- Operating models of hotel industry
- Hotel industry market size and growth forecast - value-wise (2015-2023e)
- State-wise segmentation of hotels in India - based on the number of approved hotels (2018)
- Occupancy rate and average room rent of hotels (FY 2014-FY 2017)
- Key market opportunities
- Key growth drivers of the market
- Key deterrents to the growth of the market
- Analysis of the competitive landscape