This report, a market sizing of the Asia-Pacific accommodation sector, continues Skift Research’s effort to size the global travel industry. It builds upon our earlier U.S.accommodation sector and Europe accommodation sector reports and gives an Eastern perspective on the subject.
Skift Research estimates that the accommodation sector in APAC generated$186 billion of revenues in 2019, a 4.7% compound annual growth rate (CAGR) since 2008, the earliest year in our analysis. As a result of the pandemic, we estimate that the sector suffered a 50% year-over-year revenue decline in 2020 to $94 billion. The sector grew 26% to $118 billion in sales in 2021, and we expect it to grow another 38% to reach $163 billion in 2022, still 12% below 2019 revenues.
The fastest growing segment of accommodations in APAC has been short-term rentals. The sector grew nine times faster than hotels between 2008 and 2019. Unlike in the U.S. and Europe, data shows that the revenue for hotels and STRs suffered alike in 2020. As per our analysis, hotels are expected to recover faster than STRs in 2022.
In addition to these topline estimates, this report includes an analysis of, and estimates for, key hospitality performance indicators such as revenue per available room, average daily rate, and occupancy rates for hotels in the top 10 APAC countries.
What You'll Learn From This Report
- APAC accommodation sector market size estimates, by hotel sector and short-term rental sector, 2008–2022E
- APAC hotel sector revenues of 10 key countries, 2008–2022E
- APAC hotels size and scale of companies of key countries, 2008–2019
- APAC hotels key performance indicators of key countries, 2008–2019