Hotel market size in Vietnam to grow by USD 2.12 billion from 2021 to 2026; Growth driven by increasing affordability and rising disposable income - Technavio
NEW YORK, March 15, 2023 /PRNewswire/ -- The hotel market size in Vietnam is estimated to grow by USD 2.12 billion from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 14.43% during the forecast period. The growth of the market is driven by increasing affordability and rising disposable income. The income levels of consumers have increased significantly in developing countries such as Vietnam. For instance, between 2016 and 2020, Vietnam witnessed a 35.5% growth in per capita income. This has directly influenced the individual's spending capability in Vietnam. In addition, the increasing working women population has created a financial boost in the overall income of people, enabling consumers to spend on recreational activities. All these factors are fostering the growth of the hotel market in Vietnam. For more insights on the market size (2022 to 2026) - Request a sample report
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Hotel Market in Vietnam - Segmentation Assessment
Technavio has segmented the market based on type (chain hotels and independent hotels) and application (tourist accommodation and official business).
- The market growth in the chain hotels segment will be significant during the forecast period. The increasing number of international tourists is a major factor driving the growth of the segment.
Hotel Market in Vietnam - Vendor Analysis
Some of the key vendors covered in the report include:
- Accor SA - The company offers a wide range of hotel brands such as Luxury, Premium, Midscale, Economy, and others.
- Central Plaza Hotel Public Co. Ltd. - The company offers a wide range of hotels such as Centara Mirage Resort Mui Ne.
- Hyatt Hotels Corp. - The company offers sophisticated design, handcrafted details, and modern-day comforts at Park Hyatt Saigon.
- InterContinental Hotels Group - The company offers a wide range of hotels such as Hotel Indigo, Crown Plaza, Holiday Inn, and others.
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Hotel Market in Vietnam – Market Challenge
Major challenges hindering the market growth
- Climate change and unexpected weather developments are challenging the growth of the market.
- Events of natural disasters can pose a serious threat to the revenues of players in the tourism industry.
- Tropical hurricanes, floods, and rising sea water severely deteriorate tourism infrastructure, resources, and buildings, especially in the Mekong River in Vietnam.
- Also, drought and salinity intrusion in the delta area of the Mekong River in Vietnam has been affecting the livelihoods in the country.
- These factors are having a direct effect on agriculture, biodiversity, human health, and the tourism industry in Vietnam.
Insights on market drivers, trends, & challenges and forecast period (2022 to 2026) - Request a sample report!
What are the key data covered in this hotel market in Vietnam report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the hotel market in Vietnam between 2022 and 2026
- Precise estimation of the size of the hotel market in Vietnam and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the hotel market across Vietnam
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of hotel market vendors in Vietnam
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- The tourism and hotel market in Indonesia is expected to increase by USD 21.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.81%. The market is segmented by type of tourists (domestic and international) and hotel type (chain hotels and independent hotels).
- The tourism and hotel market in China is expected to increase by USD 24.23 billion from 2021 to 2026 at a CAGR of 11.81%. The market is segmented by type (outbound tourism and inbound tourism) and product (chain hotels and independent hotels).
Hotel Market in Vietnam Scope
Growth momentum & CAGR
Accelerate at a CAGR of 14.43%
Market growth 2022-2026
USD 2.12 billion
YoY growth 2022-2023 (%)
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Accor SA, Central Plaza Hotel Public Co. Ltd., Hyatt Hotels Corp., InterContinental Hotels Group, La Siesta Premium Hang Be, Marriott International Inc., Minor International PCL, Muong Thanh Hospitality, SALA DANANG BEACH HOTEL, and Vinpearl
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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Table of contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2021
- Market outlook: Forecast for 2021 - 2026
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Tourist accommodation - Market size and forecast 2021-2026
- Official business - Market size and forecast 2021-2026
- Market opportunity by Application
Market Segmentation by Type
- Market segments
- Comparison by Type
- Chain hotels - Market size and forecast 2021-2026
- Independent hotels - Market size and forecast 2021-2026
- Market opportunity by Type
- Market drivers
- Market challenges
- Market trends
- Vendor Landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Accor SA
- Central Plaza Hotel Public Co. Ltd.
- Hyatt Hotels Corp.
- InterContinental Hotels Group
- La Siesta Premium Hang Be
- Marriott International Inc.
- Minor International PCL
- Muong Thanh Hospitality
- SALA DANANG BEACH HOTEL
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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