The accommodation sector in APAC is witnessing a fast paced recovery with 2022 revenue levels not far from reaching pre-pandemic levels. However, composition of the industry remains unclear with short-term rentals revenue share decreasing in 2022.
Varsha Arora, Skift Research
Skift Research estimates that the accommodation sector in the Asia Pacific region (APAC) generated revenues of $186 billion in 2019, a 4.7 percent compound annual growth rate (CAGR) since 2008, the earliest year in our analysis.
As a result of the pandemic, we estimate that the APAC accommodation sector suffered a 50 percent year-over-year revenue decline in 2020 to $94 billion. The sector grew 26 percent to $118 billion in sales in 2021 and we expect it to grow another 38 percent to reach $163 billion in 2022, still 12 percent less than 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 US and Europe, data shows that the revenue for hotels and short-term rentals suffered alike in 2020. As per our analysis, hotels are expected to recover faster than short -term rentals 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
This is the latest in a series of reports and data products that Skift Research puts out to help you understand the trends in the travel industry. Tap into the opinions and insights of our seasoned network of staffers and contributors. Over 200 hours of desk research, data collection, and/or analysis goes into each report.
After you subscribe, you will gain access to our entire vault of reports conducted on topics ranging from technology to marketing strategy to deep dives on key travel brands. You will also be able to access our proprietary Skift Recovery Index and Skift Health Score data and reports.