Published on: December 12, 2019
The serviced apartment market offers fully furnished and equipped accommodations with hotel-like amenities and services. Modern travelers are increasingly looking for a travel experience with the convenience of home amenities. These apartments cater to a diverse range of guests seeking comfort, convenience, and a home-like environment during their stay, offering benefits such as housekeeping and laundry while maintaining the space and privacy benefits of an apartment. Serviced apartments often boast features such as spacious rooms, fully furnished kitchens, and attractive interiors. They may also offer security systems, entertainment facilities, and other comforts.
The serviced apartment market is sizable and is expected to see significant growth in the coming years, driven by factors such as rising urbanization, evolving lifestyles, and the increasing number of leisure and business travelers. Types of guests taking advantage of serviced apartments include corporate employees, international guests, and people relocating. Some only stay for the short-term, while others have long-term stays.
Key trends in the serviced apartment market include the rise of digital nomad culture, the growing popularity of remote work, and the appeal of extended stays for both business and leisure travelers. Modern travelers are also increasingly seeking personalized experiences and self-contained spaces in residential settings.
The demand for comfort, convenience, and personal space is driving demand in this market, especially among people seeking longer-term lodging options. Technological advancements, innovative solutions, and the globalization of apartment hotel services also contribute to market growth.
Challenges facing the serviced apartment market include regulatory constraints, legal frameworks, and taxation issues related to short-term lodging. Additionally, disruptions in the supply chain, occupancy rates, and consumer behavior dynamics can impact market performance and financial stability.
The North American market is expected to see significant growth over the coming years. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is experiencing a significant rise in demand for short-term rental accommodations, driven by a rise in both tourism and business travel. With many affluent travelers seeking a luxurious experience, full-service apartments and hotels are growing in popularity.
Technavio's serviced apartment industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our serviced apartment market reports include:
Technavio’s market research on this industry provides a detailed analysis of the market landscape, providing data on product types, regional markets, sales channels, and more.
Our serviced apartment market segmentation covers topics such as:
In order to provide you with a comprehensive view of the serviced apartment industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
1.How do I identify key trends in the serviced apartment market?
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
2.How do I decide which segments of the serviced apartment market to focus on?
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
3.Who are the major players in the serviced apartment market?
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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