The Serviced Apartment Market Size is valued at USD 104.2 billion in 2023 and is predicted to reach USD 271.0 billion by the year 2031 at a 12.9% CAGR during the forecast period for 2024-2031.
A serviced apartments are fully furnished apartments that can be rented for short or long periods of time. It has many of the same services as a hotel, like cleaning, utilities, and sometimes even concierge services. They offer more space, privacy, and the comforts of a home-like setting, with a kitchen, living room, and bedrooms that are different from each other. There are a lot of business travelers, tourists, and people moving for long periods of time who like serviced apartments because they are cheaper and more flexible than standard hotels.
Furthermore, given that travellers are becoming more interested in distinctive, unique situations, serviced flats can offer the ease and adaptability required for lengthier or more interactive excursions. Furthermore, sophisticated serviced apartments that integrate cutting-edge amenities and intelligent technology greatly improve visitor enjoyment, propelling market expansion.
However, regulations that are too stringent to ensure the health and safety of the base edit the product's lack of capacity to prevent fog in conditions with significant temperature swings or elevated humidity. The demand for serviced apartments carries the risk of adverse impacts or accidental alterations. The safety and specificity of base editing tools must be guaranteed before they can be utilized extensively. The potential for unintentional genomic alterations can impede regulatory approvals and market acceptance. Maintaining investigations are focused on advancing serviced apartment techniques to decrease unwanted consequences and enhance risk. However, managing these difficulties remains a major roadblock to the industry's growth.
Competitive Landscape
Some Major Key Players In The Serviced Apartment Market:
- The Ascott Limited
- Frasers Hospitality
- The Serviced Apartment Company
- Staycity Ltd
- Habicus Group
- THE SQUA.RE SERVICED APARTMENTS
- com
- Viridian Apartments
- Adagio
- Marriott International, Inc
- Other Market Players
Market Segmentation:
The serviced apartment market is segmented based on type, end-use, and booking mode. By type, the market is divided into long-term (>30 nights) and short-term (
Based On The Type, The Long-Term Serviced Apartment Market Segment Is Accounted As A Major Contributor To The Serviced Apartment Market
The long-term serviced apartment market will hold a major global market share in 2022. Because they combine hotel-quality services with the familiarity of residence, serviced flats are becoming increasingly popular for extended visits. Relative to conventional hotels, serviced residences provide greater space, security, and adaptability. They are perfect for longer stays because they have facilities such as distinct living areas and fully functional appliances. Moreover, they frequently offer longer-term price reductions because their rates are more affordable than accommodations, supporting the segment's expansion.
Direct Booking Segment To Witness Growth At A Rapid Rate
The direct bookings industry uses serviced apartments because there are no intermediaries to charge; this direct method increases earnings and may result in higher-quality prices for clients. It also enables lower prices. Direct bookings also make better customer gathering possible, opening the door to customized products and services and individualized marketing plans that increase client retention and referrals, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Serviced Apartment Market Holds A Significant Revenue Share.
The North American serviced apartment market is expected to document the highest market share in revenue in the near future. This can be attributed to strong business demand, the development of more mobility employees, and the rising desire for adaptable, homelike housing. These businesses are always developing new ways to satisfy changing customer needs. They integrate smart home technology, better health facilities, and adaptable scheduling choices to stay ahead of the competition in this developing sector. In addition, Asia Pacific is predicted to grow rapidly in the global serviced apartment industry because of the rise in travellers, corporate travel, and the growing tourist industry in developed nations. Large corporations are drawn to these nations due to their expanding economy, which increases the need for prospective lodging options for executives.
Recent Developments:
- In July 2024, The aparthotel operator Staycity Group has acquired a location adjacent to Nine Elms Station in London. Staycity, acquired for an undisclosed amount, will pursue funding for the £70 million development upon obtaining planning clearance, utilizing an operating leaseback arrangement.
Serviced Apartment Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 104.2 Bn |
|
Revenue Forecast In 2031 |
USD 271.0 Bn |
|
Growth Rate CAGR |
CAGR of 12.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, End-Use, Booking Mode. |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Ascott Limited, Frasers Hospitality, The Serviced Apartment Company, Staycity Ltd, Habicus Group, THE SQUA RE SERVICED APARTMENTS, Adiahotels.com, Viridian Apartments, Adagio, and Marriott International, Inc. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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