Industry Analysis

Projected Post-Covid Market Size, Growth Rate, Estimated Number of Employees, and the Number of Companies/Businesses: Hospitality

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Market Size and Market Growth Rate

  • According to The Business Research Company, the global “hospitality market is expected to grow at a CAGR of around 8% to nearly $5,891 billion by 2022.”
  • The growth of the hospitality industry is expected to be driven by factors such as changing consumer habits and the popularity of hospitality apps.
  • CBRE Hotels Research expects the number of room nights occupied in the United States for 2020 to decline by 37% compared to 2019.
  • According to Mckinsey, global business executives projects the hospitality industry to return to pre-covid levels in two most likely scenarios. The first scenario project recovery in 2021 while the other project recovery in 2023. In the first scenario, “the virus’s spread is contained, and the economy recovers slowly, revenue per available hotel room (RevPAR) falls by 53 percent in 2020, and returns to very near pre-crisis levels in 2022.”
  • The other likely scenario, “RevPAR falls by 60 percent in 2020, and only recovers slightly in 2021.” Recovery to pre-covid levels delays until 2023.

Number of employees

  • According to the US Bureau of Labor Statistics, the number of employees in the leisure and hospitality industry was 16.576 million in 2019.
  • An exhaustive search through industry publications, market reports, media articles, regulatory websites, and statistical databases could not find employment projections that include impacts of the COVID-19 pandemic.
  • According to IBIS World, the number of employees in Hotels and Motels in the United States is expected to decline from 1.72 million by 21.2% to 1.35 million in 2020.
  • The US Bureau of Labor Statistics projects the number of employees in the US leisure and hospitality industry to reach 17.692 million by 2029 at a CAGR of 0.7%.
  • Using the CAGR of 0.7% the number of employees in the US leisure and hospitality industry is anticipated to reach 16.93 million by 2022. The projected number was calculated using a reverse CAGR calculator. The starting value is 16.576 million (2019), and the number of periods is 3 (years).

Companies/Businesses

  • According to IBIS World, the number of Hotels and Motels businesses in the United States in 2020 is 79,807. The number of businesses is expected to decline by 16.2% in 2020.
  • Assuming that the number of Hotels and Motels businesses in the United States will continue growing at a CAGR of 0.2% between 2020 and 2022, the number of Hotels and Motels businesses is anticipated to reach 80,126 by 2022. This projected number was calculated using a reverse CAGR calculator. The starting value is 79,807 (2020), and the number of periods is 2 (years).
GLENN TREVOR
Glenn is the Lead Operations Research Analyst at Simple Manifestation with experience in research, statistical data analysis and interview techniques. A holder of degree in Economics. A true specialist in quantitative and qualitative research.

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