The year 2020 was a very devastating year across the world for the tourism industry due to COVID – 19 pandemic. Globally, borders were sealed and remained effectively closed for foreign tourists. But, the second half of 2021 is expected to bring a little hope to the hospitality business and that brings hope for Japan as well. Our research finds that there has been a considerable movement of domestic tourists in Japan. These domestic tourists have provided much-needed relief to the bleeding hotel industry of Japan. We also believe that Japan hospitality market will reach its pre-COVID level by the end of the year 2022. According to Renub Research new report, Japan Hotel Market is expected to reach US$ 23.49 Billion by 2026.
As per the analyst's viewpoint, the business owners, international hotel operators, investors have maintained an interest in the Japanese hotel market. They see this downturn as an opportunity to buy up distressed assets. Though most business owners, hoteliers currently prefer fixed rent lease. Before 2020, the tourism industry was on the rise in Japan before the pandemic. As per our study, there will be growth opportunity in the tourism industry during the forecast period. In order to match this growth, the big hotel chains are expanding their footprint across the country. As per this report, post-COVID-19 recovery, the Japan Hospitality Market will grow with a massive CAGR of 54.01 % during 2020-2026.
Japan has numerous hotel establishments distributed across the country, of which the mid-scale hotel segment dominates the country. Domestic tourists are its primary clientele due to the quality services offered by most mid-scale hotel segment hotels, and effective utilization of the available space has become the significant reason for this segment's rapid growth. As per our research findings, Japan Hotel Industry was US$ 1.76 Billion in 2020.
In Japan, the online hotel market targets a variety of consumer groups and that with different behaviour types with an offer that matches their needs and budget level. With the advancement in technology, the online hotel market is rising at a fast pace. On the other hand, COVID-19 has accelerated the digitization of the travel agent model; creating more shop closures as in-store agencies switch operations online, creating the downfall of the country's offline hotel booking market.
Japan is expected to see robust growth in inbound tourism during the course of time. This growth is expected to maintain its forward momentum and fuel a strong performance in the hotel industry in the coming year, fighting the global economic uncertainty. Tourism growth in Osaka has been especially notable. Tokyo stands top of the country's major cities, registering the highest number of a hotel room in Japan hotel market, with around a million tourists visiting the city. Osaka and Kyoto have witnessed rising numbers of arrivals year-on-year, constituting second and third highest hotel room-by town in the country, respectively.
Homegrown hotel companies primarily dominate the hotel industry in Japan. Domestic brands and their chains cover 90% of the total market in the country. The key players in Japan Hotel Market studied in the report are Marriott International, Inc Tokyo Corporation, JR Hotel Group, Kintetsu Group Holdings Co., Ltd. and Hoshino Resorts REIT Inc.
Renub Research report titled “Renub Research report titled “Japan Hotel Market, Volume & Forecast by Type (High End, Mid Scale, Budget) Ordering Platform (Offline, Online), Region (Tokyo, Kyoto, Osaka, Sapporo, Fukuaka, Nagaya, Hiroshima, Naha, Sendai), Japan Inbound Market (Foreign Tourists, Domestic Tourists) Hotel/Companies (Marriott International, Inc, Tokyu Corporation, Jr Hotel Group, Kintetsu Group Holdings Co., Ltd., Hoshino Resorts REIT Inc.)” provides a complete analysis of Japanese Hotel Market.” provides a complete analysis of Japanese Hotel Market.
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