Hospitality Industry in Austria Market Size (2024 - 2029)

The Austria hospitality market is experiencing significant growth, driven by a robust tourism industry that favors vacation trips over business travel. This dynamic has led to an increase in tourism-based revenue, contributing substantially to the country's economy. The hotel and accommodation sector is expanding, with a notable rise in demand for hotel accommodations. Despite challenges such as seasonality, the market continues to grow, with international travelers constituting a major portion of the demand. Chain hotels represent a small fraction of the total hotel properties, indicating a diverse accommodation landscape.

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Market Size of Hospitality Industry in Austria

Hospitality Industry in Austria
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.00 %

Major Players

Hospitality Industry in Austria Major Players

*Disclaimer: Major Players sorted in no particular order

Austria Hospitality Market Analysis

The tourism industry in Austria is dynamic and is recording more vacation trips (almost 80%) than business trips. The country is been attracting almost double the number of foreign tourists and is generating more tourism-based revenue. 6.5% of share it produced to the country's GDP in 2018. The growing number of tourism is boosting the hotel and accommodation sector in the region. Demand for hotel accommodation segment has increased by almost 10% between 2013-2018, rising from 86 million available room to almost 95 million. Austria's tourism and hotel industries remained left affected by the seasonality and are registering growth numbers year on year. International travelers are dominating the demand and are typically accounting for around three-quarters of a whole hotel business. Chain hotels account for 14% of the total hotel properties currently operating in Austria.

Austria Hospitality Industry Segmentation

A complete background analysis of the Hospitality Industry in Austria, which includes an assessment of the industry associations, overall economy, and emerging market trends by segments, significant changes in the market dynamics, and market overview is covered in the report.

By Type
Chain Hotels
Independent Hotels
By Segment
Service Apartments
Budget and Economy Hotels
Mid and Upper mid scale Hotels
Luxury Hotels
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Hospitality Industry in Austria Size Summary

The hospitality industry in Austria is experiencing robust growth, driven primarily by the tourism sector, which is predominantly fueled by vacation trips rather than business travel. The country has become a magnet for international tourists, significantly boosting its tourism revenue and contributing substantially to the national GDP. This surge in tourism has led to a heightened demand for hotel accommodations, with a notable increase in available rooms over recent years. The hotel sector, however, faces challenges due to seasonality, yet it continues to show year-on-year growth. International travelers make up a significant portion of the hotel clientele, with chain hotels representing a notable segment of the market. The Austrian hospitality landscape is evolving, with a substantial number of hotel projects in the pipeline, particularly in the first-class and luxury segments, to meet the increasing demand.

Austria's capital, Vienna, is at the forefront of this expansion, with a significant number of new hotel openings planned, adding thousands of rooms to the city's accommodation capacity. The overall growth in tourist arrivals and overnight stays across the country underscores the thriving nature of the hospitality market. Major hotel brands like AccorHotels and Hilton Hotels & Resorts are prominent in the region, catering to the demand for upper-midscale and luxury accommodations. Additionally, service apartments are gaining traction, indicating a shift in consumer preferences within the hospitality sector. This dynamic growth trajectory highlights Austria's commitment to enhancing its hospitality infrastructure to accommodate the ever-increasing influx of visitors.

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Hospitality Industry in Austria Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Dynamics

      1. 1.2.1 Drivers

      2. 1.2.2 Restraints

      3. 1.2.3 Opportunities

    3. 1.3 Impact of COVID - 19 on the Hospitality Industry

    4. 1.4 Insights on Revenue Flows from Accommodation and Food and Beverage Sectors

    5. 1.5 Leading Cities in Austria With Respect to Number of Visitors

    6. 1.6 Investments (Real Estate, FDI and others) in the Hospitality Industry

    7. 1.7 Technological Innovations in the Hospitality Industry

    8. 1.8 Insights on Shared Living Spaces Impact on the Hospitality Industry

    9. 1.9 Insights on other Economic Contributors to the Hospitality Industry

    10. 1.10 Value Chain Analysis

    11. 1.11 Porter's Five Forces Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Chain Hotels

      2. 2.1.2 Independent Hotels

    2. 2.2 By Segment

      1. 2.2.1 Service Apartments

      2. 2.2.2 Budget and Economy Hotels

      3. 2.2.3 Mid and Upper mid scale Hotels

      4. 2.2.4 Luxury Hotels

Hospitality Industry in Austria Market Size FAQs

The Austria Hospitality Market is projected to register a CAGR of 4% during the forecast period (2024-2029)

AccorHotels, Hilton Hotels & Resorts, Motel One, Private City Hotels and Arcotel Hotels & Resorts are the major companies operating in the Austria Hospitality Market.

Austria Hospitality Market Report Snapshots

Austria Hospitality Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)