Singapore Hospitality Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.43 Billion |
| Market Size (2029) | USD 5.46 Billion |
| CAGR (2024 - 2029) | 4.26 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Hospitality Market Analysis
The Hospitality Industry In Singapore Market size is estimated at USD 4.43 billion in 2024, and is expected to reach USD 5.46 billion by 2029, growing at a CAGR of 4.26% during the forecast period (2024-2029).
Over the past ten years, Singapore has witnessed an increase in the number of tourists. A DBS Bank analysis claims there need to be more hotels or other lodging options nationwide to accommodate the increasing number of visitors. Over the past ten years, the average number of tourists to each country has increased by 6%, but the supply of hotel rooms has only increased by 4.2%, particularly in the last four years, which has put pressure on the nation's tourism sector. Singapore has revolutionized the hotel sector by establishing trends in areas such as technology innovation, sustainability, and holistic wellness.
Singapore is preparing itself for a change in consumer demand and emerging travel habits. To advance in the market, companies offering services related to hospitality will need to adopt a holistic health approach. After the pandemic, the Singapore government has actively promoted and launched various tourism initiatives such as a business travel lane that allows corporate and diplomatic travelers to skip quarantine on arrival and the launch of the "Air Travell Pass Program," which will enable tourists to apply to travel to Singapore without undergoing quarantine.
Singapore Hospitality Market Trends
Rising Number of International Visitors are Driving the Market
Singapore has witnessed a steady increase in the number of foreign visitors, with just three brief periods of decline since the last decade. Due to the Singapore Tourism Board's (STB) marketing campaigns to draw tourists from all over the world, the country is expected to see moderate visitor arrivals and healthy growth rates throughout the forecast period, despite growing competition from Indonesia, Vietnam, and Thailand. For example, STB has been successful in attracting visitors from China's Tier-II and Tier-III cities.
Innovative and Package Customization to Attract More Customers
Singapore is a popular vacation spot that has seen a rise in the number of leisure visitors. Over 55% of visitors are there for leisure, with business travel accounting for 11% of all visits. Despite varying occupancy rates over the previous ten years, the area has been registering annual revenue growth per room, which is improving the region's appeal to investors. Wyndham Hotels & Resorts claims that the company is pursuing a new approach that is more intently focused on Singapore's role as a significant hub for business. The company intends to host several group events all year long to meet the basic needs of corporate groups that are moving away from traditional conference settings. It does this by being the one-stop shop for business-related meeting spaces as well as areas for guests to play and unwind.
Singapore Hospitality Industry Overview
Singapore's hospitality market is composed of both domestic and foreign businesses, making it reasonably concentrated. The majority of hotels are positioned in highly sought-after locations for travelers. The area has a strong demand for hotels because there aren't as many available. Investors find the location appealing with the support of government programs. In Singapore, the leading companies are Accor SA, Pan Pacific Hotels Group, Marriott International, Far East Hospitality, and InterContinental Hotels Group Plc.
Singapore Hospitality Market Leaders
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Marriott international
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Far East Hospitality
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InterContinental Hotels Group Plc
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Pan Pacific Hotels Group
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Accor SA
*Disclaimer: Major Players sorted in no particular order
Singapore Hospitality Market News
- In December 2023, To bring the largest Mercure hotel in the world with 989 keys to Singapore, Accor, the largest international hospitality group in the Middle East, Africa, and Asia Pacific, has announced a historic agreement with Worldwide Hotels Group, the country's largest hotel operator by room count and Accor's longtime partner.
- In May 2023, The worldwide rewards program KrisFlyer, run by Singapore Airlines Group and Sarovar Hotels & Resorts, announced their partnership to provide flyers and travelers with exclusive perks.
Hospitality Industry in Singapore Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
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4.2 Market Dynamics
- 4.2.1 Market Drivers
- 4.2.1.1 Contribution to the Economy to Generate Income for the Nation
- 4.2.1.2 Rise in Global Tourism
- 4.2.2 Market Restraints
- 4.2.2.1 Long Hours of Working Pattern
- 4.2.2.2 Increasing Competition among Hotels and Other Lodging Options
- 4.2.3 Market Opportunities
- 4.2.3.1 Technological Advancements Striving the Market
- 4.3 Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Technological Innovations and Recent Developments in the Hospitality Industry
- 4.6 Impact of COVID-19 on the Hospitality Industry
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Chain Hotels
- 5.1.2 Independent Hotels
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5.2 By Segment
- 5.2.1 Service Apartments
- 5.2.2 Budget and Economy Hotels
- 5.2.3 Mid and Upper mid scale Hotels
- 5.2.4 Luxury Hotels
6. COMPETITVE INTELLIGENCE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Accor S A
- 6.2.2 Marriott international
- 6.2.3 Far East Hospitality
- 6.2.4 Forward Land
- 6.2.5 InterContinental Hotels Group Plc
- 6.2.6 Pan Pacific Hotels Group
- 6.2.7 Millennium & Copthorne International Limited
- 6.2.8 Hotel 81
- 6.2.9 Shangri-La hotels & resorts
- 6.2.10 Marina Bay Sands*
- *List Not Exhaustive
- 6.3 Loyalty Programs Offered by Major Hotel Brands
7. FUTURE MARKET TRENDS
8. DISCLAIMER
** Subject To AvailablitySingapore Hospitality Industry Segmentation
The hospitality sector encompasses a diverse array of service-based occupations, including accommodations, theme parks, travel agencies, food and beverage services, event management, hotels, restaurants, and bars. The research covers a comprehensive background examination of the Singaporean hospitality sector, including an evaluation of industry associations, the general economy, emerging market trends by category, notable shifts in the market dynamics, and a market overview. In Singapore, the hotel business is divided into two categories: independent and chain hotels, as well as service apartments, low-cost and budget hotels, mid- and upper-mid-range hotels, and luxury hotels. The report offers market size and forecasts for the hospitality industry in Singapore in terms of value (USD) for all the above segments.
| By Type | Chain Hotels |
| Independent Hotels | |
| By Segment | Service Apartments |
| Budget and Economy Hotels | |
| Mid and Upper mid scale Hotels | |
| Luxury Hotels |
Hospitality Industry in Singapore Market Research Faqs
How big is the Hospitality Industry In Singapore Market?
The Hospitality Industry In Singapore Market size is expected to reach USD 4.43 billion in 2024 and grow at a CAGR of 4.26% to reach USD 5.46 billion by 2029.
What is the current Hospitality Industry In Singapore Market size?
In 2024, the Hospitality Industry In Singapore Market size is expected to reach USD 4.43 billion.
Who are the key players in Hospitality Industry In Singapore Market?
Marriott international, Far East Hospitality, InterContinental Hotels Group Plc, Pan Pacific Hotels Group and Accor SA are the major companies operating in the Hospitality Industry In Singapore Market.
What years does this Hospitality Industry In Singapore Market cover, and what was the market size in 2023?
In 2023, the Hospitality Industry In Singapore Market size was estimated at USD 4.24 billion. The report covers the Hospitality Industry In Singapore Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Hospitality Industry In Singapore Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hospitality Industry in Singapore Industry Report
Statistics for the 2024 Hospitality Industry in Singapore market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hospitality Industry in Singapore analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
