Hotels - Bahrain | Statista Market Forecast

Hotels - Bahrain

Bahrain

Highlights

In Bahrain, the Hotels market is projected to generate a revenue of US$41.60m by 2024, with an annual growth rate of 3.16% (CAGR 2024-2029) expected to result in a market volume of US$48.60m by 2029.
The number of users in this market is forecast to reach 250.90k users by 2029, with user penetration expected to increase from 12.4% in 2024 to 16.1% in 2029.
The average revenue per user (ARPU) is expected to be US$223.30.
By 2029, 86% of the total revenue in the Hotels market is expected to be generated through online sales.
It is worth noting that in global comparison, United States is expected to generate the most revenue in this market, with a projected revenue of US$111bn in 2024.
Bahrain's hotel industry is expanding rapidly, with luxury properties such as The Ritz-Carlton and Four Seasons catering to the growing demand for high-end accommodations.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

In Bahrain, the Hotels market is experiencing significant growth and development.

Customer preferences: Customers in Bahrain are increasingly looking for unique and personalized experiences when choosing hotels. They value luxury amenities, high-quality service, and convenient locations. Additionally, there is a growing preference for eco-friendly practices and sustainability in the hospitality industry.

Trends in the market: One notable trend in the Bahrain Hotels market is the rise of boutique hotels and luxury resorts catering to high-end travelers seeking exclusivity and sophistication. These establishments often offer unique designs, personalized services, and immersive cultural experiences to attract discerning guests. Another emerging trend is the integration of technology to enhance customer experience, with many hotels in Bahrain adopting digital check-in processes, smart room features, and personalized mobile apps for guests.

Local special circumstances: Bahrain's strategic location in the Gulf region, coupled with its rich history and cultural heritage, makes it a popular destination for both leisure and business travelers. The country's stable political environment, modern infrastructure, and increasing connectivity through transportation hubs like Bahrain International Airport further contribute to the growth of the Hotels market. Moreover, Bahrain's status as a financial center and a hub for major events and conferences drives demand for high-quality accommodation options.

Underlying macroeconomic factors: The growth of the Hotels market in Bahrain is also influenced by macroeconomic factors such as government initiatives to promote tourism, foreign investment in the hospitality sector, and increasing disposable income among the local population. The country's efforts to diversify its economy and reduce dependence on oil revenue have led to a focus on developing the tourism and hospitality industry, creating opportunities for hotel operators and investors to expand their presence in Bahrain. Additionally, the steady flow of business travelers and tourists to the country supports the demand for a variety of hotel offerings, from luxury resorts to budget-friendly options.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.