Serviced Apartment Market Current Scenario with Future Aspect Analysis

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Serviced Apartment Market – (By Type (Long-Term (>30 Nights), Short-Term (<30 Nights)), By End-use (Corporate/Business Traveler, Leisure Traveler, Expats and Relocators), By Booking Mode (Direct Booking, Online Travel Agencies, Corporate Contracts)), Trends, Industry Competition Analysis, Revenue and Forecast To 2034."

According to the latest research by InsightAce Analytic, the Global Serviced Apartment Market Size is valued at USD 123.9 Bn in 2024 and is predicted to reach USD 405.1 Bn by the year 2034 at a 12.7% CAGR during the forecast period for 2025-2034.

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Serviced apartments provide luxurious accommodations with hotel-quality services and amenities, catering to both business and leisure travelers who prefer a residential setting while enjoying the convenience of hotel facilities. The demand for cost-effective and easily accessible lodging options has risen due to urban development and the expansion of international business travel.

These managed apartments seamlessly combine luxury and functionality, making them particularly appealing to expatriates and long-term visitors who seek a comfortable and home-like atmosphere. Serviced apartments are an attractive alternative to traditional accommodations, especially for travelers requiring extended stays and a customized living experience. Their affordability compared to conventional hotels and their flexibility in rental duration further enhance their appeal.

List of Prominent Players in the Serviced Apartment Market:

·      The Ascott Limited

·      Frasers Hospitality

·      The Serviced Apartment Company

·      Staycity Ltd

·      Habicus Group

·      THE SQUA.RE SERVICED APARTMENTS

·      Adiahotels.com

·      Viridian Apartments

·      Adagio

·      Marriott International, Inc

Market Dynamics:

Drivers-

The increasing demand for serviced apartments is driven by the need for flexible and cost-effective accommodation catering to both leisure and corporate travelers. The industry is experiencing substantial growth due to factors such as workforce mobility, rising business travel, and the growing number of digital nomads. Serviced apartments offer a comfortable and home-like environment with amenities such as fully equipped kitchens and communal spaces, making them an ideal choice for extended stays. 

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Challenges:

The market faces several challenges, including stringent regulatory frameworks, a shortage of skilled personnel, and cultural adaptation issues following prolonged lockdowns in developing regions. Compliance with regulations and operational efficiency remains key concerns for industry players. Additionally, the slow adoption of standardized serviced apartment models and complex regulatory approval processes have hindered broader market penetration. Balancing technological advancements with ethical considerations and customer expectations presents another challenge for market expansion.

Regional Trends:

The North American serviced apartment market is expected to hold a significant revenue share and witness high growth in the coming years, supported by strict regulatory standards, a well-developed hospitality infrastructure, and rapid adoption of innovative technologies. The presence of leading consulting firms and a robust corporate sector further accelerates demand in the region. Additionally, government initiatives and substantial investments in real estate and hospitality technology are contributing to market expansion.

Meanwhile, the Asia Pacific region is experiencing remarkable growth due to rapid urbanization, increasing travel expenditures, and the integration of advanced hospitality solutions. The region's large population and expanding economies are key factors driving demand for high-quality and cost-effective accommodation options, positioning Asia Pacific as a high-potential market for serviced apartments.

Recent Developments:

·      In July 2024, The aparthotel operator Staycity Group has acquired a location adjacent to Nine Elms Station in London. Staycity, acquired for an undisclosed amount, will pursue funding for the £70 million development upon obtaining planning clearance, utilizing an operating leaseback arrangement.

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Segmentation of Serviced Apartment Market-

By Type-

·      Long-Term (>30 Nights)

·      Short-Term (<30 Nights)

By End-use-

·      Corporate/Business Traveler

·      Leisure Traveler

·      Expats and Relocators

By Booking Mode-

·      Direct Booking

·      Online Travel Agencies

·      Corporate Contracts

By Region-

North America-

·      The US

·      Canada

·      Mexico

Europe-

·      Germany

·      The UK

·      France

·      Italy

·      Spain

·      Rest of Europe

Asia-Pacific-

·      China

·      Japan

·      India

·      South Korea

·      South East Asia

·      Rest of Asia Pacific

Latin America-

·      Brazil

·      Argentina

·      Rest of Latin America

 Middle East & Africa-

·      GCC Countries

·      South Africa

·      Rest of the Middle East and Africa

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