The Hotels in Cambodia market is forecast to exhibit strong growth by 2024, with robust expansion in value terms anticipated over the next five years to be driven by the inbound travelers and a booming local economy. According to industry estimates from STATISTA, the revenue of the hotel industry of the country is expected to reach up to US$106.20m by 2024. This is indeed great news that reflects upon the increasing popularity of Cambodia as a favorable tourist destination.
Moreover, the compounded annual growth rate (CAGR) of all three markets will amount to 9.20% within the period from 2024 till 2028. Such an increase will enhance the volume of the market up to a tremendous US$151.00m by 2028. In this respect, it is feasible to define positive tendencies in the market under discussion since Cambodia’s hospitality sector demonstrates its increasing attractiveness for local citizens as well as foreigners.
In fact, the Hotels market too is all set to grow in terms of the user base. The user base in the Hotels category is projected to reach 1.19m users by 2028, thus indicating a steep rise in accommodation facility demand across the country. As the number of visitors to the kingdom increases by the day, proceeds in the hotel sector in Cambodia are poised for heady profits as this trend promises a constantly flooding flow of customers therein translating into increased earnings thereby powerfully contributing towards the overall growth of the sector.
Further, user penetration is expected to surge to 6.7% in the year 2028, increasing from the level of 5.6% in the year 2024 among the population. These developments indicate a growing market for hotel staying in Cambodia within its citizens, establishing thereby the greater worth of the hotel segment to the overall tourism market of the nation.
The forecasted average revenue per user (ARPU) of US$110.70 is outstanding. The Cambodia hotels are not only able to draw in large numbers but are also able to convert all the consumers into spending consumers, a factor that has made the industry generate the revenues noted above.
In addition, the online sales are gaining quite substantial popularity in the Cambodia Hotels market by contributing 83% to the total revenue expected from the online channel in 2028. The above-mentioned shift is being promoted by the numerous developments in the travel and tourism as well as hotel industries and the manualization, as well as the planned systematizing of new procedures, will create an awareness of convenience and time-saving features offered for online booking.
As far as revenue is concerned in the Hotels market, Cambodia’s future revenue potential is impressive yet it emerges that the United States is forecasted to record the highest revenue in the world by 2024 where it will be valued at a stunning value of US$110,500m. However, the positive growth figures of Cambodia hint towards its hotel industry and its expansion as an emerging player in the global tourism market.
It can be concluded that the Hotels market in Cambodia is growing phenomenally and is not at all exhibiting any signs of slowdown. With growing revenue, user base and a shift towards online sales, the industry is well placed to play a big part in developing not only the economy of the country but also cement Cambodia as one of the tourist’s destinations.
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