Hospitality Industry in Thailand Market Size (2024 - 2029)

The market size of the hospitality industry in Thailand is projected to grow significantly in the coming years, driven by a booming tourism sector that ranks among the top ten globally. Factors contributing to this growth include rising hotel performance indicators, increased tourist receipts, and burgeoning revenue from tourism. The East Asian market, particularly China, is the largest contributor to this growth, while the European and Russian markets also contribute significantly. Furthermore, domestic tourism is experiencing a surge, spurred by economic growth and expanded tourism in the country's secondary cities. Key performance indicators, such as Occupancy Rate (OR) and Revenue per Available Room (RevPAR), have also shown positive growth trends.

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Market Size of Hospitality Industry in Thailand

hospitality industry in thailand size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 7.23 Billion
Market Size (2029) USD 24.12 Billion
CAGR (2024 - 2029) 27.24 %

Major Players

hospitality Companies in thailand

*Disclaimer: Major Players sorted in no particular order
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Thailand Hospitality Market Analysis

The Hospitality Industry in Thailand Market size is estimated at USD 7.23 billion in 2024, and is expected to reach USD 24.12 billion by 2029, growing at a CAGR of 27.24% during the forecast period (2024-2029).

  • The tourism industry in Thailand is on the rise, and it occupied the ninth rank in the world's most visited countries list, which has been driving the hospitality industry in the country. The key indicators of a hotel's performance are on the rise and the tourist receipts and revenue generated from tourism as well. 
  • The East Asian market is the largest contributor with THB 810 billion and occupies 40% of the total share, where the Chinese alone contributed THB 581 billion. The European market contributed THB 500 billion and Russian constituted THB 120 billion of it. Domestic tourism is also on the rise in Thailand and made a 3.6% year on year growth rate. The citizens made around 164 million trips in 2018, which was largely encouraged by economic growth and expanded tourism in secondary cites in the country. According to the Airports Authority of Thailand, there was a 1.1% year on year increase in a number of domestic flights occupancy. 
  • According to the data from the Ministry of Tourism and Sports, the key performance indicators showed growth rates in 2018 with a rose in Occupancy Rate (OR) to 71.4% from 70.6% in 2017. Bangkok, which is the travel and tourism hub of Thailand, recorded 81.2% OR which was 79.4% in 2017. The OR in Chon Buri rose to 79.4% which was at 77.6% in 2017. Phuket managed to score 0.5% growth rate after ferry accident in July, which impacted on the arrivals from China. The Revenue per Available Room (RevPAR) also recorded 10.2% year on year growth rate.

Thailand Hospitality Industry Segmentation

A complete background analysis of the hospitality industry in Thailand, 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.

Hospitality Industry in Thailand Size Summary

The hospitality industry in Thailand is experiencing significant growth, with a projected market size increase in the coming years. This expansion is driven by the country's booming tourism sector, which ranks ninth in the world's most visited countries list. Key performance indicators for hotels are improving, with a rise in tourist receipts and revenue generated from tourism. The East Asian market, particularly China, is a major contributor to this growth, along with the European market. Domestic tourism is also experiencing an upswing, spurred by economic growth and expanded tourism in secondary cities in the country. Trends in the Thailand hospitality market include a rise in international visitors and government initiatives to develop other regions as tourist hubs, creating more investment opportunities. The majority of hotel developments were previously concentrated in Bangkok, but efforts to attract more visitors have led to improved transportation and better connectivity to regions like Pattaya, Chiang Mai, Phuket, Koh Samui, and Karbi. This has resulted in increased hotel developments in these regions and a surge in room supply. The hospitality industry in Thailand is a mix of international hotel chain brands, domestic brands, and independent hotels, with several major players dominating the market.

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Hospitality Industry in Thailand Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION

    1. 1.1 By Type

      1. 1.1.1 Chain Hotels

      2. 1.1.2 Independent Hotels

    2. 1.2 By Segment

      1. 1.2.1 Service Apartments

      2. 1.2.2 Budget and Economy Hotels

      3. 1.2.3 Mid- and Upper Mid-scale Hotels

      4. 1.2.4 Luxury Hotels

Hospitality Industry in Thailand Market Size FAQs

The Thailand Hospitality Market size is expected to reach USD 7.23 billion in 2024 and grow at a CAGR of 27.24% to reach USD 24.12 billion by 2029.

In 2024, the Thailand Hospitality Market size is expected to reach USD 7.23 billion.

Thailand Hospitality Market Report Snapshots

Thailand Hospitality Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)