Global Luxury Hotel Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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“Global Luxury Hotel Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global luxury hotel market report has been segmented as per hotel type, and region.
Global Luxury Hotel Market: Overview
Luxury hotel provides luxurious accommodation along with various services such as bar, spa, gym, swimming pool, barbeque, private beach along with sunbed, and some other services according to the comfort and desire of end user. There are various types of hotels available across the globe as per tourist requirements such as suite hotels, business hotels, airport hotels, spa hotels, and holiday hotels.
Global Luxury Hotel Market: Dynamics
Growing tourism industry in multiple regions across the globe, rising disposable income, increasing inclination towards the leisure travel among individuals are major factors expected to fuel growth of the global market over the forecast period. In addition, rising standard of living, rising weekend cultural engagement, and rising tourism promotional activities by luxurious hotels are some key factors expected to support the growth of the target market.
Growing demand for opulence accommodations for various purposes such as corporate events and corporate stay are some major factors driving growth of the global luxury hotel market during forecast period. In addition, growing economies of developing countries, rising hosting and organization of various sports events such as FIFA World Cup and Cricket World Cup by many countries are key factors expected to boost growth of the global market in the next 10 years.
Furthermore, growing travel and tourism industry, growing family vacation trips, business trips, religious purpose trips and adventure trips across the globe are other factors fueling growth of the target market.
However, factors expected to restraint growth of the global market includes, increasing terrorist threats, rising trend towards competitive pricing across the globe, and stringent rules associated with FDI (foreign direct investment).
Global Luxury Hotel Market: Segment Analysis
Among the hotel type, business hotel segment is accounted for highest share in terms of revenue in the global market, owing to rapidly increasing travel and tourism sector, rising disposable income of individuals, and increasing business trips across the globe.
Global Luxury Hotel Market: Region Analysis
The market in North America is expected to account for highest revenue share in the global market over the forecast period. High availability of luxury hotels, well established travel and tourism industries, increasing preference for entertainment and adventure trips among individuals, and high disposable income in countries such as US and Canada in the region are factors supporting growth of the target market in North America region. Asia Pacific is expected to witness a highest growth in terms of CAGR in the target market, owing to increasing standard of living and disposable income in emerging countries such as India, China, and other countries in the region. Market in Europe, Latin America, and Middle East & Africa expected to witness moderate growth in terms of revenue, owing to increasing promotional activities of tourism by the government and rising business trips in countries in the region.
Global Luxury Hotel Market Segmentation:
Segmentation by hotel type:
- Airport Hotels
- Suite Hotels
- Business Hotels
- Resorts & Spa Hotels
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Marriott International, Inc.
- Shangri-La International Hotel Management Ltd.
- InterContinental Hotels Group PLC
- Accor SA
- Taj Hotels, Resorts and Palaces Ltd.
- Four Seasons Hotels Limited
- Hyatt Corporation
- ITC Hotels Limited
- Jumeirah International LLC
- The Indian Hotels Company Limited
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