Transparency Market Research delivers key insights on the global luxury hotels market. In terms of revenue, the global luxury hotels market is estimated to expand at a CAGR of 6.2% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global luxury hotels market.
The trends in the luxury hospitality industry are changing rapidly, owing to evolving consumer needs, shifting technology, and external economic forces. The hoteliers in the luxury segment are constantly adopting latest technology to upgrade the experience level for their consumers. This factor drives the global luxury hotels market. Moreover, with rise in COVID-19 pandemic, players in the market have increased to the use of contactless technology, which, in turn, has helped them gain consumer confidence and regain the stability.
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Luxury Hotels Market: Key Segments
In terms of type, the business/commercial hotels segment is expected to hold major market share. Working remotely at present has become a commonplace for several employees, and is forecast to become more than a passing trend. Shift accelerated by the global public health crisis and unprecedented number of high-profile companies are projected to drive the business/commercial hotel segment in the upcoming years.
Based on room capacity, the medium range room capacity is anticipated to expand the fastest as a result of rapid urbanization in third world counties. Luxury lifestyles have been greatly influencing the middle class and upper middle class in developing economies, thus attracting growth of hotels in such economies. Since the target audience is relatively a smaller share of the total population, more luxury hotels with med-range room capacity are penetrating the market at relatively faster pace.
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In term of business model, the chain hotels segment is expected to hold major market share as compared to independent luxury hotels. Nowadays, the hospitality industry has truly become an international industry & is speedily becoming a global industry. The global hotel industry is dominated by independent hotels. However, the hotel chains were controlled by to 300 hotel chains, and 3.9 million hotel rooms were controlled by the top 10 hotel chains.
Luxury Hotels Market: Prominent Regions
The luxury hotels market in Asia Pacific is expected to expand at a notable growth rate during the forecast period both in terms of value (US$ Bn) and volume (million units). The market in Asia Pacific witnessed considerable expansion due to increasing disposable income in Japan, China, and India. The popularity and growth of larger luxury brands that promise unique experience tend to be more expensive, and hence, people are increasing their spending on luxury hotel stays.
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Luxury Hotels Market: Key Players
Key players operating in the global luxury hotels market are Accor, Marriott international, Hyatt hotels, Hilton worldwide, InterContinental Hotels Group, Best Western Hotels, Choice Hotels International, Inc., Wyndham Destinations, Radisson Hotel Group, and Indian Hotels Company Limited.
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