According to a new report, Luxury Hotel Market by Type, by Category (Chain, Independent): Global Opportunity Analysis and Industry Forecast, 2020-2031
PORTLAND, OREGON, USA, Aug. 23, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, The report offers in-depth analysis of key growth strategies, drivers, opportunities, segment Key, Porter’s Five Forces Analysis and Competitive Landscape.
Luxury Hospitality Market size was valued at USD 95,113.00 Million in 2020 and is projected to reach USD 160,481.23 Million by 2031, growing at a CAGR of 5.1% by 2022 to 2031.
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The global luxury hotel market is driven by booming travel and tourism industry, increasing preference for leisure travel and improving living standards. However, the high price charged by these hotels is hampering the growth of the luxury hotel market. Increase in leisure activities, growing demand for recreational stays, and innovative services during stays are just some of the factors that are emerging as trends in the luxury hospitality market.
Luxury hotels provide a comfortable stay for tourists and travelers along with services such as a spa, swimming pool, and fitness center. The luxury hotel market has grown significantly in recent years due to the increase in the number of business travelers around the world. Changing guest preferences and modernization of services provided by hoteliers are further driving the demand for luxury stays.
The business hotel segment is expected to dominate the market throughout the analysis period, due to the huge consumer base, which includes business travellers, tourist groups and small conference groups that holds a strong position in the luxury hotel market share. The airport hotel segment accounted for ~25% share of the overall luxury hotel market revenue in 2021. These hotels typically target business customers, passengers with overnight trips or canceled flights , and airline crews or personnel.
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The global luxury hotel market is majorly focused on type and geographic segment. The luxury hotel type segment includes airport hotels, business hotels, suite hotels, resorts and others (eco-friendly hotels and serviced apartments). On the basis of category, the luxury hospitality industry is analyzed by chain and independent nature of businesses. Regarding geographic segmentation, the global luxury hotel market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Major market players such as Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd. and Jumeirah International LLC are expanding their product portfolios to strengthen their presence. on the market. The companies profiled in the report are Four Seasons Holdings Inc., Intercontinental Hotels Group, Marriott International Inc., Hyatt Corporation., ITC Hotels Limited, Shangri-La International Hotel Management Ltd., Jumeirah International LLC and The Indian Hotel Companies Limited.
Covid-19 pandemic is vitally impacting the growth of the Global Luxury Hotel Market and has altered several market scenarios. Lockdowns in various countries and bans on international travel have disrupted the supply chain and revenue chain. The report includes an in-depth analysis of the Covid-19 pandemic on the growth of the global Luxury Hotel Market.
Main conclusions of the study:
○ North America is expected to maintain its leading position through 2031, growing at a CAGR of 5.1% from 2022 to 2031.
○ The business hotel segment occupied ~40% of the total luxury hotel market size in 2021.
○ The United States occupied four-fifths of the total luxury hotel market in North America in 2021, while Mexico is expected to grow at the fastest rate, with a CAGR of 7% from 2022 to 2031.
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○ Rapidly growing sustainable tourism market with significant CAGR
○ Ecotourism Market Revenue to Record Robust Growth Rate in 2027
○ Wellness tourism market registering a CAGR of 7.2% from 2021 to 2030
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