Pune, India, March 01, 2023 (GLOBE NEWSWIRE) -- The global luxury hotel market size is projected to reach USD 238.49 billion by 2028, exhibiting a CAGR of 10.4% during the forecast period. Fortune Business Insights™ diagnoses this market in its report, titled “Luxury Hotel Market, 2021-2028”, which also states that the market value stood at USD 93.43 billion in 2020.
The emergence of Eco-friendly Luxury Hotels to Accelerate the Market
The development of hotels guided by the principles of environmental sustainability has altered perceptions surrounding luxury accommodations. The increasing environmental consciousness among new-age travelers has redefined the dynamics hitherto governing the hospitality industry, leading to the construction of eco-friendly luxury hotel brands. For example, the Andaz Maui at Wailea Resort in Hawaii has been conceived to minimize waste and emissions. The resort features a solar water heater system and variable speed chillers, while in the in-room settings, the glassware is made from recycled materials along with automated temperature controls. Similarly, at the Saffire Freycinet in Tasmania, Australia, Modwood is used as a wood substitute, LED technology is extensively utilized to make the entire facility energy-efficient, and natural cycle airflow systems have also been installed. The growing popularity of such premium properties in exotic locations is set to accelerate the expansion of this market.
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List of key players luxury hotel market:
- Hyatt Hotels Corporation (Chicago, U.S.)
- The Indian Hotels Company Limited (Mumbai, India)
- Kempinski Hotels S.A. (Geneva, Switzerland)
- Hilton Hotels & Resorts (McLean, U.S.)
- InterContinental Hotels Group plc (Denham, U.K.)
- Marriott International, Inc. (Maryland, U.S.)
- Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong)
- Accor SA (Issy-les-Moulineaux, France)
- Shangri-La Asia Limited (Quarry Bay, Hong Kong)
- Four Seasons Hotel Limited (Toronto, Canada)
COVID-19 to Create Widespread Instability in the Hospitality Industry
The luxury hotel market growth is expected to shrink due to the COVID-19 pandemic, with a market registering an astonishing decline of 60.82% in 2020 and reaching a value of USD 119.55 billion in 2021. One main reason for this unprecedented downturn in the hospitality industry is the steep drop in tourist activities worldwide. As per the estimations released by the UN World Tourism Organization (UNWTO), export revenues from tourist arrivals fell by approximately USD 910 billion to 1.2 trillion in 2020, potentially shrinking the global GDP by 1.5% to 2.8%. Hotels, in particular, have been the hardest hit. For example, according to the American Hotel & Lodging Association (AHLA), 71% of hotels will not survive the next six months without federal assistance and 77% will have to lay-off workers. Luxury hotel chains, such as Le Meridien, have also resorted to cost-cutting, given the new travel bans and the possibility of movement restrictions. In sum, markets associated with the travel, tourism, and hospitality industry are set to enter a period of deep financial stress on account of the coronavirus.
Luxury Hotel Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 10.4% |
| 2028 Value Projection | USD 238.49 billion |
| Base Year | 2020 |
| Luxury Hotel Market Size in 2020 | USD 93.43 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Segments Covered | By Room Type, By Category, By Region |
| Luxury Hotel Market Growth Drivers | Increasing Number of High Net Worth Individuals to Support Growth |
| Blooming Travel and Tourism Industry to Expand Market Size |
How do you determine the list of the key players included in the report?
With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.
Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by type, lifting capacity and end use industry.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Luxury Hotel Market
- Strategies of major players and product offerings
Luxury Hotel Market - Segmentation Analysis:
Which segment is expected to lead the global Luxury Hotel Market Market during the forecast period?
Market Segments
Based on room type, the market has been divided into luxury, upper-upscale, and upscale. By category, the market has been segmented into chain and independent. On the basis of geography, this market has been segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/luxury-hotel-market-104408
Highlights of the Report
This report offers a detailed analysis of the various market drivers and trends, along with a careful study of the various market restraints. Moreover, the report contains a comprehensive examination of the regional dynamics of the market, as well as an in-depth evaluation of the competitive landscape of the market. In addition to these factors, the report supplies an exhaustive assessment of all market segments.
Which regions are dominating the Luxury Hotel Market growth?
REGIONAL INSIGHTS
High Spending Capacity of Travelers to Fuel the Market in North America
Backed by a high spending potential of consumers, North America is anticipated to dominate the luxury hotel market share during the forecast period. A report by the US Travel Association showed that in 2019, domestic travelers spent USD 972 billion, of which roughly 25% was spent on lodging facilities. Furthermore, expenditures on hotels and resorts of both domestic and international travelers rose by 4.1% in 2019 from 2018 levels, as per the report, indicating a strong willingness to spend on vacations by consumers. The North America market size stood at USD 30.66 billion in 2020.
In Europe, the market will enjoy a period of sustained growth as the continent is home to some most attractive tourist places on the planet. The UNWTO, for instance, observed that Europe accounted for nearly half of all tourist arrivals globally in 2018. In Asia Pacific, on the other hand, the expanding upper-middle-class and middle-class populations are pulling international luxury hotel chains to establish their presence in countries such as India, China, and Indonesia.
Competitive Landscape
Key Players to Tap Opportunities in Developing Markets
With the standard of living transforming in the emerging markets of Asia and Africa, luxury hotel brands are actively amplifying their presence and operations in these countries. Several hotel chains are coming up with new offers and creating unique economy segments and services to attract travelers and entrench their regional position.
Luxury Hotel Market Research Scope:
- Global Luxury Hotel market size and growth projections (CAGR), 2021-2028
- COVID impact on the Luxury Hotel industry with future scenarios
- Luxury Hotel market size, share, and outlook across 5 regions and 16 countries, 2021-2028
- Luxury Hotel market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2021-2028
- Short and long-term Luxury Hotel market trends, drivers, restraints, and opportunities
- Porter's Five forces analysis, Technological developments in the Luxury Hotel market, Luxury Hotel supply chain analysis
- Luxury Hotel trade analysis, Luxury Hotel market price analysis, Luxury Hotel supply/demand
- Profiles of Top leading companies in the industry-overview, key strategies, financials, and products
- Latest Luxury Hotel market news and developments analysis
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Detailed TOC of Luxury Hotel Market Research Report 2023:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Emerging Trends
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID-19
- Global Luxury Hotel Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Category Estimates and Forecast
- By Room Type (Value)
- Luxury
- Upper-Upscale
- Upscale
- By Category (Value)
- Chain
- Independent
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Room Type (Value)
TOC Continued…!
Key Industry Developments:
- January 2021: Marriott International announced its plans of opening 100 new properties across Asia Pacific in 2021. The aim is to bring brands and exquisite experiences to travelers and guests in unexplored destinations in the region.
- March 2020: Luxe Collection opened its first branded property in New York City, the Luxe Life Hotel New York. To this will be added new 4- and 5-star hotels – Zeavola Resort (Thailand), Il Tornabuoni (Florence), Eurostars Magnificent Mile (Chicago), CoolRooms Atocha (Spain), and The Belmont (Dallas).
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