Pune, India, July 24, 2023 (GLOBE NEWSWIRE) -- The global luxury hotel market size was valued at USD 128.54 billion in 2022 and is projected to reach a valuation of USD 140.28 billion in 2023. The market is expected to reach USD 293.61 billion by 2030 with a CAGR of 11.1% during the forecast period. Hotels feature various services from interior designing and food offerings to extended types of services, such as spas, gyms, swimming pools, and laundry, among others. Increasing growth in the tourism and travel industry to propel market growth. Fortune Business Insights™ shares this information in its report titled “Global Luxury Hotel Market, 2023-2030.”
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List of Key Players Profiled in the Luxury Hotel Market Report:
- Marriott International, Inc. (U.S.)
- Hyatt Hotels Corporation (U.S.)
- InterContinental Hotels Group plc (U.K.)
- Four Seasons Hotel Limited (Canada)
- Hilton Hotels & Resorts (U.S.)
- Kempinski Hotels S.A. (Switzerland)
- Accor SA (France)
- The Indian Hotels Company Limited (India)
- Mandarin Oriental Hotel Group (Hong Kong)
- Shangri La International Hotel Management Ltd. (Hong Kong)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 11.1% |
| 2030 Value Projection | USD 293.61 Billion |
| Market Size in 2022 | USD 128.54 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Luxury Hotel Market Growth Drivers | Blooming Travel and Tourism Industry to Expand Market Size |
| Increasing Number of High Net-Worth Individuals to Support Growth |
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Growth in the Tourism and Travel Industry to Propel the Market Development
Growth in the tourism and travel industry is anticipated to drive the luxury hotels market growth. According to a report in 2022 by World Tourism Organization (UNWTO) on the COVID-19 impact assessment on international tourism. It stated that about 900 million tourists traveled globally in 2022 which was double of tourists traveled in 2021. Increasing availability of lodging packages with deluxe rooms and high-end services has attracted many guests for extended stays, thereby boosting revenue generation.
However, the presence of budget and mid-scale hotels in several countries limits market expansion
COVID-19 Impact:
Pandemic Led To an Accelerated Adoption of Touchless Services
During the time of the COVID-19 pandemic, the rapid spread of the infection led to strict rules and regulations in most countries. The physical distancing norms and stay-at-home policies led to the closing down of hotels, restaurants, and spas. The emergence of the pandemic, however, led to an accelerated adoption of touchless services. Therefore, luxury chain operators have had the opportunity to offer such technologically advanced services, increasing the room occupancy rate.
Segmentation
Upscale Segment to Lead Due To Increasing Rate of Affordable Luxury Services
On the basis of room type, the market is divided into luxury, upper-upscale, and upscale. The upscale segment is projected to have the largest market share due increasing rate of affordable luxury services. Market players have been adopting various offering strategies such as partnerships and acquisitions under the luxury and upper-upscale segments.
Chain Segment to Lead Due To the Presence of Hotels
On the basis of category, the market is divided into chain and independent. The chain segment dominates with the largest market share owing to the highly distributed presence of hotels in the chain category.
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Regional Insights
North America to Lead Due To Increasing Spending On Extravagant Lodging
North America holds the largest part of the luxury hotel market share due to increasing spending on extravagant lodging in the U.S. and Canada. The market stood at USD 47.09 billion in 2022 due to the increasing preference for leisure travel and the higher spending power of the population.
Europe has a significant market share due to spending on travel & tourism-related services. Rising penetration of high-scale hotel chains to accommodate an increasing number of tourists.
Detailed Table of Content:
- 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 Market
- Industry SWOT Analysis
- Recent Industry Developments
- Supply Chain & Regulatory Analysis
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges
- Potential Opportunities due to COVID-19 Pandemic
- Global Luxury Hotel Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Room Type
- Luxury
- Upper-upscale
- Upscale
- Market Analysis, Insights and Forecast – By Category
- Chain
- Independent
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued...!
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Competitive Landscape
Key Market Players Have Been Introducing Enhanced Services with Newly Introduced Deluxe Facilities
The key market players have been introducing enhanced services with newly introduced deluxe facilities to attract more guests. Additionally, they have been investing in strategies such as mergers and acquisitions to increase their brand portfolios. The increasing rate of competition to acquire new clientele and retain regular visitors.
Key Industry Development
- January 2021- Marriott International, Inc. announced its plans to open nearly 100 facilities in Asia Pacific in 2021 with luxury brands such as The Ritz-Carlton, St. Regis, W, The Luxury Collection, JW Marriott, and others.
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