Global Luxury Hotel Market to Garner $160.4 Bn at 5.1% CAGR by 2031: Allied Market Research
The growth of the global luxury hotel market is driven by growth in the travel & tourism industry, a rise in preference for leisure travel, and a change in standard of living.
Wilmington, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Luxury Hotel Market by Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts, Others), by Category (Chain, Independent): Global Opportunity Analysis and Industry Forecast, 2020-2031″. According to the report, the global luxury hotel industry generated $95.1 billion in 2020, and is anticipated to generate $160.4 billion by 2031, witnessing a CAGR of 4.7% from 2022 to 2031.
Prime determinants of growth
The growth of the global luxury hotel market is driven by growth in the travel & tourism industry, a rise in preference for leisure travel, and a change in standard of living. However, high prices hinder the market growth. On the other hand, growing interest among people in experiencing new kinds of adventure and entertainment creates lucrative ew opportunities in the coming years.
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The chain segment to maintain its lead position during the forecast period
By category, the chain segment held the largest share in 2020, accounting for more than half of the global luxury hotel market, and is expected to maintain its lead position during the forecast period. This is owing to its strong market penetration, wide availability of rooms, and effective services at reasonable cost in the Asia-Pacific. However, the independent segment is projected to generate the largest CAGR of 5.7% from 2022 to 2031.
The business hotels segment to maintain its leadership status throughout the forecast period
By type, the business hotels segment accounted for the highest market share in 2020, grabbing nearly one-third of the global luxury hotel market, and is expected to maintain its leadership status throughout the forecast period. Moreover, the same segment is anticipated to witness the fastest CAGR of 5.8% from 2022 to 2031, as the major portion of the world luxury hotel market by type is covered by business hotels followed by airport hotels.
North America to maintain its dominance by 2030
By region, the Asia-Pacific region is projected to witness the fastest CAGR of 6.0% during the forecast period, owing to rapid development programs in the region. However, North America registered the highest market share in terms of revenue 2020, holding more than one-third of the global luxury hotel market.
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Leading Market Players
- Hyatt Corporation.
- Shangri-La International Hotel Management Ltd.
- Four Seasons Holdings Inc.
- Intercontinental Hotels Group
- Marriott International Inc.
- ITC Hotels Limited
- Jumeirah International LLC
- The Indian Hotel Companies Limited.
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The report provides a detailed analysis of these key players of the global travel retail market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry: –
• Canada Luxury Hotel Market : Opportunity Analysis and Industry Forecast, 2020-2031
• Mexico Luxury Hotel Market : Opportunity Analysis and Industry Forecast, 2020-2031
• Europe Luxury Hotel Market : Opportunity Analysis and Industry Forecast, 2020-2031
• Spain Luxury Hotel Market : Opportunity Analysis and Industry Forecast, 2020-2031
• Hotel Room Safes Market : Opportunity Analysis and Industry Forecast, 2023-2032
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry
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