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Global Luxury Hotels Market Driven by Booming Tourism, Forecast to Reach US$195.27 Billion by 2021
Luxury Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021
Published 26 October 2015
Thanks to the booming tourism and travel sector, the luxury hotels market is all set to expand, driven by booming tourism. As per recent market research reports, in 2014, the luxury hotels market had a valuation of US$148.62 billion and is expected to be valued at US$195.27 billion by 2021. Surging demand for luxury living is expected to stimulate the global luxury hotels market to expand at a CAGR of 4.0% over a period of six years, i.e. from 2015 to 2021. With a CAGR of 5.4 %, North America is expected to dominate the global luxury hotels market in 2014.
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Business Hotels to Exhibit Highest Growth Rate Over the Foreseeable Future.
Based on type of hotels, the global luxury hotels market is segmented into the following types:
- Business hotels
- Suite hotels
- Airport hotels
- Resorts
Business hotels serve the needs of business travellers and are developed around prime business locations. Business hotels are leading the luxury hotels market in the 2014-2021 period, with a CAGR of 3.8%. With a CAGR of 3.7% during 2014-2021, airport hotels, too, are expected to report a noticeable expansion. The market for luxury hotels, resorts, and suite hotels is likely to expand globally with the help of promotional activities, aggressive branding, and online advertisements. Resorts are the travellers’ choice amongst all types of hotels in the luxury hotels market.
Growth in events, international gatherings, and seminars are leading to growth of the luxury hotels market. Marriott International Inc, Mandarin Oriental International Limited, The Indian Hotels Company Limited, Kerzner International Resorts Inc, and Four Seasons Holdings Inc, etc. are the leaders in the global luxury hotels market.
Increased Travel Frequency and Spending Power to Fuel Luxury Hotels Market
With increasing disposable incomes, it is possible for people to live the luxury life. Tourists prefer staying at luxury hotels to fulfil their business or pleasure travel needs. This has led to growth of the luxury hotels market. Furthermore, industrialization and urbanization have assisted the expansion of the luxury hotels market globally.
With remarkable development in the transport and tourism industry, there has been growth in the number of tourists travelling across regions such as Asia Pacific, North America, Europe, and Rest of the World; accordingly, there has been a remarkable expansion of the luxury hotels market. The other factors that contribute towards the booming luxury hotels market are:
- Capacity of people to spend on luxury living
- Increase in frequency of travel
As per global industry analysis, the size of the luxury hotels market has increased in 2015 as compared to 2014. Thanks to the changing trends in the hotel industry, the forecast for luxury hotels market is positive.
2014 was a good year for hotels and hoteliers in the luxury hotels market in Latin America and Asia Pacific countries. Changes in brand consciousness and lifestyle have given a significant boost to the luxury hotels market in North America and Europe. Remarkable development of the transport and tourism industry in Asia Pacific countries has led to an increase in the number of tourists, thus contributing further towards the luxury hotels market.
With hundreds of luxury hotels offering prime facilities to travellers, the global luxury hotels market is breaking records, particularly on accommodation. The luxury hotels market is ready to face further challenges such as natural disasters and political instability by being optimistic in their adaptive nature, ability to compete and raising their standards.
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