Luxury Hotels Market : Global Demand Analysis & Opportunity Outlook 2024

Global Luxury Hotels Market Overview

Luxury hotels refer to the hotels that provide various luxurious services such as swimming pool, spa, bar, gym, private garden, private beach and other services according to the customer desire and comfort. Luxury tourism has given birth to luxury hotels that are characterized by a high end experience at a finest price.

Market Size and Forecast

The global luxury hotels market is expected to grow at a CAGR of 4.3% over the forecast period i.e. 2017-2024. Further, luxury hotels market is anticipated to reach USD 23 billion globally by 2024. Rise in travel & tourism industry, growth in preference for leisure travel, and change in standard of living is anticipated to foster the growth of luxury hotel market.

Regionally, North America and European region accounted for about two-third of the total luxury hotel market. North America accounts for the largest share in global luxury hotel market. Further, U.S. dominates the North America region owing to huge presence of luxury hotels. Latin America is expected to garnish the growth of luxury hotels market by the end of 2024. Further, Mexico is expected to witness a tremendous growth over the forecast period.

North America is trailed by Europe and Asia-Pacific. Rising tourism in Germany, Italy, France and U.K. is believed to spur the demand for luxury hotels in Europe region. On the other hand, Asia-Pacific is expected to grow at a tremendous rate over the forecast period. Moreover, rising disposable income in China and India is projected to positively impact the market.

Further, Saudi Arabia is the fastest growing luxury hotel market anticipated to expand at a CAGR of 12.6% over the forecast period. Thailand is the second largest market in terms of luxury rooms owing to rise in tourism. Many hoteliers are planning to expand their luxury hotels in developing nations owing to rise in per capita income.

Market Segmentation

Our in-depth analysis segmented the global luxury hotels market in the following segments:

By Type

• Suite Hotels
• Business Hotels
• Airport hotels
• Others

By Region

Global luxury hotels market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea &Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

Growth Drivers and Challenges

Riding on the back of growing tourism and rise in affluent leisure coupled with increasing business travels across the globe are believed to be the dynamic factors behind the growth of luxury hotel market. Further, growing number of international events is also envisioned to bolster the growth this market.

Moreover, rising disposable income coupled with changing lifestyles have boosted the demand for luxury hotels during holidays and travel. In addition, more and more consumers are showing interests towards luxurious services which are expected to propel the growth of luxury hotel market.

However, damages caused by natural disasters and terrorist threats are expected to hamper the growth of luxury hotel market.    

Key players

The major key players for luxury hotels market are as follows

• Four Seasons Holdings Inc.
  • Company Overview
  • Key Product Offerings
  • Business Strategy
  • SWOT Analysis
  • Financials
• Intercontinental Hotels Group
• Marriott International Inc.
• Hyatt Corporation
• ITC Hotels Limited
• Shangri-La International Hotel Management Ltd.
• Sheraton
• Hilton
• Starwood Hotels and Resorts Worldwide
• Jumeirah International LLC
• The Indian Hotel Companies Limited

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global luxury hotels market is segmented as follows:

• By Type Market Size & Y-O-Y Growth Analysis
• By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment