The global market for luxury hotels is competitive in nature and is expected to witness a high level of competition in the near future, thanks to the increasing number of players participating in the market, states a research report by Transparency Market Research (TMR). The players operating in the global luxury hotels market, namely The Indian Hotels Company Limited, InterContinental Hotels Group PLC, Marriott International, Inc., ITC Hotels Limited, Jumeirah International LLC, Four Seasons Holdings Inc., and Starwood Hotels & Resorts are anticipated to continue their dominance in the global market. These players are focusing on offering enhanced customer services in order to maintain their brand name and attract a large number of consumers. In addition, the rising focus of players on advertising and promotional activities is predicted to supplement the growth of the global luxury hotels market in the next few years.
According to the research study by Transparency Market Research, in 2015, the global market for luxury hotels was worth US$154.61 bn. The market is likely to reach a value of US5.27 bn by the end of 2021, registering a steady 4.0% CAGR between 2015 and 2021.
Improving Lifestyle to Encourage Growth of Global Luxury Hotels Market
From a geographical viewpoint, North America is projected to witness strong growth in the global luxury hotels market. As per the study, this region is anticipated to remain in the leading position and account for a share of 39% of the overall market in the forecast period. The robust growth of this region can be attributed to the swift development of travel and tourism industry. Additionally, a significant rise in the number of international events and the improving lifestyle of consumers are some of the other factors expected to augment luxury hotel market in North America. Furthermore, North America is anticipated to be followed by Asia Pacific and Europe in the next few years.
Among the key product types of the global luxury hotels market, the business hotels segment is expected to lead the global luxury hotels market throughout the forecast period. This segment is predicted to account for a share of 41.5% in the global luxury hotels market, thanks to the rising number of multinational companies. The rising number of business travels of consumers across the globe and the attractive offers being given by business hotels are anticipated to boost the demand for business hotels across the globe. Furthermore, airport hotels and suite hotels are anticipated to witness healthy growth in the coming years.
Improving Consumer Lifestyle to Bolster Global Luxury Hotels Market
The development of travel and tourism industry across the globe is considered as one of the major factors expected to supplement the growth of the luxury hotels market throughout the forecast period. The improving lifestyle of consumers and the rising disposable income among them is predicted to encourage the growth of the global luxury hotels market in the next few years. In addition, the inclination of consumers towards leading a luxurious lifestyle is expected to accelerate the growth of the overall market in the near future.
Furthermore, the rising number of international events and the growing focus of players on enhancing their service quality and infrastructure are some of the other vital factors projected to fuel the growth of the overall market in the near future.
Unstable Political Environment to Hamper Market Growth
The global market for luxury hotels, on the other hand, is anticipated to witness a downward trend due to several challenges that are being faced by the market players. The unstable political environment in several nations across the globe is predicted to impact the tourism industry, owing to which the global market is likely to witness decline in demand in the next few years. In addition, the unforeseen events such as terrorist attacks and natural disasters are projected to restrict the growth of the market in the near future. Nonetheless, the rising number of players and establishments of new luxury hotels are anticipated to accelerate the growth of the global luxury hotels market in the near future.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Luxury Hotels Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
The global luxury hotels market has been segmented as below:
Global Luxury Hotels Market, by Product Type:
- Business Hotels
- Suite Hotels
- Airport Hotels
Global Luxury Hotels Market, by Geography:
- North America
- Rest of the World
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