Luxury Hotel Market Size, Share & Trends Analysis Report By Type (Business Hotels, Airport Hotels, Holiday Hotels, Resort & Spa, Others), By Region, And Segment Forecasts, 2023 - 2030
Luxury Hotel Market Growth & Trends
The global luxury hotel market size is expected to reach USD 126.56 million by 2030, expanding at a CAGR of 3.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to grow significantly over the forecast period owing to the increasing purchasing power of consumers and the rising number of international as well as domestic tourists on business or leisure trips.
Travelers opting for lavish vacations look chiefly for comfort and quality of service, while hotel tariffs may make for a secondary consideration. To compete in the luxury hotel market, companies are focused on providing unique customer experiences by investing in infrastructure and technologically advanced appliances. Building customer relations by extending the highest degree of hospitality is also a key area of focus.
Major players in the market are integrating room control systems through the Internet of Things (IoT) platform. As a result, guests can control cooling, heating, and lighting in their rooms wirelessly through mobile-based applications. Furthermore, simplified hotel reservation processes have upped demand in recent years. Online hotel bookings are supplemented by readily-available information in the form of photos and videos of the property, along with customer feedback.
Luxury Hotel Market Report Highlights
The business hotel segment is expected to dominate the market throughout the forecast period. Thriving business tourism sector and the growing realization of the importance of rejuvenation and relaxation are driving this segment
North America is expected to retain its position as a key revenue generator by 2030 owing to an increase in the number of rooms. Expansion of hotel properties in the U.S. by luxury hotel chains such as St Regis, The Ritz-Carlton Hotel Company, L.L.C., Four Seasons Hotels Limited, and Fairmont Hotels & Resorts will also contribute to the market’s growth
The Asia Pacific region is projected to expand at a CAGR of over 5.2% over the forecast period
Key players in the market include Shangri-La International Hotel Management Ltd.; Marriott International, Inc.; Taj Hotels Palaces Resorts Safari; AccorHotels; and InterContinental Hotels Group.
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Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Type
1.1.2. Regional scope
1.1.3. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. GVR’s internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.5. Market Formulation & Validation
1.6. Model Details
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Type outlook
2.2.2. Regional outlook
2.3. Competitive Insights
Chapter 3. Luxury Hotel Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Market opportunity analysis
3.4. Luxury Hotel Market Analysis Tools
3.4.1. Industry Analysis - Porter’s
3.4.1.1. Supplier power
3.4.1.2. Buyer power
3.4.1.3. Substitution threat
3.4.1.4. Threat of new entrant
3.4.1.5. Competitive rivalry
3.4.2. PESTEL Analysis
3.4.2.1. Political landscape
3.4.2.2. Technological landscape
3.4.2.3. Economic landscape
Chapter 4. Luxury hotel: Type Estimates & Trend Analysis
4.1. Luxury Hotel Market: Key Takeaways
4.2. Luxury Hotel Market: Movement & Market Share Analysis, 2022 & 2030
4.3. Business Hotels
4.3.1. Business Hotels estimates and forecasts, 2017 to 2030 (USD Billion)
4.4. Airport Hotels
4.4.1. Airport Hotels market estimates and forecasts, 2017 to 2030 (USD Billion)
4.5. Holiday Hotels
4.5.1. Holiday Hotels market estimates and forecasts, 2017 to 2030 (USD Billion)
4.6. Resorts & Spa
4.6.1. Resorts & Spa market estimates and forecasts, 2017 to 2030 (USD Billion)
4.7. Others
4.7.1. Others market estimates and forecasts, 2017 to 2030 (USD Billion)
Chapter 5. Luxury Hotel Market: Regional Estimates & Trend Analysis
5.1. Regional Outlook
5.2. Luxury Hotel Market by Region: Key Takeaway
5.3. North America
5.3.1. North America Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.3.2. U.S.
5.3.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.3.3. Canada
5.3.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.4. Europe
5.4.1. Europe Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.4.2. UK
5.4.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.4.3. Germany
5.4.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.4.4. France
5.4.4.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.5. Asia Pacific
5.5.1. Asia Pacific Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.5.2. Japan
5.5.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.5.3. China
5.5.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.5.4. India
5.5.4.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.5.5. Australia
5.5.5.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.5.6. South Korea
5.5.6.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.6. Latin America
5.6.1. Latin America Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.6.2. Brazil
5.6.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.6.3. Mexico
5.6.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.7. MEA
5.7.1. MEA Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.7.2. Saudi Arabia
5.7.2.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.7.3. South Africa
5.7.3.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
5.7.4. UAE
5.7.4.1. Market estimates and forecasts, 2017 to 2030 (Revenue, USD Billion)
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, By Key Market Participants