The global luxury hotel market size is expected to reach USD 115.80
billion by 2025, according to a new report by Grand View Research, Inc.,
registering a 4.3% CAGR during the forecast period. The market is expected to
grow significantly over the forecast period owing to increasing purchasing
power of consumers and 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.
To
request a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/luxury-hotels-market
https://www.grandviewresearch.com/industry-analysis/luxury-hotels-market
Further key findings
from the report suggest:
· The
business hotels segment is expected to dominate the market throughout the
forecast period. Thriving business tourism sector and growing realization of
the importance of rejuvenation and relaxation are driving this segment
· The
holiday hotels segment was valued at a little over USD 21.0 billion in 2017;
the airport hotels segment accounted for a revenue share of close to 8.0% the
same year
· North
America is expected to retain its position as a key revenue generator by 2025
owing to increase in number of rooms. Expansion of hotel properties in 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 5.0% 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.
Grand
View Research has segmented the global luxury hotel market on the basis of type
and region:
Luxury Hotel Type Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Business
·
Airport
·
Holiday
·
Resorts
& Spas
·
Others
Luxury Hotel Regional Outlook (Revenue, USD
Billion, 2014 - 2025)
·
North
America
·
Europe
·
Asia
Pacific
·
Latin
America
·
Middle East &
Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
