San Francisco, 4 December 2018: According to a report
published by Grand View Research, Inc.; the global luxury hotel market is expected to reach a valuation of around USD 115.80
billion by 2025. Growing tourism and corporate industries and rising disposable
income are expected to drive market over the forecast period (2014 to 2025). Improving
standard of living and rising leisure travel can further propel growth in the
years to come.
Increasing demand for luxury lodgings
for corporate events and stays can support growth of the market for luxury
hotels. Sports events hosting by various cities and countries is also a key demand
driver. Sports teams and spectators traveling from different locations for
sporting tournaments prefer luxury lodging. This factor is anticipated to result
into increasing bookings. Availability of easy hotel booking processes is also anticipated
to increase demand in near future.
Availability of vital information
related to property such as photos, videos, and costumer reviews has increased
the online hotel bookings. Rising implementation of advanced technologies is
expected to propel market for luxury hotels in the forthcoming years. Companies
are increasingly integrating room control services with the help of Internet of
Things (IoT) platforms. This allows guest to control lighting, heating, and cooling
of room through mobile-based applications. This factor is anticipated to drive market
over the forecast period.
Access
Research Report of Luxury
Hotel Market@ www.grandviewresearch.com/industry-analysis/luxury-hotels-market
The worldwide luxury hotel market
can be segmented on the basis of type and region. Based on type, the market can
be split into business, airport, holiday, resorts and spas, and others. In
2017, the business segment held the largest market share of about 35.0%. Resorts
and spas segment, on the other hand, is likely to expand at a CAGR of over 5.0%
during the study period. Increasing preference for leisure travel is
anticipated to bode well for holiday resorts and spas intended to help guests
relax and take a break from routine.
Several leading market players
are making efforts to differentiate themselves from their competition by
converting their properties into varied themes such as spa, beach, and sea and
spa resorts, golf hotels, and mountain/ski resorts. This factor is anticipated
to lure more customers. For instance, the Sofitel Agadir Thalassa Sea & Spa
located in Morocco has used an amalgamation of Moroccan culture and modern
styles. The resort also features private beach, a personal terrace suite, and
private garden.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Latin America, and Middle
East and Africa. In 2017, North America led the global market in terms of revenue
and is anticipated to continue the trend over the forecast period. It held
around 35.0% market share in 2017. In terms of revenue, U.S. dominated the
regional market as the country is believed to be one of the most attractive tourist
destinations and a financial hub.
Europe has been gaining significant
traction due to increasing government efforts to promote tourism by spreading
awareness regarding historical and architectural importance of various countries.
For instance, historical importance of countries such as France, Italy, Spain,
and U.K. is one of the key driving factors for rise in tourism. This, in turn,
is expected to impel market for luxury hotels in the forthcoming years.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/consumer-goods
Asia Pacific is anticipated to
expand at a CAGR of over 5.0% during the forecast period. Increasing disposable
income of people in emerging countries such as China, India, and Thailand is
expected to support market growth over the forecast period.
Key companies operating in the
luxury hotel market include Belmond Management Limited, Mandarin Oriental Hotel
Group Limited, Shangri-La International Hotel Management Ltd., The Ritz-Carlton
Hotel Company, L.L.C., and Taj Hotels Palaces Resorts Safari. Market players are
adopting strategies like partnerships and Merger and Acquisitions (M&A) to
expand their presence worldwide. Leading companies are investing heavily in
latest equipment to upgrade and to develop advanced infrastructure and to improve
aesthetics and comfort level.
For instance AccorHotels announced its
strategic partnership with Rixos Hotels in March 2017 to expand its
geographical footprint in Russia, Egypt, UAE, and Turkey. In another
development, Belmond Management Limited acquired Cap Juluca, a luxury resort on
the Caribbean island of Anguilla, in May 2017 to expand its property portfolio.
Access
Press Release of Luxury Hotel Market@ www.grandviewresearch.com/press-release/global-luxury-hotel-market
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.
No comments:
Post a Comment