Growth of travel and tourism industry, increase in preference for leisure travel and change in standard of living driving the growth of the global luxury hotel market.
PORTLAND, Oregon., April 7, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Luxury Hospitality Market by Type (Business Hotels, Airport Hotels, Suite Hotels, Resorts, Others), by Category (Chain, Independent): Global Opportunities Analysis and Industry Forecast , 2020-2031″. According to the report, the global luxury hospitality industry generated $95.1 billion in 2020, and should generate $160.4 billion by 2031, with a CAGR of 4.7% from 2022 to 2031.
Main determinants of growth
Growth in the travel and tourism industry, growing preference for leisure travel, and changing living standards are driving the growth of the global luxury hotel market. However, high prices are hampering the growth of the market. On the other hand, people’s growing interest in experiencing new types of adventures and entertainment presents new opportunities in the coming years.
Due to the implementation of the global lockdown, the pandemic has negatively impacted the growth of the global luxury hotel market, especially during the initial phase.
Travel restrictions and social distancing norms have also limited the growth of the luxury hotel market.
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Business hotels segment to maintain its leading status throughout the forecast period
Based on type, the business hotel segment held the highest market share in 2020, accounting for almost a third of the global luxury hotel market, and is expected to maintain its leading status throughout. of the forecast period. Moreover, the same segment is expected to show the highest CAGR of 5.8% from 2022 to 2031. Indeed, the major part of the global luxury hotel market by type is covered by business hotels, followed by airport hotels.
The chain segment to maintain its leading position during the forecast period
Based on category, the chain segment accounted for the largest share in 2020, contributing more than half of the global luxury hotel market, and is expected to maintain its leading position during the forecast period. . This is due to its wide availability of rooms, high market penetration and efficient services at a reasonable cost in the Asia Pacific. However, the independent segment is expected to exhibit the largest CAGR of 5.7% from 2022 to 2031.
North America maintain dominance by 2030
Based on the region, North America held the highest market share by 2020 revenue, accounting for more than a third of the global luxury hotel market. Moreover, the Asia Pacific The region is expected to witness the fastest CAGR of 6.0% during the forecast period owing to the rapid development programs in the region.
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Main market players
Four Seasons Holding Inc.
Intercontinental Hotel Group
Marriott International Inc.
ITC Hotels Limited
Shangri-La International Hotel Management Ltd.
Jumeirah International LLC
Indian Hotel Companies Limited.
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SOURCE Allied Market Research