Luxury Hotels Market is set to garner staggering revenues by 2021
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The luxury hotels industry is one of the leading customer service industries globally. To meet the growing needs of travelers, hotels are constantly taking efforts to offer services that match changing customer preferences. The global luxury hotels market is segmented on the basis of type and geography. Based on geography, the global luxury hotels market is divided into North America, Asia Pacific, Europe, and Rest of the World. In 2014, in terms of revenue, the global luxury hotels market was dominated by North America. The North America luxury hotels market is predicted to expand at a 5.40% CAGR during the period between 2015 and 2021. Changing lifestyles, increasing disposable income, and growing interest in luxurious resorts are some of the factors responsible for the growth of the global luxury hotels market during the forecast period.
Starwood Hotels & Resorts, InterContinental Hotels Group PLC, The Indian Hotels Company Limited, Jumeirah International LLC, Kerzner International Resorts, Inc., Marriott International, Inc., Four Seasons Holdings Inc., ITC Hotels Limited, Mandarin Oriental International Limited, and Shangri-La International Hotel Management Ltd. are some of the leading companies operating in the global luxury hotels market. The growing number of emerging luxury hotels across all regions is expected to increase the level of competition for the leading players in the global luxury hotels market in the years to come.
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The flourishing travel and tourism industry has been the major driving factor for the global luxury hotels market in the recent past. Furthermore, the global luxury hotels market is expected to be driven by factors such as the emergence of online booking, easy check-in and check-out processes, and advanced hotel booking services.
By type, the global luxury hotels market is classified into business hotels, resorts, airport hotels, suite hotels, and others. In 2014, in terms of revenue, the global luxury hotels market was dominated by the business hotels segment. The business hotels segment is predicted to expand at a CAGR of 3.80% during the period from 2015 to 2021. The increasing number of business visits has resulted in development of business hotels, thus propelling the business hotels segment across all regions. Business hotels fulfill the needs of business travelers and are located in business districts. Small conference groups are the target customers for business hotels. The airport hotels segment is predicted to rise at a 3.70% CAGR during the period from 2015 to 2021. Promotional activities and aggressive branding will generate more demand for the global luxury hotels market in the years to come.
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