Luxury Hotel Market Size & Share Analysis, Growth Forecast Report 2024-2032

The global luxury hotel market size was valued at USD 140.28 billion in 2023 and is projected to reach a valuation of USD 154.32 billion in 2024. The market is expected to reach USD 369.36 billion by 2032 with a CAGR of 11.5% during the forecast period. Hotels feature various services from interior designing and food offerings to extended types of services, such as spas, gyms, swimming pools, and laundry, among others. Increasing growth in the tourism and travel industry to propel market growth. Fortune Business Insights™ shares this information in its report titled "Global Luxury Hotel Market, 2024-2032."

𝐆𝐞𝐭 𝐀 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/luxury-hotel-market-104408

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐌𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝗟𝘂𝘅𝘂𝗿𝘆 𝗛𝗼𝘁𝗲𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝐑𝐞𝐩𝐨𝐫𝐭:

‣ Marriott International, Inc. (U.S.)
‣ Hyatt Hotels Corporation (U.S.)
‣ InterContinental Hotels Group plc (U.K.)
‣ Four Seasons Hotel Limited (Canada)
‣ Hilton Hotels & Resorts (U.S.)
‣ Kempinski Hotels S.A. (Switzerland)
‣ Accor SA (France)
‣ The Indian Hotels Company Limited (India)
‣ Mandarin Oriental Hotel Group (Hong Kong)
‣ Shangri La International Hotel Management Ltd. (Hong Kong)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: 𝗟𝘂𝘅𝘂𝗿𝘆 𝗛𝗼𝘁𝗲𝗹 𝗠𝗮𝗿𝗸𝗲𝘁

𝗨𝗽𝘀𝗰𝗮𝗹𝗲 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝘁𝗼 𝗟𝗲𝗮𝗱 𝗗𝘂𝗲 𝗧𝗼 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗥𝗮𝘁𝗲 𝗼𝗳 𝗔𝗳𝗳𝗼𝗿𝗱𝗮𝗯𝗹𝗲 𝗟𝘂𝘅𝘂𝗿𝘆 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀
On the basis of room type, the market is divided into luxury, upper-upscale, and upscale. The upscale segment is projected to have the largest market share due increasing rate of affordable luxury services. Market players have been adopting various offering strategies such as partnerships and acquisitions under the luxury and upper-upscale segments.

𝗖𝗵𝗮𝗶𝗻 𝗦𝗲𝗴𝗺𝗲𝗻𝘁 𝘁𝗼 𝗟𝗲𝗮𝗱 𝗗𝘂𝗲 𝗧𝗼 𝘁𝗵𝗲 𝗣𝗿𝗲𝘀𝗲𝗻𝗰𝗲 𝗼𝗳 𝗛𝗼𝘁𝗲𝗹𝘀
On the basis of category, the market is divided into chain and independent. The chain segment dominates with the largest market share owing to the highly distributed presence of hotels in the chain category.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/luxury-hotel-market-104408

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The report includes:
‣ Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
‣ Comprehensive insights into regional developments.
‣ List of major industry players.
‣ Key strategies adopted by the market players.
‣ Recent industry developments include product launches, partnerships, mergers, and acquisitions.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:

𝗚𝗿𝗼𝘄𝘁𝗵 𝗶𝗻 𝘁𝗵𝗲 𝗧𝗼𝘂𝗿𝗶𝘀𝗺 𝗮𝗻𝗱 𝗧𝗿𝗮𝘃𝗲𝗹 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝘁𝗼 𝗣𝗿𝗼𝗽𝗲𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁
Growth in the tourism and travel industry is anticipated to drive the luxury hotels market growth. According to a report in 2022 by World Tourism Organization (UNWTO) on the COVID-19 impact assessment on international tourism. It stated that about 900 million tourists traveled globally in 2022 which was double of tourists traveled in 2021. Increasing availability of lodging packages with deluxe rooms and high-end services has attracted many guests for extended stays, thereby boosting revenue generation.

However, the presence of budget and mid-scale hotels in several countries limits market expansion

𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞 𝐍𝐨𝐰:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/luxury-hotel-market-104408

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

𝗡𝗼𝗿𝘁𝗵 𝗔𝗺𝗲𝗿𝗶𝗰𝗮 𝘁𝗼 𝗟𝗲𝗮𝗱 𝗗𝘂𝗲 𝗧𝗼 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗦𝗽𝗲𝗻𝗱𝗶𝗻𝗴 𝗢𝗻 𝗘𝘅𝘁𝗿𝗮𝘃𝗮𝗴𝗮𝗻𝘁 𝗟𝗼𝗱𝗴𝗶𝗻𝗴
North America holds the largest part of the luxury hotel market share due to increasing spending on extravagant lodging in the U.S. and Canada. The market stood at USD 47.09 billion in 2022 due to the increasing preference for leisure travel and the higher spending power of the population.

Europe has a significant market share due to spending on travel & tourism-related services. Rising penetration of high-scale hotel chains to accommodate an increasing number of tourists.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

𝗞𝗲𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝗛𝗮𝘃𝗲 𝗕𝗲𝗲𝗻 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗶𝗻𝗴 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝘄𝗶𝘁𝗵 𝗡𝗲𝘄𝗹𝘆 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝗱 𝗗𝗲𝗹𝘂𝘅𝗲 𝗙𝗮𝗰𝗶𝗹𝗶𝘁𝗶𝗲𝘀
The key market players have been introducing enhanced services with newly introduced deluxe facilities to attract more guests. Additionally, they have been investing in strategies such as mergers and acquisitions to increase their brand portfolios. The increasing rate of competition to acquire new clientele and retain regular visitors.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Luxury Furniture Market
https://www.fortunebusinessinsights.com/luxury-furniture-market-107326

Spa Services Market
https://www.fortunebusinessinsights.com/spa-services-market-103490

Cleaning Services Market
https://www.fortunebusinessinsights.com/cleaning-services-market-107295

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
March 2022 - Rosewood Hotel Group, a global hospitality company, opened a new ultra-luxury hotel in Sao Paulo, Brazil. The hotel has high-end stores, entertainment avenues, artwork houses, garden towers, and luxury accommodations.

𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗨𝘀:
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This release was published on openPR.