Transparency Market Research has published a new report on the global
luxury
hotels market. As per the report, the global luxury hotels market
stood at US$148.6 bn in 2014 and is predicted to reach US$195.2 bn by
2021. The report, titled ‘Luxury Hotels Market - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021’,
states that the global luxury hotels market is predicted to expand at
a 4.0% CAGR during the period between 2015 and 2021.
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.
View and Download TOC of Luxury Hotels Market Research Report @
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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