Luxury Hotels Market

Luxury Hotels Markett to Exceed A Value of US$195.2 bn by 2021
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.
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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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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.

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