Albany, NY -- (SBWIRE) -- 08/24/2018 -- The rapid flux of new entrants in the global luxury hotels market almost all over the globe is expected to up the intensity of competition in the market, finds Transparency Market Research (TMR). Leading players operating in the global market include Marriott International Inc., Shangri-La International Hotel Management Ltd., ITC Hotels, Mandarin Oriental International Limited, The Indian Hotels Company Limited, Kerzner International Resorts Inc., Jumeirah International LLC, Four Seasons Holdings Inc., InterContinental Hotels Group PLC, and Starwood Hotels and Resorts Worldwide.
The global luxury hotels market is forecast to rise at a CAGR of 4.0% during the period of 2015–2021. By the end of this period, the regional market is projected to reach a worth of US$195.2 billion.
The various types of luxury hotels broadly are business hotels, resorts, airport hotels, and suite hotels. Of all the segments, business hotels led the pack in 2014 and is projected to rise at a CAGR of 3.80% during 2015–2021 and will continue to hold a sizeable share in the global market till 2021. The demand rides on the back of rising number of multinational companies spurring the number of business visits across the globe.
Geographically, North America accounted for the dominant revenue share in the global market and is poised to remain so in the coming years as well. The regional market is projected to rise at a CAGR of 5.40% during the forecast period. This can attributed to substantial disposable incomes of the population along with changing lifestyles.
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Efforts by Hotel Chains to offer Transformative Customer Experiences Catalyze Growth
The rapid strides being made by the travel and tourism industry all over the world is a primary factor driving the luxury hotels market. The rapidly rising disposable incomes in several emerging and developed economies, coupled with changing lifestyles, is bolstering the demand for luxury hotels. The inclination toward luxurious resorts among these consumers is a notable trend catalyzing the growth of the market.
The luxury hotels market is witnessing lucrative avenues from recent efforts of hotel chains to improve their services for offering transformative customer experiences. The incorporation of advanced technologies by luxury hotels have enabled them to markedly raise the comfort and convenience level of the customers. Technology advances in check-in and check-out services act as a potential underpinning for the steady expansion of the market.
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