The global luxury hotel market was valued at USD 140.28 billion in 2023. The market is expected to reach USD 293.61 billion by 2030, with a CAGR of 11.1% during the forecast period. Hotels feature various services, from interior design 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 industries will propel market growth. Fortune Business Insights™ shares this information in its report titled “Global Luxury Hotel Market, 2024-2030.”
Information Source: https://www.fortunebusinessinsights.com/luxury-hotel-market-104408
List of Key Players Profiled in the Luxury Hotel Market Report
Segmentation
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 to the 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.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.