New York, United States, Mar 19, 2020, 14:05 /Comserve / -- Rising tourism in Germany, Italy, France and U.K. is believed to spur the demand for luxury hotels in Europe region. On the other hand, Asia-Pacific is expected to grow at a tremendous rate over the forecast period.
According to recent research study conducted by Kenneth Research, The global luxury hotels market is expected to grow at a CAGR of 4.3% over the forecast period i.e. 2017-2024. Further, luxury hotels market is anticipated to reach USD 23 billion globally by 2024.
Global Luxury Hotels Market Overview
Luxury hotels refer to the hotels that provide various luxurious services such as swimming pool, spa, bar, gym, private garden, private beach and other services according to the customer desire and comfort. Luxury tourism has given birth to luxury hotels that are characterized by a high end experience at a finest price.
Request To Fill The form for Sample Copy of This Report:
https://www.kennethresearch.com/sample-request-10075477
Market Size and Forecast
The global luxury hotels market is expected to grow at a CAGR of 4.3% over the forecast period i.e. 2017-2024. Further, luxury hotels market is anticipated to reach USD 23 billion globally by 2024. Rise in travel & tourism industry, growth in preference for leisure travel, and change in standard of living is anticipated to foster the growth of luxury hotel market.
Regionally, North America and European region accounted for about two-third of the total luxury hotel market. North America accounts for the largest share in global luxury hotel market. Further, U.S. dominates the North America region owing to huge presence of luxury hotels. Latin America is expected to garnish the growth of luxury hotels market by the end of 2024. Further, Mexico is expected to witness a tremendous growth over the forecast period.
North America is trailed by Europe and Asia-Pacific. Rising tourism in Germany, Italy, France and U.K. is believed to spur the demand for luxury hotels in Europe region. On the other hand, Asia-Pacific is expected to grow at a tremendous rate over the forecast period. Moreover, rising disposable income in China and India is projected to positively impact the market.
Further, Saudi Arabia is the fastest growing luxury hotel market anticipated to expand at a CAGR of 12.6% over the forecast period. Thailand is the second largest market in terms of luxury rooms owing to rise in tourism. Many hoteliers are planning to expand their luxury hotels in developing nations owing to rise in per capita income.
Request To Fill The form for Sample Copy of This Report:
https://www.kennethresearch.com/sample-request-10075477
Key players
The major key players for luxury hotels market are as follows
Scope and Context
Growth Drivers and Challenges
Riding on the back of growing tourism and rise in affluent leisure coupled with increasing business travels across the globe are believed to be the dynamic factors behind the growth of luxury hotel market. Further, growing number of international events is also envisioned to bolster the growth this market.
Moreover, rising disposable income coupled with changing lifestyles have boosted the demand for luxury hotels during holidays and travel. In addition, more and more consumers are showing interests towards luxurious services which are expected to propel the growth of luxury hotel market.
However, damages caused by natural disasters and terrorist threats are expected to hamper the growth of luxury hotel market.
Talk To Analyst for Customization of Strategic Report:
https://www.kennethresearch.com/customization-request-10075477
Market Segmentation
Our in-depth analysis segmented the global luxury hotels market in the following segments:
By Type
By Region
Global luxury hotels market is further classified on the basis of region as follows:
Request To Fill The form for Sample Copy of This Report:
https://www.kennethresearch.com/sample-request-10075477
In a global economy, a significant change in the industry makes it essential for professionals to keep themselves updated with the recent market situations. Kenneth Research provides market research reports to different individuals, industries, associations, and organizations with the aim of helping them to take prominent decisions. Our research library comprises of more than 100,000 research reports provided by more than 25 market research publishers across different industries.
For more information, please contact:
DavidKenneth Research
Email: sales@kennethresearch.com
Tel: +1-(347)-627-0064
Related Links
https://www.kennethresearch.com