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The global luxury hotel market is expected to reach $209.3 billion by 2027, according to the report published by Reportlinker.
Reportlinker published a report on the global luxury hotel industry for the period 2020-2027. Competitors identified in this market include Four Seasons Hotels, InterContinental Hotels Group, Mandarin Oriental International, Jumeirah International, and Shangri-La International Hotel Management.
In the context of the COVID-19 health crisis, the global luxury hotel market, estimated at $174.9 billion in 2020, is expected to reach a revised size of $209.3 billion by 2027, with an average annual growth rate of 2.6% over the analysis period from 2020-2027.
The business hospitality segment is expected to grow by 3%.
Business Hotels, one of the hotel segments analyzed in the report, is expected to have a CAGR (compound annual growth rate) of 3% to reach US$104.6 billion by the end of the analysis period. After an initial analysis of the business impact of the pandemic and the economic crisis it caused, growth in the hotel suite segment is adjusted to a revised CAGR of 1.7% for the next seven-year period.
The U.S. market is estimated at $47.3 billion, while the Chinese market is expected to grow by 4.9%.
The U.S. luxury hotel market is estimated at $47.3 billion in 2020. China, the world’s second-largest economy, is expected to reach a market size of $42.1 billion by 2027, representing a CAGR of 4.9% over the 2020-2027 analysis period. Other geographic markets of interest include Japan and Canada, which are expected to grow by 0.6% and 1.9% respectively over the 2020-2027 period. In Europe, Germany is expected to grow at an average annual rate of approximately 1.2%.
The airport hotel segment is expected to have a CAGR of 2.8%.
In the global airport hotel segment, the United States, Canada, Japan, China, and Europe will drive the estimated 2.3% CAGR for this segment. These regional markets, which represent a combined market size of US$30.2 billion in 2020, will grow to a projected size of US$35.5 billion by the end of the analysis period. China remains one of the fastest-growing regional markets.
The Asia-Pacific market is expected to reach US$28.6 billion by 2027, while Latin America is expected to grow by 3.6%.
Led by countries such as Australia, India, and South Korea, the Asia-Pacific market is expected to reach $28.6 billion by 2027, while Latin America will grow at an average annual rate of 3.6 percent over the forecast period.
For its 7th edition, the 186-page report provides concise overviews of the pandemic‘s impact on production and procurement for 2020 and 2021. A gradual recovery in the short term by key geographic areas is also envisaged.
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The global luxury hotel market is expected to reach $209.3 billion by 2027, according to the report published by Reportlinker.
Reportlinker published a report on the global luxury hotel industry for the period 2020-2027. Competitors identified in this market include Four Seasons Hotels, InterContinental Hotels Group, Mandarin Oriental International, Jumeirah International, and Shangri-La International Hotel Management.
In the context of the COVID-19 health crisis, the global luxury hotel market, estimated at $174.9 billion in 2020, is expected to reach a revised size of $209.3 billion by 2027, with an average annual growth rate of 2.6% over the analysis period from 2020-2027.
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The global luxury hotel market is expected to reach $209.3 billion by 2027, according to the report published by Reportlinker.
Reportlinker published a report on the global luxury hotel industry for the period 2020-2027. Competitors identified in this market include Four Seasons Hotels, InterContinental Hotels Group, Mandarin Oriental International, Jumeirah International, and Shangri-La International Hotel Management.
In the context of the COVID-19 health crisis, the global luxury hotel market, estimated at $174.9 billion in 2020, is expected to reach a revised size of $209.3 billion by 2027, with an average annual growth rate of 2.6% over the analysis period from 2020-2027.
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