Asia-Pacific Luxury Hotel Market: Industry Analysis and Forecast (2024-2030)

Asia Pacific Luxury Hotel Market Definition:

The growth of upper-middle-class and middle-class people in the Asia-Pacific area as well as rising living standards have made a substantial contribution to the market's growth. As a result, major investments are being made in the area by international hotel brands to increase their presence. Hyatt Corporation, for example, announced plans to open 21 new luxury hotels across Asia Pacific in order to growth its presence in the region. Included in the new launch would be seven Park Hyatt locations, six Grand Hyatt hotels, six Andaz brands, and two Alila resorts. Additionally, the growing presence of local competitors, such as Banyan Tree, Shangri-La International Hotel Management, and The Oberoi, among others, would boost market growth. 

 

Further, the Asia Pacific Luxury Hotel Market is segmented by Type, Room Type, Category and Geography. On the basis of Type, the Asia Pacific Luxury Hotel Market is segmented under Business Hotels, Airport Hotels, Suite Hotels and Resorts. Based on the Room Type, the Asia Pacific Luxury Hotel Market is segmented under the channels Luxury, Upper-Upscale and Upscale. Based on the Category, the Asia Pacific Luxury Hotel Market is segmented under the channels of Chain and Independent. By geography, the market covers the major countries in Asia Pacific i.e., India, China, Japan, Australia and Rest of Asia Pacific For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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Asia-Pacific Luxury Hotel COVID 19 Insights:

The tourism and travel markets have suffered as a result of the COVID-19 pandemic epidemic. The growth of the luxury hotel sector has been hampered by regionally pervasive social segregation, laws that encourage such behaviour at home, and travel limitations. According to the APAC Hotel and Lodging Association (2021), hotel occupancy dropped from 45% to roughly 22% from the previous year. The hotel business is consequently forecast to see a significant decline as a result of the pandemic. Nevertheless, the sector is forecast to resume its prior development trajectory during the next several years.

 

Asia Pacific Luxury Hotel Market Dynamics:

Unsurprisingly, the domestic hotel market is growing fastest in Asia-Pacific, led by China, which will open more luxury hotels in the coming years. However, given the recent situation caused by the COVID-19 outbreak, it is still unclear how quickly China's opening up in 2020 can happen. Australia is second, followed by India and Indonesia. On average, Thailand is behind, with Vietnam right behind, indicating that the luxury hotel market in Vietnam will be larger on average than in many other APAC countries. Large international brands are leading the growth of the Asia-Pacific hotel market, but smaller chains and local developers are also creating attractive offers for their customers. surname. The biggest project to be opened in the APAC region in the coming years is the Mui Dinh Eco-Resort in Vietnam. Expected in early 2022, the project will have 7,000 rooms and 500 villas facing the sea, as well as amenities such as an amusement park, casino, beach club, and mountain club.

 

In the last 10 years, hotel rooms in the Asia-Pacific area have increased by 91.50%, making it the tourist destination with the greatest rate of growth in the whole region. While local chains like Shangri-La (Hong Kong), Southern Pacific (Sydney), and Prince Hotels (Japan) as well as chains from Europe (Accor, Intercontinental), the US (Holiday Inn, Hyatt International, and ITT Sheraton) are increasingly dominating these developments, five less conventional types of properties are also experiencing significant growth in the area. With its must-see sites and gorgeous, untouched surroundings, the area has established a reputation as the hippest vacation spot. Although it offers visitors an exciting chance to travel, the tourism sector is crucial for many developed and developing countries in the Asia-Pacific area, having significantly boosted diverse GDPs.

 

Asia Pacific Luxury Hotel Market Segment Analysis:

By Room Type, Premium services are offered at a discount to support the upmarket segment's dominance. Upmarket hotels are expected to see more business and gain a competitive edge as a result of the growing popularity of low-cost luxury services. Visitors have a variety of alternatives to pick from, all of varying quality, depending on the type of lodging they choose. Depending on the level of guest satisfaction in each of their numerous categories, the hotel brands received the following scores. A number of strategies, including partnerships and acquisitions, are being used by players who offer resort services below the upscale and luxury sectors in an effort to increase their market share.

 

 

By Category, The chain category will hold the biggest market share as more well-known hotel chains support it. In every market segment, there is competition between chain and independent sellers. Because they are so common in the area, chain hotels make up a significant share of the sector. Chain hotels are focusing on extending their reach and increasing their presence in lucrative areas of the area.

 

Asia Pacific Luxury Hotel Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the europemarket, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Asia Pacific Luxury Hotel Market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Luxury Hotel Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Luxury Hotel Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Asia Pacific Luxury Hotel Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Luxury Hotel Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Luxury Hotel Market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Luxury Hotel Market. The report also analyses if the Asia Pacific Luxury Hotel Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Luxury Hotel Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Luxury Hotel Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Luxury Hotel Market is aided by legal factors.

 

Asia Pacific Luxury Hotel Market Scope:

Asia Pacific Luxury Hotel Market
Market Size in 2023	USD 23.17 Bn.
Market Size in 2030	USD 42.36 Bn.
CAGR (2024-2030)	9%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Type Business Hotels Airport Hotels Suite Hotels Resorts
	By Room Type Luxury Upper-Upscale Upscale
	By Category Chain Independent
Country  Scope	China India  Japan  South Korea Australia  ASEAN Rest of APAC

 

Asia Pacific Luxury Hotel Market Key Players: 

• Mandarin Oriental Hotel Group (Quarry Bay, Hong Kong)
• The Indian Hotels Company Limited (Mumbai, India)
• Shangri-La Asia Limited (Quarry Bay, Hong Kong)