APAC Luxury Hotel Market by Type and Ownership - Forecast and Analysis 2024-2028

Published: Feb 2024

Pages: 142

SKU: IRTNTR77560

Snapshot

APAC Luxury Hotel Market Forecast 2024-2028

The APAC Luxury Hotel Market size is forecast to increase by USD 29.59 billion, at a CAGR of 8.15% between 2023 and 2028. The growth of the market depends on several factors growing number of luxury lodges in APAC, the expanding middle-class population with increased disposable income and increased preference for luxury lodges.

What will be the Size of the Market During the Forecast Period?

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Market Key Drivers, Trends, and Challenges

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Growing number of luxury hotels in APAC is notably driving the market growth. The burgeoning number of luxury hotels in APAC is undeniably propelling the expansion of the luxury hotel market in the region. Dynamic economic development in APAC, coupled with the rise in the number of affluent travelers, has spurred a surge in the number of luxury projects across the region. For instance, in cities like Singapore, which is known as a global financial hub and tourist destination, there has been a proliferation of luxury lodges from established brands such as Marina Bay Sands and The Ritz-Carlton. Similarly, in destinations like Bali, Indonesia, luxury resorts such as The St. Regis Bali Resort and Bulgari Resort Bali cater to discerning travelers seeking unparalleled experiences amidst breathtaking natural beauty.

Furthermore, emerging markets within APAC are witnessing a rapid expansion of luxury hotel offerings, driving growth even further. Countries like China and India are experiencing a boom in luxury hotel development, with brands like The Peninsula, Mandarin Oriental, and Taj Hotels expanding their presence across key cities. As a result, the growing number of luxury hotels in APAC, both in established and emerging tourist destinations, is not only meeting the demand for upscale accommodations but also stimulating further expansion and investments in the luxury hotel market across the region. Therefore, the growing number of luxury hotels will drive the growth of the market during the forecast period.

Key Market Trends

The higher acceptance of online booking platforms is an emerging trend shaping market growth. A large number of individuals have started to use online portals for making hotel bookings. This enables people to make hotel bookings in a more organized manner. Hotel owners are coming up with new innovative strategies to promote their services on online portals. Online portals offer designed and customized deals for high-earning individuals and provide the opportunity to sign up for the pre-launch VIP program, enabling them to be one of the first customers. For instance, booking.com, one of the prominent online booking portals in the US, provides users with booking options depending on the type of visit.

In addition, online booking platforms provide detailed information on the destination and itineraries, which helps people choose a suitable destination without directly visiting travel and tourism agencies, thereby saving time. Therefore, the rapid development of online motel booking platforms and the rising popularity of online motel bookings are expected to increase the opportunities for vendors in the market. This, in turn, will drive the growth of the market during the forecast period.

Major Market Challenge

The need to maintain high standards of service and guest satisfaction is a significant challenge hindering market growth. Extravagance resorts are expected to maintain impeccable standards of cleanliness, comfort, and service to meet the expectations of discerning guests. This requires ongoing investments in maintenance and refurbishment activities to ensure that facilities and amenities are kept in pristine condition, which can be costly and capital-intensive. The need to maintain high standards of services and ensure guest satisfaction presents a significant hurdle to the expansion of the market. While exceptional service is essential for attracting and retaining affluent clientele, it also requires substantial investments in training staff, infrastructure, and operational excellence.

Moreover, the pressure to meet or exceed guest expectations consistently can be particularly challenging in a competitive region like APAC, as discerning travellers have a plethora of amenity accommodation options to choose from. Any lapse in service quality or a negative guest experience can quickly tarnish the reputation of the hotel and undermine its competitiveness, especially in the present era, where online reviews and social media amplify customer feedback and responses. These factors may hinder the market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Accor SA - The company offers luxury hotels under its brands Banyan Tree, Emblems, Fairmont, Raffles, Sofitel and Gallery.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Market?

The upscale segment is estimated to witness significant growth during the forecast period. Upscale lodge rooms offer a balance between extravagance and affordability, appealing to a broader range of travelers seeking elevated comfort and amenities without the premium price tag associated with top-tier lodge suites. This segment caters to both leisure and business travelers who prioritize high-quality accommodations and personalized experiences while remaining mindful of budget considerations.

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The upscale segment was the largest and was valued at USD 34.28 billion in 2018. The expansion of the upscale room type segment in the Asia-Pacific luxury hotel market reflects the evolving preferences of consumers and the increasing affluence in the region, driving demand for mid-range luxury motels. Established and emerging markets in APAC, including China, India, Southeast Asian countries, and Australia, are experiencing a surge in indulgence hotel projects as hospitality brands seek to capitalize on this growing segment. By offering a compelling combination of upscale amenities, contemporary design, and competitive pricing, upscale motel rooms play a pivotal role in driving the overall growth and diversification of the APAC luxury hotel market, catering to the needs of modern travelers seeking value without compromising on quality. These factors will drive the growth of the upscale segment of the market during the forecast period.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

Type Outlook
- Upscale
- Upper-upscale
- Luxury

Ownership Outlook
- Chain
- Independent

Market Analyst Overview

The Luxury Hotel Market in the Asia-Pacific (APAC) region is influenced by various factors, including the tourism sector, travel restrictions, and the preferences of domestic and international tourists. The location and on-site properties play a crucial role in attracting visitors, especially with the rising disposable income and the growing weekend culture.

The impact of low-cost airline services, digitization of services through apps and websites, and the integration of advanced technologies like mobile check-in, contactless payments, voice control, biometrics, facial recognition, and fingerprint recognition contribute to the evolving landscape of luxury hotels. The business hotel segment, coupled with a focus on sports events, adds to the diversity and competitiveness of the market.

Market Scope
Report Coverage	Details
Page number	142
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 8.15%
Market Growth 2024-2028	USD 29.59 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	7.89
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Accor SA, Aman Group S.a.r.l., Choice Hotels International Inc., COMO Hotels and Resorts Asia Pte. Ltd., Four Seasons Hotels Ltd., Hilton Worldwide Holdings Inc., Hotel Okura Co. Ltd., Hyatt Hotels Corp., InterContinental Hotels Group PLC, ITC Ltd., Mandarin Oriental International Ltd, Marriott International Inc., Minor International PCL, Rosewood Hotel Group, Saffire Freycinet, Shangri La Asia Ltd., The Hongkong and Shanghai Hotels Ltd., The Indian Hotel Co. Ltd., THE REVERIE SAIGON, and Wyndham Hotels and Resorts Inc.
Market dynamics	Parent market analysis, Growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
Accurate predictions about upcoming market growth and trends and changes in consumer behavior
Growth of the market industry across APAC
Thorough analysis of the market’s competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of market companies

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Ownership
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 13: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 14: Chart on APAC - Market size and forecast 2023-2028 ($ billion)
- Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)
- Exhibit 16: Chart on APAC: Year-over-year growth 2023-2028 (%)
- Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)

4 Historic Market Size

4.1 luxury hotel market in APAC 2018 - 2022
- Exhibit 18: Historic Market Size – Data Table on luxury hotel market in APAC 2018 - 2022 ($ billion)

4.2 Type Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Type Segment 2018 - 2022 ($ billion)

4.3 Ownership Segment Analysis 2018 - 2022
- Exhibit 20: Historic Market Size – Ownership Segment 2018 - 2022 ($ billion)

4.4 Geography Segment Analysis 2018 - 2022
- Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 22: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 25: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 26: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 27: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Type

6.1 Market segments
- Exhibit 29: Chart on Type - Market share 2023-2028 (%)
- Exhibit 30: Data Table on Type - Market share 2023-2028 (%)

6.2 Comparison by Type
- Exhibit 31: Chart on Comparison by Type
- Exhibit 32: Data Table on Comparison by Type

6.3 Upscale - Market size and forecast 2023-2028
- Exhibit 33: Chart on Upscale - Market size and forecast 2023-2028 ($ billion)
- Exhibit 34: Data Table on Upscale - Market size and forecast 2023-2028 ($ billion)
- Exhibit 35: Chart on Upscale - Year-over-year growth 2023-2028 (%)
- Exhibit 36: Data Table on Upscale - Year-over-year growth 2023-2028 (%)

6.4 Upper-upscale - Market size and forecast 2023-2028
- Exhibit 37: Chart on Upper-upscale - Market size and forecast 2023-2028 ($ billion)
- Exhibit 38: Data Table on Upper-upscale - Market size and forecast 2023-2028 ($ billion)
- Exhibit 39: Chart on Upper-upscale - Year-over-year growth 2023-2028 (%)
- Exhibit 40: Data Table on Upper-upscale - Year-over-year growth 2023-2028 (%)

6.5 Luxury - Market size and forecast 2023-2028
- Exhibit 41: Chart on Luxury - Market size and forecast 2023-2028 ($ billion)
- Exhibit 42: Data Table on Luxury - Market size and forecast 2023-2028 ($ billion)
- Exhibit 43: Chart on Luxury - Year-over-year growth 2023-2028 (%)
- Exhibit 44: Data Table on Luxury - Year-over-year growth 2023-2028 (%)

6.6 Market opportunity by Type
- Exhibit 45: Market opportunity by Type ($ billion)
- Exhibit 46: Data Table on Market opportunity by Type ($ billion)

7 Market Segmentation by Ownership

7.1 Market segments
- Exhibit 47: Chart on Ownership - Market share 2023-2028 (%)
- Exhibit 48: Data Table on Ownership - Market share 2023-2028 (%)

7.2 Comparison by Ownership
- Exhibit 49: Chart on Comparison by Ownership
- Exhibit 50: Data Table on Comparison by Ownership

7.3 Chain - Market size and forecast 2023-2028
- Exhibit 51: Chart on Chain - Market size and forecast 2023-2028 ($ billion)
- Exhibit 52: Data Table on Chain - Market size and forecast 2023-2028 ($ billion)
- Exhibit 53: Chart on Chain - Year-over-year growth 2023-2028 (%)
- Exhibit 54: Data Table on Chain - Year-over-year growth 2023-2028 (%)

7.4 Independent - Market size and forecast 2023-2028
- Exhibit 55: Chart on Independent - Market size and forecast 2023-2028 ($ billion)
- Exhibit 56: Data Table on Independent - Market size and forecast 2023-2028 ($ billion)
- Exhibit 57: Chart on Independent - Year-over-year growth 2023-2028 (%)
- Exhibit 58: Data Table on Independent - Year-over-year growth 2023-2028 (%)

7.5 Market opportunity by Ownership
- Exhibit 59: Market opportunity by Ownership ($ billion)
- Exhibit 60: Data Table on Market opportunity by Ownership ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
- Exhibit 61: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
- Exhibit 62: Chart on Market share by geography - 2023-2028 (%)
- Exhibit 63: Data Table on Market share by geography - 2023-2028 (%)

9.2 Geographic comparison
- Exhibit 64: Chart on Geographic comparison
- Exhibit 65: Data Table on Geographic comparison

9.3 China - Market size and forecast 2023-2028
- Exhibit 66: Chart on China - Market size and forecast 2023-2028 ($ billion)
- Exhibit 67: Data Table on China - Market size and forecast 2023-2028 ($ billion)
- Exhibit 68: Chart on China - Year-over-year growth 2023-2028 (%)
- Exhibit 69: Data Table on China - Year-over-year growth 2023-2028 (%)

9.4 India - Market size and forecast 2023-2028
- Exhibit 70: Chart on India - Market size and forecast 2023-2028 ($ billion)
- Exhibit 71: Data Table on India - Market size and forecast 2023-2028 ($ billion)
- Exhibit 72: Chart on India - Year-over-year growth 2023-2028 (%)
- Exhibit 73: Data Table on India - Year-over-year growth 2023-2028 (%)

9.5 Indonesia - Market size and forecast 2023-2028
- Exhibit 74: Chart on Indonesia - Market size and forecast 2023-2028 ($ billion)
- Exhibit 75: Data Table on Indonesia - Market size and forecast 2023-2028 ($ billion)
- Exhibit 76: Chart on Indonesia - Year-over-year growth 2023-2028 (%)
- Exhibit 77: Data Table on Indonesia - Year-over-year growth 2023-2028 (%)

9.6 Japan - Market size and forecast 2023-2028
- Exhibit 78: Chart on Japan - Market size and forecast 2023-2028 ($ billion)
- Exhibit 79: Data Table on Japan - Market size and forecast 2023-2028 ($ billion)
- Exhibit 80: Chart on Japan - Year-over-year growth 2023-2028 (%)
- Exhibit 81: Data Table on Japan - Year-over-year growth 2023-2028 (%)

9.7 Rest of APAC - Market size and forecast 2023-2028
- Exhibit 82: Chart on Rest of APAC - Market size and forecast 2023-2028 ($ billion)
- Exhibit 83: Data Table on Rest of APAC - Market size and forecast 2023-2028 ($ billion)
- Exhibit 84: Chart on Rest of APAC - Year-over-year growth 2023-2028 (%)
- Exhibit 85: Data Table on Rest of APAC - Year-over-year growth 2023-2028 (%)

9.8 Market opportunity by geography
- Exhibit 86: Market opportunity by geography ($ billion)
- Exhibit 87: Data Table on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 88: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 89: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 90: Overview on factors of disruption

11.4 Industry risks
- Exhibit 91: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 92: Vendors covered

12.2 Market positioning of vendors
- Exhibit 93: Matrix on vendor position and classification

12.3 Accor SA
- Exhibit 94: Accor SA - Overview
- Exhibit 95: Accor SA - Business segments
- Exhibit 96: Accor SA - Key news
- Exhibit 97: Accor SA - Key offerings
- Exhibit 98: Accor SA - Segment focus

12.4 Four Seasons Hotels Ltd.
- Exhibit 99: Four Seasons Hotels Ltd. - Overview
- Exhibit 100: Four Seasons Hotels Ltd. - Product / Service
- Exhibit 101: Four Seasons Hotels Ltd. - Key offerings

12.5 Hilton Worldwide Holdings Inc.
- Exhibit 102: Hilton Worldwide Holdings Inc. - Overview
- Exhibit 103: Hilton Worldwide Holdings Inc. - Business segments
- Exhibit 104: Hilton Worldwide Holdings Inc. - Key offerings
- Exhibit 105: Hilton Worldwide Holdings Inc. - Segment focus

12.6 Hotel Okura Co. Ltd.
- Exhibit 106: Hotel Okura Co. Ltd. - Overview
- Exhibit 107: Hotel Okura Co. Ltd. - Product / Service
- Exhibit 108: Hotel Okura Co. Ltd. - Key offerings

12.7 Hyatt Hotels Corp.
- Exhibit 109: Hyatt Hotels Corp. - Overview
- Exhibit 110: Hyatt Hotels Corp. - Business segments
- Exhibit 111: Hyatt Hotels Corp. - Key offerings
- Exhibit 112: Hyatt Hotels Corp. - Segment focus

12.8 InterContinental Hotels Group PLC
- Exhibit 113: InterContinental Hotels Group PLC - Overview
- Exhibit 114: InterContinental Hotels Group PLC - Product / Service
- Exhibit 115: InterContinental Hotels Group PLC - Key offerings

12.9 ITC Ltd.
- Exhibit 116: ITC Ltd. - Overview
- Exhibit 117: ITC Ltd. - Business segments
- Exhibit 118: ITC Ltd. - Key news
- Exhibit 119: ITC Ltd. - Key offerings
- Exhibit 120: ITC Ltd. - Segment focus

12.10 Mandarin Oriental International Ltd
- Exhibit 121: Mandarin Oriental International Ltd - Overview
- Exhibit 122: Mandarin Oriental International Ltd - Business segments
- Exhibit 123: Mandarin Oriental International Ltd - Key offerings
- Exhibit 124: Mandarin Oriental International Ltd - Segment focus

12.11 Marriott International Inc.
- Exhibit 125: Marriott International Inc. - Overview
- Exhibit 126: Marriott International Inc. - Business segments
- Exhibit 127: Marriott International Inc. - Key news
- Exhibit 128: Marriott International Inc. - Key offerings
- Exhibit 129: Marriott International Inc. - Segment focus

12.12 Rosewood Hotel Group
- Exhibit 130: Rosewood Hotel Group - Overview
- Exhibit 131: Rosewood Hotel Group - Product / Service
- Exhibit 132: Rosewood Hotel Group - Key offerings

12.13 Saffire Freycinet
- Exhibit 133: Saffire Freycinet - Overview
- Exhibit 134: Saffire Freycinet - Product / Service
- Exhibit 135: Saffire Freycinet - Key offerings

12.14 Shangri La Asia Ltd.
- Exhibit 136: Shangri La Asia Ltd. - Overview
- Exhibit 137: Shangri La Asia Ltd. - Business segments
- Exhibit 138: Shangri La Asia Ltd. - Key offerings
- Exhibit 139: Shangri La Asia Ltd. - Segment focus

12.15 The Hongkong and Shanghai Hotels Ltd.
- Exhibit 140: The Hongkong and Shanghai Hotels Ltd. - Overview
- Exhibit 141: The Hongkong and Shanghai Hotels Ltd. - Business segments
- Exhibit 142: The Hongkong and Shanghai Hotels Ltd. - Key offerings
- Exhibit 143: The Hongkong and Shanghai Hotels Ltd. - Segment focus

12.16 The Indian Hotel Co. Ltd.
- Exhibit 144: The Indian Hotel Co. Ltd. - Overview
- Exhibit 145: The Indian Hotel Co. Ltd. - Product / Service
- Exhibit 146: The Indian Hotel Co. Ltd. - Key news
- Exhibit 147: The Indian Hotel Co. Ltd. - Key offerings

12.17 THE REVERIE SAIGON
- Exhibit 148: THE REVERIE SAIGON - Overview
- Exhibit 149: THE REVERIE SAIGON - Product / Service
- Exhibit 150: THE REVERIE SAIGON - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 151: Inclusions checklist
- Exhibit 152: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 153: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 154: Research methodology
- Exhibit 155: Validation techniques employed for market sizing
- Exhibit 156: Information sources

13.5 List of abbreviations
- Exhibit 157: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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