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The Asia-Pacific Hotel Market is projected to register a CAGR less than 7% during the forecast period (2021-2026).
Factors that were driving the hospitality industry before pandemic COVID-19 include increasing disposable income, new travel trends, increasing online business of travelling due to increased internet penetration and internet banking, web-presence of hotels & tourism directories and many more. The effect of COVID-19 on hospitality industry can be observed in all the regions including Asia-Pacific. Key factors affecting the market after the pandemic include the decrease in tours and travels as most of the flights are getting canceled. The government all across the globe are cancelling the foreign visits and locking down most of the area which is one of the other major reasons behind the slowing down of hospitality industry which further affected the luxury hotel market in Ais-Pacific region.
Asia-Pacific’s fastest-growing national hotel markets are, quite unsurprisingly, led by China will open many luxury hotels in the coming years. However, given the recent circumstances caused by the COVID-19 outbreak, it is uncertain how quickly China’s 2020 openings can proceed. Australia comes in second , followed by India and Indonesia. Thailand is next in line with Vietnam just behind it, which shows that luxury hotel market in Vietnam will on average be larger than in many other APAC nations. Large international brands lead the hotel market’s growth in APAC, but smaller chains and local developers also create interesting offerings for their guests. The largest project set to open in the APAC region in the coming years is the Mui Dinh Eco-Resort in Vietnam. Planned for early 2022, the development will include 7,000 rooms and 500 ocean-facing villas as well as amenities like a theme park, a casino, a beach club and a mountain clubhouse.
Scope of the Report
A luxury hotel is defined as a hotel that provides a luxurious accommodation experience to the guest. Luxury hotels typically accommodate high paying guests and the services and dining are expected to be of high quality. A complete background analysis of the North America Luxury Hotel Market, which includes an assessment of the emerging trends by segments and regional markets, significant changes in market dynamics, and market overview, is covered in the report. The Asia-Pacific Luxury Hotel Market is Segmented by Service Type (Business Hotel, Airport Hotel, Suite Hotel, Resort, Other Service Hotels) and by Geography (China, India, Japan, Australia, Thailand, Vietnam, Rest of Asia-Pacific).
|Resorts & Spa|
|Rest of Asia-Pacific|
Key Market Trends
Asia-Pacific is the Fastest Growing Tourism Place
The Asia-Pacific region has been the fastest growing tourist destination in the world, earlier attracting attention of accommodation developers, resulting a 91.5% increase in region's hotel rooms within a decade. While these developments are increasingly dominated by local chains, such as Shangri-La (Hong Kong), Southern Pacific (Sydney) and Prince Hotels (Japan), and by chains based in Europe (Accor, Intercontinental) and the US (Holiday Inn, Hyatt International, ITT Sheraton), five less traditional types of properties are also showing significant growth in the region. The region has forged a reputation as being the in-trend destination for holiday goers, boasting must-see attractions and idyllic, natural landscapes. Although an exciting travel opportunity for tourists, the tourism industry is vital for many established and growing economies across the Asia Pacific region, having made vast contributions to various GDPs.
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Lower cost of Luxury Hotels Room and Increasing Per Capita Expenses on Luxurious Hotel Industry
The low cost of luxury hotel rooms compared to Americas and Europe rehion and the growing per capita expenditure owing to the rising client's preference towards luxurious travelling is one of the major factors fuelling the market growth. This is mainly backed by the incredible user experience, and luxurious comfort they want to have in their lives which is being facilitated by the continuous rise in per capita income and improving standards of living and thus, demand is shooting high in the luxury hotel industry all over China followed by India and other Asia-Pacific Countries.
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The report covers major international players operating in the Asia-Pacific Luxury Hotel Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies is increasing their market presence by securing new contracts and tapping into new markets. The leading brands are opening exclusive stores for special products. The companies are also promoting, differentiating and selling limited editions to increase their visibility and brand awareness in the market.
- In 2021, Shangri-La Group creates new Fam.ily brand, launches UGC and Weibo campaign that targets multi-generational families, as well as provides support for customers on their parenting journeys. Shangri-La is closely monitoring the local COVID-19 situation and travel restrictions, before progressively rolling out the Fam.ily programme to cover SEA and more market.
- In 2021, Taj Group has decided to welcome guests with zero-touch experience. The group has been moving towards a touchless interface to make customers feel safe at the hotels. This resulted in the creation of IHCL’s Zero-Touch Service Transformation – a suite of digital solutions across its hotels under its brands – Taj, Vivanta and others as well.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS & DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of Covid 19 on market
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Business Hotel
5.1.2 Airport Hotel
5.1.3 Holiday Hotes
5.1.4 Resorts & Spa
5.2.7 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 St. Regis Hotel
6.1.2 The Indian Hotels Company Limited
6.1.3 JW Marriott
6.1.4 Hyatt Group
6.1.5 The Penninsula Shangai
6.1.6 The Okura Tokyo
6.1.7 Bellagio Shanghai
6.1.8 The Reverie Saigon
6.1.9 The Nai Harn
6.1.10 Mandarin Oriental Hotel Group
6.1.11 Saffire Freycinet
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Asia-Pacific Luxury Hotel Market market is studied from 2017 - 2026.
What is the growth rate of Asia-Pacific Luxury Hotel Market?
The Asia-Pacific Luxury Hotel Market is growing at a CAGR of <7% over the next 5 years.
Who are the key players in Asia-Pacific Luxury Hotel Market?
Penninsula Shangai, The Indian Hotels Company Limited, JW Marriott, Hyatt Group, Mandarin Oriental Hotel Group are the major companies operating in Asia-Pacific Luxury Hotel Market.