Market Size of North America Luxury Hotel Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 40.16 Billion |
| Market Size (2029) | USD 60.38 Billion |
| CAGR (2024 - 2029) | 8.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Luxury Hotel Market Analysis
The North America Luxury Hotel Market size is estimated at USD 40.16 billion in 2024, and is expected to reach USD 60.38 billion by 2029, growing at a CAGR of 8.5% during the forecast period (2024-2029).
The luxury hotel industry in North America is huge because the largest tourist spots are here, and maximum international tourism to North America has boosted this industry. More international sports events, trade fairs, and exhibitions are likely to bring in tourists from other countries and move tourists within the country. The luxury hotel market has been growing steadily because of changes in the way people live and the growth of the travel and tourism businesses.
In 2020, COVID-19 had a poor effect on the North American market. The coronavirus pandemic showed an impact on the proper functioning of various industries across the U.S., Canada, and other parts of North America. It badly affected North America's luxury market. This was primarily due to a halt in logistics and tourism. The banned national borders halted travel modes, and strict government rules made the luxury hotel industry keep hotels shut.
Demand for luxury hotels depends on the type of hotel and things like where it is, how big it is, and what else is there.The market is likely to be driven by factors like rising disposable income, the growing popularity of weekend activities, the introduction of low-cost airline services, and the growth of the service sector.Some of the main reasons why people go to luxury resorts are because their purchasing power and standard of living have gone up.
Hosting sports events in a city or country is also a big reason why people want to stay in high-end hotels. Sports teams and fans coming from far away to watch the tournament tend to book their stays in high-end hotels, which causes the number of bookings to go up. The biggest players in the market are putting a lot of money into infrastructure and updating their properties with new features to make them look better and give customers more comfort. The business hotel segment is leading and is expected to dominate the market.
