Luxury Hotel Market in India 2024:
How Big is the India Luxury Hotel Industry?
The India luxury hotel market is booming, driven by economic growth and rising demand for high-end hospitality, offering premium experiences across the country. According to the latest report by IMARC Group, the market reached USD 2.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 5.73 Billion by 2032, exhibiting a growth rate (CAGR) of 9.60% during 2024-2032.
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 9.60% (2024-2032)
Market Size in 2023: USD 2.5 Billion
Market Size in 2032: USD 5.73 Billion
Explore the Full Report: https://www.imarcgroup.com/india-luxury-hotel-market
India Luxury Hotel Market Trends and Drivers:
The escalating economic growth as well as the growing disposable incomes of its affluent population are the factors responsible for the growth of the India luxury hotel market. Additionally, luxury hotels are expanding their presence across major cities and tourist destinations with an increasing number of domestic and international tourists seeking premium accommodations. Besides this, the growth of the business travel sector, fueled by the burgeoning corporate landscape, is also a significant driver for luxury hotels, particularly in metropolitan areas. Moreover, the focus by the government authorities on improving infrastructure and promoting tourism through initiatives like "Incredible India" is enhancing the appeal of luxury travel, attracting both leisure and business travelers to high-end hotels, and contributing to the expansion of the market.
A notable trend in the India luxury hotel market is the shift towards personalized and experiential services. In addition to this, travelers are increasingly seeking unique and tailored experiences, leading luxury hotels to offer curated activities, wellness programs, and local cultural experiences. Furthermore, the market is inflated by the adoption of advanced technologies, such as AI-driven concierge services and smart room features, to enhance guest experiences and operational efficiency. Sustainability is also becoming a key focus, with luxury hotels implementing eco-friendly practices such as reducing plastic use, conserving water, and sourcing locally, creating a positive outlook for the market. Apart from this, as consumer preferences continue to evolve towards personalized, tech-enabled, and sustainable luxury experiences, the India luxury hotel market is expected to witness sustained growth in the coming years.
India Luxury Hotel Market Report Segmentation:
The India luxury hotel market is segmented on the basis of type, room type, category and region.
Breakup by Type:
- Business Hotels
- Airport Hotels
- Suite Hotels
- Resorts
- Others
Breakup by Room Type:
- Luxury
- Upper-Upscale
- Upscale
Breakup by Category:
- Chain
- Independent Chain
Breakup by Region:
- North India
- West and Central India
- South India
- East and Northeast India
Top Players Analysis:
The report provides a detailed analysis of the competitive environment. It covers various aspects such as market structure, positioning of key players, top strategies for success, a competitive dashboard, and a company evaluation quadrant. Furthermore, the report includes comprehensive profiles of all major companies.
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Other Key Points Covered in the Report:
- COVID-19 Impact on the Market
- Porter's Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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