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From 2022 to 2030, the global market for hotels, resorts, and cruise lines is projected to rise from 2023's USD 218.59 billion at a CAGR (compound annual growth rate) of 12.3. The expansion of the American travel and tourist industry is a key factor fueling demand. The hotel industry suffered its worst year ever in 2020, with record-low occupancy, massive job losses, and hotel closures all throughout the country. The American Hotel and Lodging Association projects that national and state hotel occupancy rates will slowly recover by 2022 as a result of continued weak travel demand.
The rising travel and tourism trend, as well as the increasing number of gen z and millennials who are opting to stay in hotels, resorts, and cruise ships in search of luxurious accommodations, are expected to continue fueling the industry's growth. As more and more working people take vacations to relax and have fun, it stands to reason that the demand for hotels, resorts, and cruises will rise in tandem.
The hospitality industry, including hotels and resorts, is booming with the tourism market. The increase in domestic and international travel, both for business and pleasure, is also beneficial to the economy. It is estimated by the United Nations World Tourism Association that over 710 million people from outside of Europe have traveled there. For example, Trading Economics reports that India's disposable income increased from USD $2,818,144.54 million to USD $2,937,239.52 million over the course of a year. The presence or absence of security and safety amenities at hotels and resorts is another factor influencing hotel usage and pricing. The expansion of international trade shows and sporting events is another driver of the market's expected expansion. The market is also expected to benefit from the introduction of novel ideas and practices, such as the merging of hotel and resort hygiene and environmental responsibility.
However, business travel, the main source of income for hotels, has been virtually nonexistent until the second half of 2021. Demand for U.S. hotels and resorts is anticipated to be driven by these elements over the projection period. In addition, Carnival Corp, the largest cruise company in the world, said in June 2021 that demand is increasing across all nine of its cruise lines due to a renewed interest in ocean travel among Americans. In the second quarter of 2021, the firm saw a 45 percent increase in the number of passengers who booked cruises for later that year. It also noted that pre-bookings for 2022 were higher than 2019 due to pent-up demand.
Delta variants of the virus, in addition to older customers, fully vaccinated passengers who worry about COVID-19, and families impacted by cruise operators only taking fully vaccinated passengers over the age of 12, contributed to the slowdown in demand in the third quarter of 2021. Because of the pandemic, hotels had to lay off workers and urge those who remained to take on more responsibilities. Hotels in metropolitan areas have been hit especially hard because of the economy of scale issues. Hotel employment may not expand significantly until group and business travel pick up again in the future years, since urban and airport hotels have witnessed appallingly low occupancy rates that are substantially below the national average.
The hospitality business has adapted to the shift toward prioritizing experiences over belongings by providing customers with opportunities to have meaningful interactions with the places they visit. Cruise lines offer onboard entertainment, shore excursions, and destination-focused itineraries, while hotels and resorts engage in experiences like spa treatments, gourmet cuisine, adventure activities, and cultural immersion programs. These events are planned to leave a memorable impression on guests and set brands apart in a crowded industry.
The growing number of lodging choices, including Airbnb, homestays, and other non-traditional hotels. Some vacationers like these non-traditional lodgings because they are less expensive and provide a more genuine, local experience. Because of the prevalence of these alternatives, the hospitality industry (including hotels, resorts, and cruise lines) is under increasing pressure to innovate and provide distinctive services in order to attract and retain customers.
Report Coverage
Global Hotels, Resorts, And Cruise Lines research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Hotels, Resorts, And Cruise Lines report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Hotels, Resorts, And Cruise Lines competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Hotels, Resorts, And Cruise Lines market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Hotels, Resorts, And Cruise Lines market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Hotels, Resorts, And Cruise Lines market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Marriott International (US), Hilton Worldwide Holdings Inc. (US), InterContinental Hotels Group (UK), AccorHotels (France), Wyndham Destinations (US), Hyatt Hotels Corporation (US), Royal Caribbean Group (US), Carnival Corporation (US), Norwegian Cruise Line Holdings Ltd. (US), MSC Cruises (Switzerland), Princess Cruises (US), Costa Crociere (Italy), TUI Group (Germany), Meliá Hotels International (Spain), IHG Hotels & Resorts (UK), Choice Hotels International, Inc. (US), Four Seasons Hotels and Resorts (Canada), Mandarin Oriental Hotel Group (Hong Kong), Shangri-La Hotels and Resorts (Hong Kong), The Ritz-Carlton Hotel Company (US), Rosewood Hotels & Resorts (US), Aman Resorts (Singapore).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Hotels, Resorts, And Cruise Lines market based on the below-mentioned segments:
Global Hotels, Resorts, And Cruise Lines Market, By Type
Hotel, Resorts
Cruise Lines
Global Hotels, Resorts, And Cruise Lines market, By Sale Channels
Online
Offline
Global Hotels, Resorts, And Cruise Lines market, Regional Analysis
The rising travel and tourism trend, as well as the increasing number of gen z and millennials who are opting to stay in hotels, resorts, and cruise ships in search of luxurious accommodations, are expected to continue fueling the industry's growth. As more and more working people take vacations to relax and have fun, it stands to reason that the demand for hotels, resorts, and cruises will rise in tandem.
The hospitality industry, including hotels and resorts, is booming with the tourism market. The increase in domestic and international travel, both for business and pleasure, is also beneficial to the economy. It is estimated by the United Nations World Tourism Association that over 710 million people from outside of Europe have traveled there. For example, Trading Economics reports that India's disposable income increased from USD $2,818,144.54 million to USD $2,937,239.52 million over the course of a year. The presence or absence of security and safety amenities at hotels and resorts is another factor influencing hotel usage and pricing. The expansion of international trade shows and sporting events is another driver of the market's expected expansion. The market is also expected to benefit from the introduction of novel ideas and practices, such as the merging of hotel and resort hygiene and environmental responsibility.
However, business travel, the main source of income for hotels, has been virtually nonexistent until the second half of 2021. Demand for U.S. hotels and resorts is anticipated to be driven by these elements over the projection period. In addition, Carnival Corp, the largest cruise company in the world, said in June 2021 that demand is increasing across all nine of its cruise lines due to a renewed interest in ocean travel among Americans. In the second quarter of 2021, the firm saw a 45 percent increase in the number of passengers who booked cruises for later that year. It also noted that pre-bookings for 2022 were higher than 2019 due to pent-up demand.
Delta variants of the virus, in addition to older customers, fully vaccinated passengers who worry about COVID-19, and families impacted by cruise operators only taking fully vaccinated passengers over the age of 12, contributed to the slowdown in demand in the third quarter of 2021. Because of the pandemic, hotels had to lay off workers and urge those who remained to take on more responsibilities. Hotels in metropolitan areas have been hit especially hard because of the economy of scale issues. Hotel employment may not expand significantly until group and business travel pick up again in the future years, since urban and airport hotels have witnessed appallingly low occupancy rates that are substantially below the national average.
The hospitality business has adapted to the shift toward prioritizing experiences over belongings by providing customers with opportunities to have meaningful interactions with the places they visit. Cruise lines offer onboard entertainment, shore excursions, and destination-focused itineraries, while hotels and resorts engage in experiences like spa treatments, gourmet cuisine, adventure activities, and cultural immersion programs. These events are planned to leave a memorable impression on guests and set brands apart in a crowded industry.
The growing number of lodging choices, including Airbnb, homestays, and other non-traditional hotels. Some vacationers like these non-traditional lodgings because they are less expensive and provide a more genuine, local experience. Because of the prevalence of these alternatives, the hospitality industry (including hotels, resorts, and cruise lines) is under increasing pressure to innovate and provide distinctive services in order to attract and retain customers.
Report Coverage
Global Hotels, Resorts, And Cruise Lines research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Hotels, Resorts, And Cruise Lines report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Hotels, Resorts, And Cruise Lines competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Hotels, Resorts, And Cruise Lines market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Marriott International (US), Hilton Worldwide Holdings Inc. (US), InterContinental Hotels Group (UK), AccorHotels (France), Wyndham Destinations (US), Hyatt Hotels Corporation (US), Royal Caribbean Group (US), Carnival Corporation (US), Norwegian Cruise Line Holdings Ltd. (US), MSC Cruises (Switzerland), Princess Cruises (US), Costa Crociere (Italy), TUI Group (Germany), Meliá Hotels International (Spain), IHG Hotels & Resorts (UK), Choice Hotels International, Inc. (US), Four Seasons Hotels and Resorts (Canada), Mandarin Oriental Hotel Group (Hong Kong), Shangri-La Hotels and Resorts (Hong Kong), The Ritz-Carlton Hotel Company (US), Rosewood Hotels & Resorts (US), Aman Resorts (Singapore). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Hotels, Resorts, And Cruise Lines Market from 2021 to 2030.
- Market Forecast for Hotels, Resorts, And Cruise Lines Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Hotels, Resorts, And Cruise Lines competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Hotels, Resorts, And Cruise Lines
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Hotels, Resorts, And Cruise Lines market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Hotels, Resorts, And Cruise Lines market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Marriott International (US), Hilton Worldwide Holdings Inc. (US), InterContinental Hotels Group (UK), AccorHotels (France), Wyndham Destinations (US), Hyatt Hotels Corporation (US), Royal Caribbean Group (US), Carnival Corporation (US), Norwegian Cruise Line Holdings Ltd. (US), MSC Cruises (Switzerland), Princess Cruises (US), Costa Crociere (Italy), TUI Group (Germany), Meliá Hotels International (Spain), IHG Hotels & Resorts (UK), Choice Hotels International, Inc. (US), Four Seasons Hotels and Resorts (Canada), Mandarin Oriental Hotel Group (Hong Kong), Shangri-La Hotels and Resorts (Hong Kong), The Ritz-Carlton Hotel Company (US), Rosewood Hotels & Resorts (US), Aman Resorts (Singapore).
Primary Target Market
- Market Players of Hotels, Resorts, And Cruise Lines
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Hotels, Resorts, And Cruise Lines market based on the below-mentioned segments:
Global Hotels, Resorts, And Cruise Lines Market, By Type
Hotel, Resorts
Cruise Lines
Global Hotels, Resorts, And Cruise Lines market, By Sale Channels
Online
Offline
Global Hotels, Resorts, And Cruise Lines market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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