Hotels, Resorts & Cruise Line Market
Report ID: SQMIG25O2019
Hotels, Resorts & Cruise Line Market Size, Share, Growth Analysis, By Type(Hotel, Resorts, Cruise Lines), By Sale Channels(Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25O2019 |
Region:
Global |
Published Date: February, 2024
Pages:
223
|Tables:
62
|Figures:
77
Hotels, Resorts & Cruise Line Market Insights
Hotels, Resorts & Cruise Line Market size was valued at USD 524.1 billion in 2021 and is poised to grow from USD 614.77 billion in 2022 to USD 2203.41 billion by the end of 2030, rising at a CAGR of 17.30% during the forecast period (2023-2030).
The hotel, resorts & cruise line industry's expansion is anticipated to be fuelled by the expanding travel and tourism trend as well as gen z and millennials' utilization of hotels, resorts, and cruise lines to obtain a top-notch lodging experience. The popularity of hotels, resorts, and cruises is also anticipated to increase as a result of the increasing number of leisure excursions taken by working people on vacation to unwind and enjoy themselves.
The hotels and resorts sector are expanding together with the travel and tourism sector. Further aiding the economy is the rise in domestic and international business travel as well as leisure travel. Around 710 million international visitors are thought to have visited Europe, according to data released by the United Nations World Tourism Association. For instance, according to Trading Economics, India's disposable income rose to USD 2,937,239.52 million from USD 2,818,144.54 million the year prior. Another element influencing hotel usage and pricing is the availability of security and safety amenities at hotels and resorts. A second factor that is projected to fuel market growth is the increase in the number of international events, such as expos and sports tourism. In addition, it is anticipated that the introduction of innovation and change, such as the fusion of hotel and resort sustainability and hygiene, would open up profitable chances for the market's expansion.
US Hotels, Resorts & Cruise Line Market is poised to grow at a sustainable CAGR for the next forecast year.
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Hotels, Resorts & Cruise Line Market Segmental Analysis
hotels, resorts & cruise line market is segmented on the basis of sale channels, type, and region. By type, the market is segmented into hotels, resorts and cruise line. By sale channels, market is segmented into online and offline. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Hotels, Resorts & Cruise Line Market Analysis by Sale Channels
The fastest growing segment, with a CAGR of 12.7% from 2023 to 2030, according to a report by Technavio. online sales channels have become increasingly dominant in the hotels, resorts, and cruise line market. This is due to the convenience and ease of booking travel online, as well as the availability of user reviews and price comparison tools. According to a report by Phocuswright, in 2022, online travel sales accounted for 57% of the total travel market.
Traditional offline sales channels are still important in the hotels, resorts, and cruise line market, with 27% CAGR and particularly for complex bookings and high-end luxury travel. Traditional travel agents provide personalized service and expertise that may not be available through online channels.
Hotels, Resorts & Cruise Line Market Analysis by Type
In 2022, the hotels market had a revenue share of over 50% and is predicted to grow at the quickest CAGR of 17.7% from 2023 to 2030. The expansion of tourism and travel across the world is responsible for the segment's growth and domination. In addition, a major factor influencing the segment's growth is consumers' preference for hotels over other accommodations since they offer a high-quality lodging experience.
Due to consumers taking more leisure and upscale vacations, the resort market is predicted to expand at a substantial CAGR of 17.1% throughout the projection period. Because of the many benefits they offer, resorts are becoming more and more popular, thereby making this segment emerge as the fastest growing one. Convenience, comfort, and relaxation are just a few of these perks. On the website, they offer the customer a huge selection of both indoor and outdoor activities.
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Hotels, Resorts & Cruise Line Market Regional Insights
With a market share of over 35% in 2022 and projections for a strong CAGR of 17.4% over the next few years, North America is expected to continue to dominate the global hotels, resorts, and cruise lines business. The existence of the most hotels, resorts, and a developed cruise line sector in the area is what is responsible for the region's supremacy and expansion.
Between 2023 and 2030, Asia Pacific is anticipated to experience the fastest CAGR of 18.0%. A significant amount of money is being invested by the local government in the travel and tourism sector, which has helped the market expand in the area. As a result of the growing investment, the tourism industry as a whole is developing and will eventually draw more tourists to the many nations in the region.
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Hotels, Resorts & Cruise Line Market Dynamics
Hotels, Resorts & Cruise Line Market Driver
Rise of the Experience Culture and Economy
- As consumers place increasing importance on experiences over material possessions, the hospitality industry has responded by offering unique and memorable experiences that go beyond traditional hotel or cruise offerings. Hotels and resorts are investing in experiences such as spa treatments, gourmet dining, adventure activities, and cultural immersion programs, while cruise lines are offering onboard entertainment, shore excursions, and destination-focused itineraries. These experiences are designed to create lasting memories for guests and differentiate brands in an increasingly competitive marketplace.
Increasing Disposable Income
- With the rise in disposable incomes of people worldwide increases, more people are able to afford luxury travel experiences, such as stays at high-end hotels and resorts or cruises. This trend is particularly evident in emerging markets, where a growing middle class is driving demand for luxury travel experiences. As incomes rise, more people are able to afford travel and are seeking out unique and high-end experiences that offer a break from their daily lives. This includes stays at luxury hotels and resorts, as well as cruises that offer all-inclusive amenities and experiences.
Hotels, Resorts & Cruise Line Market Restraint
Economic downturns
- The increasing competition from alternative lodging options such as vacation rentals, homestays, and Airbnb. These alternative lodging options are often cheaper and offer a more local and authentic experience, which can be attractive to certain travelers. As a result, hotels, resorts, and cruise lines are facing pressure to innovate and offer unique experiences to differentiate themselves and compete with these alternatives.
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Hotels, Resorts & Cruise Line Market Competitive Landscape
Market participants from around the world are using product innovation techniques, which has led to market fragmentation and intense competition. In order to strengthen their position in the market, the major firms are taking a number of actions. These actions involve techniques like joint ventures, mergers and acquisitions, the creation and introduction of new products, international expansion, and others.
Hotels, Resorts & Cruise Line Market Top Player’s Company Profiles
- 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)
Hotels, Resorts & Cruise Line Market Recent Developments
- In April 2023, the adventure travel marketplace TourRadar published its first Climate Action Plan, which urges all 2,500 tour operators to implement sustainability activities by 2030 and provide a carbon footprint monitoring tool.
- In December 2022, The Best Western Plus hotels in Lawrence, Kansas, and Norman, Oklahoma, owned by Wichita, Kansas-based Hospitality Management LLC, changed brands and are now run as StoneHill, Trademark Collection by Wyndham.
Hotels, Resorts & Cruise Line Key Market Trends
Growing demand for Luxury Travel
- One of the current market trends is the growing demand for luxury travel. Many cruise lines are investing in high-end amenities and services, such as private balconies, gourmet dining options, and butler service, to attract affluent travellers who are willing to pay a premium for a luxury experience.
Hotels, Resorts & Cruise Line Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the Global Hotels, Resorts & Cruise Line Market is a large and diverse industry that is constantly evolving. The industry is driven by factors such as increasing disposable income, rise of the experience economy, and growing demand for personalized and unique travel experiences. There are also challenges and restraints in the industry, including competition from alternative accommodations, changing consumer preferences, and geopolitical and economic uncertainties. The industry is dominated by large multinational companies, with the majority of top players based in North America and Europe. The industry is highly competitive, with companies vying to offer the most innovative and personalized experiences to their guests. The Global Hotels, Resorts & Cruise Line Market is expected to continue to grow in the coming years, with a focus on personalization, sustainability, and technology integration driving innovation and growth in the industry.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 524.1 billion |
| Market size value in the | USD 2203.41 billion |
| Growth Rate | 17.30% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hotels, Resorts & Cruise Line Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hotels, Resorts & Cruise Line Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hotels, Resorts & Cruise Line Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hotels, Resorts & Cruise Line Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hotels, Resorts & Cruise Line Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hotels, Resorts & Cruise Line Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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