Global Hotels, Resorts & Cruise Line Market

Hotels, Resorts & Cruise Line Market Size, Share, Growth Analysis, By Type(Hotel, Resorts), By Sale Channels(Online, Offline) - Industry Forecast 2024-2031

Report ID: SQMIG25O2019 | Region: Global | Published Date: February, 2024
Pages: 223 | Tables: 62 | Figures: 77

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 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).

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. '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)'

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.

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.

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 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.

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Global Hotels, Resorts & Cruise Line Market

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