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

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.