USD 238.82 Billion
U.S. Hotels, Resorts, and Cruise Lines Market Size, Share, Growth Analysis, By Type(Hotels, Resorts and Cruise) - Industry Forecast 2024-2031
Report ID:
SQMIC25O2021 |
Region:
Country |
Published Date: April, 2024
Pages:
223
|
Tables:
35 |
Figures:
74
U.S. Hotels, Resorts, and Cruise Lines Market Insights
U.S. Hotels, Resorts, and Cruise Lines Market size was valued at USD 238.82 Billion in 2022 and is poised to grow from USD 261.03 billion in 2023 to USD 531.68 Billion by 2031, at a CAGR of 9.3 % during the forecast period (2024–2031).
The demand is being driven by the expansion of the American travel and tourism industries. With historically low occupancy, significant job losses, and hotel closures all throughout the country in 2020, the hotel industry suffered its worst year ever. According to the American Hotel and Lodging Association, national and state forecasts for 2022 indicate a delayed recovery for the industry in terms of hotel occupancy in the United States because travel demand is still below average.
Hotel occupancy in Florida was among the highest in the nation in 2021, beating the national average of 48.1%, according to the Hotel Data Conference Edition, 2021. Because of this, hotel occupancy in the U.S. has been rising gradually since late January 2021, when it increased to a record-breaking 58.9%. The occupancy rate was still 55.7% even after taking into account hotels that were temporarily closed because of the epidemic. In addition, leisure travel is anticipated to resume first, with consumers’ confidence in the nation's vaccine coverage and their capacity to travel once more in 2021, according to the AHLA's state of the hotel business 2021 study.
While demand decreased in the third quarter of 2021, the slowdown is due to delta virus variants, older clients, fully immunized travelers who are concerned about COVID-19, and families who are affected by cruise operators only accepting fully immunized passengers over the age of 12. Hotel staffing levels had to be cut back as a result of the pandemic, and new duties had to be assigned to employees. Due to their larger average property size and importance as major employment, metropolitan hotels have found this challenging. As the occupancy rates in urban and airport hotels have been appallingly low and much below the national average, a significant boost in hotel employment might not happen until group and business travel picks up again in the upcoming years.
Furthermore, the number of positions is anticipated to increase somewhat in 2022 compared to 2021, although overall direct hotel employees will be 184,092 fewer than in 2019. This is according to AHLA's State of the Hotel Industry 2021 study. Furthermore, it is doubtful that the sector's employment levels will match those of 2019 until at least 2023.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Hotels
Fastest Growth
Hotels
Growth Rate
9.3% CAGR
U.S. Hotels, Resorts, and Cruise Lines Market 2022-2030 ($ Bn)
Country Share for Northeast Region- 2022 (%)
U.S. Hotels, Resorts, and Cruise Lines Market By Type 2022-2030 ($ Bn)
U.S. Hotels, Resorts, and Cruise Lines Market Type 2022-2030 (%)
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U.S. Hotels, Resorts, and Cruise Lines Market Segmental Analysis
The U.S. Hotels, Resorts, and Cruise Lines Market is segmented based on type, and region. Based on type the market is segmented into Hotels, Resorts, and Cruise. With respect to categorization by region, the U.S. Hotels, Resorts, and Cruise Lines Market is segmented into Northeast, Midwest, South, West and Southwest.
U.S. Hotels, Resorts, and Cruise Lines Market Analysis by Type
In 2021, the hotel sector accounted for the largest revenue share of around 90% of the market for U.S. hotels, resorts, and cruise lines. The hotel and cruise operators are waiting for group and corporate travel to begin at the same capacity as in 2019, as travel and tourism levels have been changing since March 2020. Given all of the current challenges and limitations, the COVID-19 pandemic has provided a fantastic chance for the hotel industry to engage in cutting-edge contactless technology solutions. In recent years, in addition to online booking systems, customers have demonstrated a considerable interest in technology such as contactless payments, digital messaging, self-service check-in, and smartphone-activated room keys.
The cruise companies claimed they anticipated pent-up demand in the second quarter of 2021, but after a few months, that demand decreased. The epidemic has resulted in huge expenditures for a number of enterprises, forcing them to reduce both their occupancy and staff. Due to expenses related to cruise restarts, Norwegian Cruise anticipates its monthly cash burn to rise to around USD 285 billion in the third quarter from an average of over USD 200 billion in the second quarter.
U.S. Hotels, Resorts, and Cruise Lines Market ByType 2022 (%), 2022 (%)
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U.S. Hotels, Resorts, and Cruise Lines Market Regional Insights
The Southeast region of the United States has been experiencing growth in the cruise industry, with Miami serving as the cruise capital of the world and Port Canaveral also experiencing significant expansion. The region is also home to several popular beach destinations such as Myrtle Beach, South Carolina, and the Florida Keys.
The Northeast region of the United States is famous for its extensive history, rich culture, and recognizable icons like the Freedom Trail, Times Square, and the Statue of Liberty. Numerous significant cities, including Boston, New York, and Washington, D.C., are located in the region and draw millions of tourists annually. The Western region of the United States is one of the most popular tourist destinations due to its diverse geography, mild climate, and many attractions. Major cities like Los Angeles, San Francisco, and Las Vegas are popular among tourists, and the region has a high concentration of luxury hotels and resorts.
U.S. Hotels, Resorts, and Cruise Lines Market By Geography, 2022-2030, 2024–2031
- Largest
- Fastest
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U.S. Hotels, Resorts, and Cruise Lines Market Dynamics
U.S. Hotels, Resorts, and Cruise Lines Market Drivers
Growing Travel and Tourism Industry
- The US hotels, resorts, and cruise lines market is driven by the growing travel and tourism industry. As more people travel for leisure and business, the demand for hotels, resorts, and cruise lines increases.
U.S. Hotels, Resorts, and Cruise Lines Market Restraints
Seasonal Demand
- The industry is highly dependent on seasonal demand, which can lead to fluctuations in revenue and profitability. During off-peak seasons, hotels, resorts, and cruise lines may struggle to attract customers and maintain profitability.
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U.S. Hotels, Resorts, and Cruise Lines Market Competitive Landscape
The U.S. hotels, resorts, and cruise lines market is highly competitive in nature, with several key players competing for the top share. The market is dominated by a few large players, but there are also many smaller players and regional players who offer unique products and services. These companies offer a range of products and services, including luxury and budget hotels, resorts, and cruise lines. They compete on price, location, quality, and the range of amenities and services offered to customers. The competitive landscape is constantly evolving, with new entrants and emerging technologies challenging established players. The COVID-19 pandemic has also impacted the competitive landscape, with some companies adapting to changing consumer needs and preferences, while others have struggled to survive.
U.S. Hotels, Resorts, and Cruise Lines Market: Top Player’s Company Profiles
- InterContinental Hotels Group PLC
- Hyatt Hotels Corporation
- Choice Hotels International Inc.
- Best Western Hotels & Resorts
- Four Seasons Hotels and Resorts
- The Ritz-Carlton Hotel Company, LLC
- Mandarin Oriental Hotel Group
- AccorHotels
- Carnival Corporation & plc
- Royal Caribbean Group
- Norwegian Cruise Line Holdings Ltd.
- Princess Cruises
- Celebrity Cruises Inc.
- Holland America Line
- Disney Cruise Line
- Oceania Cruises
- Silversea Cruises
Recent Developments
- In 2022, several major hotel and resort companies such as Hilton and Hyatt launched new loyalty programs and benefits to entice customers to book directly with them.
- In 2021, Marriott International announced plans to open more than 100 new hotels in the United States by the end of 2023, including new properties under several of its brands.
U.S. Hotels, Resorts, and Cruise Lines Key Market Trends
- Increasing focus on sustainability: In recent years, the industry has shown a growing interest in sustainable practices, with many hotels and resorts implementing eco-friendly initiatives to reduce their environmental impact.
- Personalization and customization: Consumers are increasingly seeking personalized experiences when traveling, leading to a trend of hotels and resorts offering more customized services and amenities.
- Technology integration: The industry is rapidly adopting new technologies such as mobile check-in, keyless room entry, and chatbots to enhance the guest experience and streamline operations.
- Rise of alternative accommodations: The popularity of vacation rental platforms such as Airbnb has led to a trend of hotels and resorts offering alternative accommodations such as vacation homes and villas.
- Health and wellness: The trend of health and wellness has been gaining momentum in the industry, with many hotels and resorts offering spa services, fitness facilities, and healthy dining options.
- Multi-generational travel: The trend of multi-generational travel, where families travel together with grandparents, parents, and children, has been growing in popularity. This trend has led to the development of hotels and resorts that cater to the needs of different age groups.
U.S. Hotels, Resorts, and Cruise Lines Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the U.S. Hotels, Resorts, and Cruise Lines market is being driven by the expansion of the American travel and tourism industries. With historically low occupancy, significant job losses, and hotel closures all throughout the country in 2020, the hotel industry suffered its worst year ever. According to the American Hotel and Lodging Association, national and state forecasts for 2022 indicate a delayed recovery for the industry in terms of hotel occupancy in the United States because travel demand is still below average.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 238.82 Billion |
| Market size value in 2031 | USD 531.68 Billion |
| Growth Rate | 9.3% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 U.S. Hotels, Resorts, and Cruise Lines 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 U.S. Hotels, Resorts, and Cruise Lines 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 U.S. Hotels, Resorts, and Cruise Lines 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 U.S. Hotels, Resorts, and Cruise Lines 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 U.S. Hotels, Resorts, and Cruise Lines Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. Hotels, Resorts, and Cruise Lines 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.
U.S. Hotels, Resorts, and Cruise Lines Market Report Snapshots
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