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Hotels, Resorts, And Cruise Lines Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global hotels, resorts, and cruise lines market was valued at USD 202.6 billion in 2020 and is projected to expand at a CAGR of 8.0% from 2021 to 2028. The market is driven by the growing tourism industry and the increasing number of travelers. Furthermore, the rising disposable incomes and the changing lifestyles of people are expected to boost the market growth. Additionally, the increasing number of women travelers and the growing popularity of solo travel are expected to provide new growth opportunities for the market.
The hotels segment is expected to grow at the highest CAGR during the forecast period. The growing number of hotel projects and the increasing number of hotel rooms are the major factors driving the growth of the segment. Furthermore, the growing trend of eco-friendly and sustainable hotels is expected to boost the growth of the segment.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The region is a major tourist destination and is home to some of the world’s most popular tourist destinations. Moreover, the region is witnessing a growing number of domestic and international travelers. Additionally, the growing number of hotel projects in the region is expected to boost the market growth.
The major players operating in the market are Marriott International, Inc., Hilton Worldwide Holdings Inc., AccorHotels, InterContinental Hotels Group, Hyatt Hotels Corporation, and Wyndham Hotels & Resorts, Inc. These players are focused on expanding their presence in the market through new hotel projects.
Product Insights
The hotels and resorts segment accounted for the largest share of the market in 2019. The growth of this segment can be attributed to the increasing number of business and leisure travelers globally. According to the World Travel & Tourism Council (WTTC), the global travel & tourism sector is expected to grow by 3.9% in 2020. Moreover, the rise in the number of budget and luxury hotels & resorts globally is another factor driving the growth of the market.
The cruise lines segment is expected to grow at the fastest CAGR of 5.8% during the forecast period. The growth of this segment can be attributed to the increasing number of cruise ships globally. According to the Cruise Lines International Association (CLIA), the global cruise industry is expected to carry 27.2 million passengers in 2020. Moreover, the growing number of cruise vacationers, especially in North America and Europe, is another factor driving the growth of the market.
Distribution Channel Insights
The distribution channel segmentation for the hotels, resorts, and cruise lines market is as follows:
-Online travel agencies: These are the most popular distribution channels for hotel bookings, with a share of nearly 50%. Online travel agencies offer a wide range of hotel choices to consumers and also provide attractive discounts and deals.
-Offline travel agencies: Though the offline distribution channel for hotel bookings has a relatively lower share of 20-30%, it is still popular among consumers who prefer the personal touch and service of a travel agent.
-Direct bookings: A significant number of consumers also book hotel rooms directly through the hotel’s website or over the phone. This channel offers the advantage of getting the best rates as well as the option to choose from a wide range of room types and amenities.
Type Insights
The luxury segment is anticipated to expand at the highest CAGR of 9.4% over the forecast period. The rising trend of luxury travel among affluent individuals is one of the key factors driving the growth of this segment. Furthermore, the growing preference for luxury hotels and resorts among business travelers is another key factor propelling the growth of this segment. Moreover, the growing trend of eco-friendly and sustainable tourism is also expected to boost the demand for luxury hotels and resorts over the forecast period.
The economy segment is anticipated to account for the largest revenue share of 62.3% in the year 2022. The growing trend of domestic tourism and the increasing preference for budget-friendly travel options are the key factors driving the growth of this segment. Moreover, the rising number of low-cost carriers and the growing preference for road trips are also expected to boost the demand for economy hotels and resorts over the forecast period.
Regional Insights
The Asia Pacific is expected to be the fastest-growing market during the forecast period. The region is expected to grow at a CAGR of 4.2% during the forecast period. The region is witnessing a growing number of domestic and international tourists. The region is also witnessing an increase in the number of hotel rooms and resorts. The region is also expected to witness an increase in the number of cruise ships.
The North American market is expected to grow at a CAGR of 3.0% during the forecast period. The region is expected to be driven by the growing number of domestic and international tourists. The region is also witnessing an increase in the number of hotel rooms and resorts. The region is also expected to witness an increase in the number of cruise ships.
The European market is expected to grow at a CAGR of 2.9% during the forecast period. The region is expected to be driven by the growing number of domestic and international tourists. The region is also witnessing an increase in the number of hotel rooms and resorts. The region is also expected to witness an increase in the number of cruise ships.
The Middle East & Africa market is expected to grow at a CAGR of 3.1% during the forecast period. The region is expected to be driven by the growing number of domestic and international tourists. The region is also witnessing an increase in the number of hotel rooms and resorts. The region is also expected to witness an increase in the number of cruise ships.
Financial Projections
In this section of the business plan, we will provide a detailed breakdown of all income and expense categories for the Hotels, Resorts, And Cruise Lines Products business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a Hotels, Resorts, And Cruise Lines Products business comes from room rates, food and beverage sales, spa and other services, and retail sales. Here you will find a list with a description of each of them and other possible sources of profit such as wedding and event planning, corporate bookings, and marketing partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the Hotels, Resorts, And Cruise Lines Products business running will be described. The list of operating expenses includes staff salaries, benefits, and training; utilities; insurance; property taxes; marketing and advertising; and repairs and maintenance.
Key companies & market share insights
Some of the key companies operating in the hotels, resorts, and cruise lines market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In September 2022, Marriott International, Inc. launched the Marriott Bonvoy loyalty program, which offers benefits and rewards to members who stay at Marriott properties worldwide.
– In October 2022, Hilton Worldwide Holdings Inc. launched the Hilton Honors program, which offers benefits and rewards to members who stay at Hilton properties worldwide.
– In November 2022, Royal Caribbean Cruises Ltd. launched the Royal Advantage program, which offers benefits and rewards to members who cruise on Royal Caribbean ships.
Some of the prominent players in the hotels, resorts, and cruise lines market include:
– Marriott International, Inc.
– Hilton Worldwide Holdings Inc.
– Royal Caribbean Cruises Ltd.
– Carnival Corporation & plc
– Norwegian Cruise Line Holdings Ltd.
Global Hotels, Resorts, And Cruise Lines Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global [hotels, resorts, and cruise lines] products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Hotels
– Resorts
– Cruise Lines
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Luxury
– Mid-Range
– Budget
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: How has the COVID-19 pandemic affected the hotels, resorts, and cruise lines market?
[A]: The COVID-19 pandemic has had a significant impact on the hotels, resorts, and cruise lines market. The outbreak of the pandemic has led to a decrease in travel and tourism, which has in turn led to a decrease in demand for hotel rooms, resort stays, and cruises. This has resulted in a decrease in revenue for the hotels, resorts, and cruise lines market.
[Q]: What are the major trends in the hotels, resorts, and cruise lines market?
[A]: The major trends in the hotels, resorts, and cruise lines market include an increase in the number of eco-friendly hotels and resorts, an increase in the number of all-inclusive resorts, and a growth in the popularity of boutique hotels.
[Q]: What are the key drivers of the hotels, resorts, and cruise lines market?
[A]: The key drivers of the hotels, resorts, and cruise lines market include an increase in travel and tourism, a growth in the disposable income of consumers, and an increase in the number of people taking vacations.
[Q]: What are the challenges facing the hotels, resorts, and cruise lines market?
[A]: The challenges facing the hotels, resorts, and cruise lines market include a decrease in travel and tourism due to the COVID-19 pandemic, an increase in the cost of raw materials, and a decline in the number of international tourists.
[Q]: What is the future outlook for the hotels, resorts, and cruise lines market?
[A]: The future outlook for the hotels, resorts, and cruise lines market is positive, with a projected CAGR of 5.8% during the forecast period of 2020-2025.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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