Hotels, Resorts, and Cruise Lines Market Share Projected to be Worth USD 3,087.27 Billion By 2032, at 17.5% CAGR: Report by Polaris Market Research

NEW YORK, Dec. 1, 2023 /PRNewswire/ — A latest research report [110+] pages with 360-Degree visibility, titled “Hotels, Resorts, and Cruise Lines Market Share, Size, Trends, Industry Analysis Report, By Type (Hotels, Resorts, and Cruise Lines); By Sales Channel; By Region; Segment Forecast, 2023- 2032” published by Polaris Market Research in its research repository.

According to [110+ Pages] research report, the global Hotels, Resorts, and Cruise Lines Market size & share is predicted to grow from USD 618.35 billion in 2022 to USD 3,087.27 billion in 2032. It is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 17.5% from 2023 to 2032, according to the latest report by Polaris Market Research.

Global Hotels, Resorts, and Cruise Lines Market: Report Overview

The travel sector is made up of a variety of enterprises that are catered to by resorts, hotels, and cruise lines. While resorts offer a more complete experience and frequently include extra amenities like spas, golf courses, and fine cuisine, hotels only offer accommodation services. On the other side, cruise lines offer a distinctive kind of vacation by combining lodging, food, and entertainment on floating ships that visit different locations.

Moreover, modern travelers look for experiences that go beyond the typical conveniences. They dream of real, immersive experiences with regional surroundings and cultures, which raises the need for hotels, resorts, and cruise lines market demand. In response, lodging establishments, resorts, and cruise lines have created one-of-a-kind experiences, including adventure trips, food tours, and cultural immersions.

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Who are the key Players in the Hotels, Resorts, and Cruise Industry?

  • Accor SA
  • Carnival Corporation & plc
  • Choice Hotels International, Inc.
  • Expedia Group
  • Hilton Worldwide Holdings Inc.
  • Hyatt Hotels Corporation
  • InterContinental Hotels Group PLC
  • Marriott International, Inc.
  • Norwegian Cruise Line Holdings Ltd.
  • Princess Cruises (a subsidiary of Carnival Corporation)
  • Royal Caribbean Group
  • The Walt Disney Company (Disney Cruise Line)
  • Wyndham Hotels & Resorts, Inc.
  • P&O Cruises (a subsidiary of Carnival Corporation)
  • Radisson Hotel Group

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Important Highlights from the Report

  • The industry is predicted to increase as a result of the growing trend of travel and tourism as well as the use of hotels, resorts, and cruise lines by millennials and Generation Z to have an excellent vacation experience.
  • Growing awareness of wellness and health programs is projected to prompt product demand.
  • The hotels, resorts, and cruise lines market segmentation is mainly based on sales, region, type, and channel.
  • North America dominated the market with the largest share in 2022.

Hotels, Resorts, and Cruise Lines Market Details

Report Attributes

Details

Market value in 2023

USD 724.83 billion

Market value in 2032

USD 3,087.27 billion

CAGR

17.5% from 2023 – 2032

Base year

2022

Historical data

2019-2021

Forecast period

2023-2032

Market’s Prime Determinants of Growth, Trends, and Opportunities

Growth Drivers

  • Growing Awareness of Health and Wellness: Facilities like fitness centers, spas, and wellness programs are in higher demand as people’s awareness of health and wellness grows. Resorts are leveraging this trend in particular by providing customized packages that emphasize leisure and renewal.
  • Health and Wellness Tourism: Due to a number of important growth reasons, the well-being and health tourism industry has become a strong and growing sector of the hotels, resorts, and cruise lines market. First, a growing number of people worldwide are becoming more health-conscious and seeking holistic well-being, which is driving up demand for wellness-focused travel experiences. The sector is growing because more and more travelers are choosing to stay in places that provide experiences like spa treatments, yoga retreats, and fitness programs.

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Trends and Opportunities

  • Medical Technology Advancements: Innovations in medicine and an increasing inclination towards complementary and alternative therapies have enhanced the allure of health and wellness travel. Nowadays, a lot of tourists are looking for places that are well-known for their holistic treatment methods, revitalizing therapies, and medical know-how. As a result, specialized medical tourism hubs have grown all over the world.

Segmental Analysis

  • Hotels Sector Accounts for the Largest Share

Due to the growing middle class and rising disposable incomes, which have sparked a travel boom and increased demand for lodging, the hotels segment held the largest hotels, resorts, and cruise lines market share in 2022 and is expected to maintain this position throughout the forecast period. An increased inclination for experience travel, where lodging is seen as an essential part of the trip, is what is driving this trend.

Moreover, over the course of the forecast period, the resort sector is anticipated to increase at the fastest rate. This increase is explained by consumers’ growing preference for luxury and leisure travel. Resorts provide a number of benefits, such as comfort, convenience, and a relaxing atmosphere. Additionally, they offer a wide range of both indoor and outdoor activities, which enhances the visitor experience.

  • Offline Channel Witnesses Highest Growth

For hotels and resorts, walk-ins, direct phone reservations, and travel agents are still essential. Travel agencies are an important offline channel since some customers want individualized attention and professional guidance.

Additionally, direct phone bookings provide a personal touch, particularly for complex reservations or customized needs. Walk-ins accommodate tourists looking for quick lodging by offering last-minute options and impromptu bookings. Offline channels still cater to a wide range of customers, highlighting the lasting value of interpersonal relationships in the hospitality industry.

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Regional Insights

Which Region is Leading in the Hotels, Resorts, and Cruise Industry?

North America: The hotels, resorts, and cruise lines market in North America is a vibrant and varied industry. It serves a broad range of guests with a variety of alternatives, from world-class cruise experiences to urban boutique hotels and luxury resorts in seaside paradises. North America is a popular travel destination because of its famous cities, gorgeous scenery, and rich cultural heritage.

Asia Pacific: Asia Pacific is projected to be the fastest projected hotels, resorts, and cruise lines market growth. It is home to an abundance of natural and cultural attractions, including immaculate natural landscapes and historic landmarks. With millions of visits each year, these offers have a strong attractiveness for tourists looking for engaging and stimulating experiences.

Browse the Detail Report “Hotels, Resorts, and Cruise Lines Market Share, Size, Trends, Industry Analysis Report, By Type (Hotels, Resorts, and Cruise Lines); By Sales Channel; By Region; Segment Forecast, 2023- 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/hotels-resorts-and-cruise-lines-market      

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Key Questions Answered in the Report

  • How big are the hotels, resorts, and cruise lines market size?
  • What is the expected growth rate of the market during the forecast period?
  • What are the key market trends and opportunities?
  • Which aspects are driving the market demand?
  • What segments are covered in the report?
  • What is the market study period?

Polaris Market Research has segmented the hotels, resorts, and cruise lines market report based on type, sales channel, and region:

Hotels, Resorts, and Cruise Lines, Type Outlook (Revenue – USD Billion, 2019 – 2032)

  • Hotels
  • Resorts
  • Cruise Lines

Hotels, Resorts, and Cruise Lines, Sales Channel Outlook (Revenue – USD Billion, 2019 – 2032)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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SOURCE Polaris Market Research



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