Hotels, Resorts and Cruise Lines Market Report 2024

This Hotels, Resorts And Cruise Lines market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The hotels, resorts and cruise lines market size has grown rapidly in recent years. It will grow from $603.44 billion in 2023 to $701.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth during the historic period can be attributed to several factors, including economic expansion, a surge in tourism, advances in digital transformation, a rising demand for luxury and experiential travel, expanded infrastructure development, and effective marketing and promotion strategies.

The hotels, resorts and cruise lines market size is expected to see rapid growth in the next few years. It will grow to $1.28 trillion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The anticipated growth during the forecast period can be attributed to several factors, including the rise of sustainable tourism, advancements in technology integration, an increase in millennial and Gen Z travelers, a growing focus on health and wellness tourism, the expansion of emerging markets, heightened mergers and acquisitions activity, and a greater emphasis on personalization and customization. Key trends expected to shape the future include sustainable tourism, technological advancements, health and wellness tourism, experience-driven travel, luxury travel, the blending of remote work with leisure travel, and innovations within the cruise industry.

The growing popularity of tourism and travel is projected to drive the expansion of the hotel, resort, and cruise line markets. Tourism and travel encompass the activities of individuals traveling away from their usual residence for leisure, business, or other purposes, along with the services and infrastructure supporting these activities. The increase in tourism and travel is fueled by higher disposable incomes, which enable greater spending on leisure, and favorable exchange rates that make certain destinations more affordable. Moreover, globalization and social media exposure to diverse cultures and popular destinations further stimulate the desire to visit these places. Hotels, resorts, and cruise lines offer crucial accommodation, leisure facilities, and transportation services that cater to tourists' and travelers' needs, enhancing their overall experiences. For instance, Eurostat reported in October 2023 that in 2022, nearly 2.8 billion nights were spent in EU accommodations, with 1.2 billion of these by international guests. Notably, 13% of the nights spent by international guests in Europe were by tourists from outside Europe, an increase from 8% in 2021. Therefore, the rise in tourism and travel is expected to boost the growth of the hotel, resort, and cruise line sectors.

Leading companies in the hotel, resort, and cruise line industries are increasingly adopting artificial intelligence, such as AI-powered virtual concierges, to enhance guest satisfaction with personalized recommendations and real-time support. A virtual concierge is an AI-driven digital assistant that provides tailored services and information, similar to a human concierge, and is used in hotels, buildings, and online platforms. For example, in December 2023, Renaissance Hotels, a US-based hospitality company, introduced RENAI, an AI-integrated digital assistant. RENAI offers personalized recommendations, real-time assistance with hotel services, and anticipatory service through AI-driven insights, improving guest satisfaction by predicting and addressing needs proactively. It provides customized suggestions for dining and activities based on guest preferences and past interactions, while also facilitating immediate support for hotel-related queries. This technology helps hotel staff better understand and respond to guest needs, enhancing both operational efficiency and the overall guest experience.

In October 2023, Palace Resorts, a Mexico-based luxury hospitality provider, acquired Baglioni Hotels & Resorts for an undisclosed amount. This acquisition aims to expand Palace Resorts' luxury portfolio, increase market share, and enhance its global presence by incorporating Baglioni's esteemed properties and brand into its offerings. Baglioni Hotels & Resorts, based in Italy, is known for its high-end accommodations and exceptional service.

Major companies operating in the hotels, resorts and cruise lines market are Marriott International Inc, MSC Cruises, Radisson Hotel Group, Carnival Corporation & plc, Caesars Entertainment Corporation, Royal Caribbean Group, Hilton Worldwide Holdings Inc, Costa Crociere S.p.A., Hyatt Corporation, Host Hotels & Resorts Inc, Norwegian Cruise Line Holdings Ltd, Accor SA, Four Seasons Hotels and Resorts, Princess Cruises, InterContinental Hotels Group PLC, Disney Cruise Line, Huazhu Hotels Group Ltd, Rosewood Hotels & Resorts, Meliá Hotels International, Raffles Hotels & Resorts, Wyndham Hotel Group LLC, Shangri-La Hotels and Resorts, Choice Hotels International Inc, Belmond Ltd, The Ritz-Carlton Hotel Company, Mandarin Oriental Hotel Group.

North America was the largest region in the hotels, resorts and cruise lines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hotels, resorts and cruise lines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hotels, resorts and cruise lines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Hotels, resorts, and cruise lines offer a range of accommodations and services for travelers. Hotels provide short-term stays in commercial settings, resorts focus on delivering comprehensive leisure experiences in picturesque locations, and cruise lines offer a combination of transportation, lodging, and entertainment on maritime journeys. Each type addresses different needs, from basic lodging to extensive vacation experiences.

The primary categories in this sector are hotels, resorts, and cruise lines. Hotels are establishments that offer short-term lodging, with options ranging from budget to luxury, catering to various comfort levels and price points. Travelers may choose between domestic and international destinations, and sales channels for these services include both online and offline options.

The hotels, resorts, and cruise lines market research report is one of a series of new reports that provides hotels, resorts, and cruise lines market statistics, including hotels, resorts, and cruise lines industry global market size, regional shares, competitors with an hotels, resorts, and cruise lines market share, detailed hotels, resorts, and cruise lines market segments, market trends and opportunities, and any further data you may need to thrive in the hotels, resorts, and cruise lines industry. This hotels, resorts, and cruise lines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hotels, resorts, and cruise lines market includes revenues earned by establishments providing lodging, recreational services, and maritime travel experiences, encompassing income from room bookings, dining, entertainment, and additional amenities offered to guests and travelers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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