Hotels, Resorts, and Cruise Lines Market's 2032 projection of $3087.27 billion in 2032 & 17.5% CAGR

Hotels, Resorts, and Cruise Lines Market Size Worth $3,087.27 Billion By 2032 | CAGR: 17.5%


The global hotels, resorts, and cruise lines market size is expected to reach USD 3,087.27 billion by 2032, according to a new study by Polaris Market Research. The 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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The hotel, resort, and cruise line sectors are integral components of the ever-evolving travel and tourism industry. As the global travel and tourism sector expands at a rapid pace, the hotel, resort, and cruise lines industry follows suit, driving overall industry growth. The surge in both domestic and international tourism trends, coupled with an increase in consumer spending and a growing GDP, further propel this growth.

Notably, hotels and resorts offer a sense of security, leading to higher occupancy rates, thereby bolstering industry growth. The strengthening of international relations among various countries results in heightened tourism, leading to increased utilization of hotels, resorts, and cruise lines, fortifying their presence and driving industry expansion.

The surge in digitalization and globalization has sparked a growing enthusiasm among tech-savvy individuals for travel, serving as a primary catalyst for market expansion. Furthermore, the appeal of hotels, offering quality, secure accommodations, and streamlined reservation processes, has significantly elevated their preference and utilization. These factors collectively contribute to the upward trajectory of this segment over the forecast period.

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Furthermore, the burgeoning sports tourism sector has contributed to heightened occupancy levels in hotels and resorts, contributing to market growth. Additionally, the proliferation of global events such as Technological Expos and Fashion Expos attracts a substantial population, leading to heightened occupancy rates in hotels and resorts and further augmenting the overall growth of the hotels, resorts, and cruise lines market.

Over the last decade, the global travel and tourism sector underwent significant transformations, wherein hotels, resorts, and cruise lines emerged as central influencers in shaping the industry. This sector has transcended its conventional role of providing basic accommodation and transportation, now standing as an essential component of the holistic travel experience.

Hotels, Resorts, and Cruise Lines Market Report Highlights

  • The hotels segment accounted for the largest market share in 2022, on account of increasing urbanization and standard of living
  • Offline channel is expected to witness highest growth during forecast period
  • North America region dominated the market with majority share in 2022, owing to technological innovations, personalized services, and a strong emphasis on sustainability further enhance the guest experience
  • The global key market players include Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, InterContinental Hotels Group PLC, Marriott International, Inc., Norwegian Cruise Line Holdings Ltd.

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)

  • Online
  • Offline

Hotels, Resorts, and Cruise Lines, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Hotels, Resorts, and Cruise Lines Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 724.83 billion

Revenue forecast in 2032

USD 3,087.27 billion

CAGR

17.5% from 2023 – 2032

Base year

2022

Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Type, By Distribution Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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