The global hotels, resorts, and cruise lines market size was valued at USD 524.1 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 17.4% from 2022 to 2030. The growth is attributed to the growing usage of hotels by millennials and gen Z. The growing preference of this demographic to experience high-quality and top-notch staying experiences is contributing to the industry’s growth. Moreover, the growing interest in traveling among them leads to a growing reservation in hotels and resort stays which is further driving the growth.
The COVID-19 pandemic took a significant toll on various industries. It majorly impacted the service-oriented sectors including the hotels, resorts, and cruise lines. The global hotels, resorts, & cruises industry suffered a major loss during this period due to restrictions imposed by the government such as termination of group gatherings and activities, mobility restrictions, and others.
As per a report by the United Nations, the arrival of international tourists fell by 60% to 80% in 2020 due to COVID-19, which negatively impacted the hotels and resorts market. The global number of passengers also dropped during the pandemic. According to a report by Cruise Lines International Association (CLIA), the volume of cruise passengers across the globe fell by 80% in 2020 due to COVID-19. However, the industry is expected to bounce back and is expected to grow at a significant pace.
The growth of the global travel and tourism industry has been thriving and is directly impacting the hotel industry. This growth is encouraging the use of hotels along with resorts among the consumers thus driving the overall growth. Moreover, the booming interest in resorts to flush out the stress associated with work and pressure is leading to growing usage of resorts thus driving the growth. The rising trend for leisure travel is further fueling the growth. The rising number of business trips along with the rising number of international trips with a high number of international travelers is propelling the overall growth.
The hotel, resort, and cruise lines sector is considered to be one of the main components of the travel and tourism industry and is directly connected to it. The global travel and tourism industry is developing and progressing rapidly with which the global hotel, resort, and cruise lines industry is also growing thus driving the industry growth. The growing number of tourists and increasing tourism trends both in a domestic and international category are further surging the growth. Various factors such as increasing consumer spending, growing GDP, and affordable hotel prices are further expected to drive the growth.
Hotels and resorts provide the facility of security which is resulting in a growing occupancy rate of hotels and resorts which in the result is contributing to the industry growth. The growing international relations among numerous countries result in a high tourism rate eventually resulting in increased usage of hotels, resorts, & cruise lines which is strengthening their presence thus propelling the growth of the industry.
Moreover, the rising sports tourism has also resulted in increasing occupancy of hotels and resorts thereby driving the market growth. In addition, the significant increase in the number of global events including Technological Expo, Fashion Expo, and others attract an immense population resulting in increased occupancy of hotels and resorts thus contributing to the overall growth of the hotels, resorts, & cruise lines market.
The presence of vacation rentals such as Vrbo and Airbnb is expected to restrain the growth of the global hotels, resorts, & cruise lines industry. The growing preference of millennials and gen z to stay in short-term vacation rentals to gain a unique experience is hindering the growth. Moreover, cruises are associated with high costs and are quite expensive which is hampering the growth of the industry.
However, the growing research and developments for the sustainable disposal of waste are expected to create key opportunities for the growth of the industry. In addition, the addition of change and innovation such as convergence of hygiene and sustainability of hotels and resorts is also expected to create lucrative opportunities for the growth of the market.
The hotels segment dominated with a revenue share of over 50% in 2021 and is expected to expand at the fastest CAGR of 17.7% from 2022 to 2030. The growth and dominance of the segment are attributable to growing tourism and travel activities across the globe. Moreover, the preference for hotels over other places as they provide a top-grade staying experience is a key factor driving the segment growth.
In addition, rising digitalization and globalization have resulted in an increased interest among geeks in traveling which is also a primary factor driving the growth of the market. Additionally, advantages of hotels such as quality and safe stay, easy reservation process along with security are some of the key factors boosting the preference and use of hotels thus contributing to the segment growth over the forecast period.
The resorts segment is anticipated to grow at a significant CAGR of 17.1% over the forecast period due to the increasing number of leisure and luxury trips among consumers. Resorts provide numerous advantages which are resulting in their rising adoption. These advantages include convenience, comfort, and relaxation. They provide the consumer with a wide range of indoor and outdoor activities within the site to choose from.
Thus, the aforementioned factors are contributing to the segment growth. The availability of a diverse range of resorts including mountain top resorts, beach resorts, and others to choose from is another key factor contributing to the segment growth. Moreover, growing attraction towards all-inclusive resorts as they help in releasing stress is another significant factor propelling the growth of the segment.
North America dominated the global hotels, resorts, & cruise lines industry by holding the largest share of the market of over 35% in 2021 and is estimated to grow at a significant CAGR of 17.4% over the forecast period. The dominance and growth of the region are attributed to the presence of the highest number of hotels, resorts, and developed cruise line industry in the region.
The presence of a prominent and the most developed hospitality industry in the region is another key factor contributing to the growth of the regional segment. In addition, high consumer spending in the leisure, travel, and tourism industries coupled with the high disposable income of consumers are some of the other major factors boosting the growth of the regional market.
Asia Pacific is expected to grow with the fastest CAGR of 18.0% over the forecast period from 2022 to 2030. The growth of the market in the region is contributed to growing investment in the travel & tourism industry by the regional government. The increasing investment is resulting in the development of the overall tourism industry eventually attracting a high number of tourists to various countries in the region.
Moreover, the rising number of business travels in the region is further boosting the market. In addition, the growing disposable income and spending power of consumers are also attributed to driving the growth. Thus, the aforementioned factors are driving the growth of the regional industry.
The market is highly fragmented and competitive with global players engaging in product innovation strategies. The key players are adopting various steps to increase their presence in the market. These steps include strategies such as partnerships, mergers & acquisitions, development & launch of new products, global expansion, and others.
For instance, in July 2021, the announcement for the launch of the new ship and its sail in the eastern and western Caribbean was made by Carnival Corp. This is the first cruise ship in North America that will be fueled by liquefied natural gas and has a rollercoaster on board which is a first in the world. Some prominent players in the global hotels, resorts, and cruise lines market include:
Marriott International, Inc.
Wyndham Hotel Group, LLC.
Hilton Worldwide Holdings Inc.
InterContinental Hotels Group PLC
Hyatt Hotels Corporation
Host Hotels & Resorts Inc.
Huazhu Hotels Group Ltd
Carnival Corporation & plc
Royal Caribbean Group
Norwegian Cruise Line Holdings Ltd.
In July 2023 , Marriott International and MGM Resorts International announced a long-term license agreement, and the creation of MGM Collection with Marriott Bonvoy. The agreement will allow MGM Resorts to leverage Marriott’s global distribution platform and loyalty program, while Marriott will gain access to MGM’s iconic portfolio of hotels and resorts in key markets
In July 2023, Hilton announced the opening of Hilton Okinawa Miyako Island Resort. The resort is a result of a partnership with Mitsubishi Estate and Kajima Corporation, two leading real estate developers in Japan. The resort aims to provide guests with an unforgettable experience of the island’s natural beauty and culture
In June 2023, InterContinental Hotels Group PLC announced a partnership with Hotel Express Sofia Airport OOD to open Holiday Inn Express Sofia Airport, a new hotel near the Bulgarian capital’s international airport. This will help IHG to expand its market share and brand presence in Bulgaria
Market size value in 2022
USD 601.1 billion
Revenue forecast in 2030
USD 2,214.0 billion
CAGR of 17.4% from 2022 to 2030
Base year for estimation
2017 - 2020
2022 - 2030
Revenue in USD million/billion and CAGR from 2022 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
U.S.; Canada; Mexico; Germany; Italy; U.K.; France; Spain; China; Japan; India; Australia; Indonesia; Brazil; South Africa
Key companies profiled
Marriott International, Inc.; Wyndham Hotel Group, LLC.; Hilton Worldwide Holdings Inc.; InterContinental Hotels Group PLC; Hyatt Hotels Corporation; Host Hotels & Resorts Inc.; Huazhu Hotels Group Ltd; Carnival Corporation & plc; Royal Caribbean Group; Norwegian Cruise Line Holdings Ltd.
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. Grand View Research has segmented the global hotels, resorts, & cruise lines market report based on type and region:
Type Outlook (Revenue, USD Billion, 2017 - 2030)
Regional Outlook (Revenue, USD Billion, 2017 - 2030)
Central and South America
Middle East and Africa
b. The global hotels, resorts, and cruise lines market was estimated at USD 524.1 billion in 2021 and is expected to reach USD 601.1 billion in 2022.
b. The global hotels, resorts, and cruise lines market is expected to grow at a compound annual growth rate of 17.4% from 2022 to 2030 to reach USD 2,214 billion by 2030.
b. Asia Pacific dominated the hotels, resorts, and cruise lines market with a share of 46.06% in 2021. This is attributed the increasing investment is resulting in the development of the overall tourism industry eventually attracting a high number of tourists to various countries in the region.
b. Some key players operating in the hotels, resorts, and cruise lines marketincludes Marriott International, Inc.; Wyndham Hotel Group, LLC.; Hilton Worldwide Holdings Inc.; InterContinental Hotels Group PLC; Hyatt Hotels Corporation; Host Hotels & Resorts Inc.; Huazhu Hotels Group Ltd; Carnival Corporation & plc; Royal Caribbean Group; Norwegian Cruise Line Holdings Ltd.
b. Key factors that are driving the hotels, resorts, and cruise lines market growth include the growing preference of this demographic to experience high-quality and top-notch staying experiences is contributing to the market growth.
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