U.S. Hotels, Resorts and Cruise Lines Market Size, Share & Trends Report

U.S. Hotels, Resorts and Cruise Lines Market Size, Share & Trends Analysis Report By Facility Type (Hotels & Motels, Cruise Lines), Competitive Landscape, And Segment Forecasts, 2018 - 2025

  • Published Date: Mar, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-2-68038-079-8
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 107

Industry Insights

The U.S. hotels, resorts & cruise lines market size was estimated at USD 199.02 billion in 2016. Hotels & motel business is recognized as one of the most attractive and profitable business over the past years. Confluence of factors that have played major role in reshaping the growth of this market includes rising domestic and international travel rates, high demand for accommodations, and enhanced consumer spending. Furthermore, significant revenue through this market can also be attributed to highly capital-intensive nature of hotel and cruise line industry.

U.S. hotels, resorts & cruise lines market

Growth in customer’s expectations has resulted in significant innovations in hospitality arena. This has also created ample of avenues for the emerging players to enhance their share in the market. Hotel analytics is one of the major innovations that have been introduced in this hotel industry to enhance the booking rates.

Implementation of various technologies further helps hotels to increase profitability and enhance customers’ experiences. This is mainly because it enables companies to offer facilities like personalized customer service, online booking/cancellation, mobile payment processing, mobile check-ins, and digital concierge services.

Presence of tourism-based public forums like Yelp and TripAdvisor helps in maintaining the company-customer relationship by understanding their expectation. These forums offer clients with a platform to give their feedback/complain about various hostels. This also helps companies to further reach their potential customers.

Furthermore, high competition is observed between the players. To reap high profits, companies are undertaking strategies such as reduction in rates, offering enhanced services/amenities, and significant expansion of their properties. Furthermore, reliance on social media platforms like Twitter and Facebook to channelize marketing strategies for self-promotion has effectively boosted the booking rates of the companies.

The hotel industry is observed to be integral to America’s economy as the industry supports millions of jobs in the country. It is observed that directly or indirectly one out of every eighteen Americans is employed in tourism or travel-related business. This has significantly bolstered the revenue generation in the past years.

Presence of agencies like NATTO in the U.S. which function as a point of contact for travel and tourism-related issues has driven the market. Moreover, number of laws and acts have been introduced in the U.S. to accelerate tourism in the country by conducting promotion campaigns across the world.

Although the hospitality industry is recognized as highly profitable business, there are certain challenges associated with this industry which are expected to hamper the booking rates throughout the forecast period. Cyber-attack and data breach are two of the major issues that have restricted the market growth. Other factors that are expected to slow down the market progress are higher rates, requirement of huge capital to run a hotel, and lack of proper resources to run all hotel departments in sync.

Facility Type Insights

Based on facility type, the market is segmented into hotel & motel and cruise lines. Depending on the penetration and revenue generation, hotel and motel segment is estimated as the saturated segment and hence will grow at a steady pace throughout the forecast period.

Increase in travel spending and high demand for accommodation from business travelers and international tourists are two of the major factors that are supportive of the large share of this segment. Hotel companies are observed to effectively capitalize the opportunities created in the market due to any external changes with respect to political scenario and nation’s economy.

However, in the coming years, with continuous evolution of ship hotel vacation experiences, cruise lines are expected to be the source of lucrative revenue. This is majorly due to the significant expansion in passenger capacity. Perpetual addition of onboard facilities, services, & amenities offered through cruise lines to meet traveler’s expectations is driving the segment growth.

Furthermore, expansion of itineraries and inclusion of embarkation ports is observed in this segment. Cruise lines are effectively engaged in addressing the issues related to ships’ waste-disposal systems, backup power systems, fuel efficiency, and safety of ships. These factors are expected to positively enhance the segment growth at surging pace during the forecast period.

U.S. Hotels, Resorts & Cruise Lines Market Share Insights

The market is highly fragmented with the presence of number of major and minor companies in the space. Some major companies that have contributed to the significant share of hotel & motel are MARRIOTT INTERNATIONAL, INC.; Hyatt Corporation, and Hilton. Carnival Corporation & plc and Royal Caribbean International, are some major companies that are operating as major cruise lines in the space.

Consolidation of hotel companies has driven the segment growth over the past years. These companies are engaged in expansion of their business footprints across the world by addition of new properties to their portfolio.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2016

Forecast period

2017 - 2025

Market representation

Revenue in USD Billion and CAGR from 2017 to 2025

Country scope

U.S.

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the U.S. hotels, resorts & cruise lines market report on the basis of facility type:

  • Facility Type Outlook (Revenue, USD Billion, 2014 - 2025)

    • Hotels & Motels

    • Cruise Lines

Key questions answered by the report
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