U.S. Hotels, Resorts and Cruise Lines Market To Hit Value $299.3 Billion By 2025 |Grand View Research, Inc.


The U.S. hotels, resorts & cruise lines market is expected to reach USD 299.3 billion by 2025, according to a new report by Grand View Research, Inc. As travel and tourism keep on growing every year, hotel and cruise line industry are recognized as an ever-blooming business. High competition is observed amongst the companies due to soaring demand for accommodation. This, in turn, is anticipated to boost the revenue inflow in this market.

Currently, majority of the population are tech-savvy and are comfortable using mobile apps and websites. Customers prefer to plan their trips and search for hotel options all via a digital interface. As a result, hotels are engaged in offerings up-to-date and user-friendly services such as online bookings, cancellation, and payment mode. This, in turn, is expected to enable company in reinforcing their presence in the space.

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.

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.

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https://www.grandviewresearch.com/industry-analysis/us-hotels-resorts-cruise-lines-market/request/rs4

Effective usage of digital marketing & social media promotions is recognized as the high driving force for the market. This is mainly because it allows maintaining harmony and synergy between companies and customers, thereby driving booking rates. Moreover, usage of public forum like Yelp helps in understanding the customer’s’ expectation which further helps in devising the investment plans as per the customer’s need. However, alternate accommodation such as Airbnb and security challenges associated with this industry is expected to slow down the market throughout the forecast period.

Further Key Findings From the Report Suggest:
  • Hotel & motel dominated the market in 2016 with respect to revenue generation
  • Presence of a substantial number of international hotels in the U.S. has contributed to the largest share of this segment
  • In the crowded tourist or travel spots, it is easy to spot hotels in every locality
  • Cruise lines is the fastest growing segment
  • Understanding the growth potential of cruising travel, the cruise line industry is committed to add new capacity in its lines
  • The cruise lines are continuously putting efforts for improving its “cheap and fun vacation deals”
  • These factors are expected to lucratively enhance the segment growth throughout the forecast period
  • Some major hotel companies that are operating in the space are Hyatt Corporation, MARRIOTT INTERNATIONAL, INC.; and Hilton
  • Royal Caribbean International and Carnival Corporation & plc are some prominent cruise line in the market
  • These companies are observed to make significant investment to boost their service portfolio and meet the customers’ expectations
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.

Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/us-hotels-resorts-cruise-lines-market-analysis

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.
Grand View Research has segmented the U.S. hotels, resorts & cruise lines market on the basis of facility type:
U.S. Hotels, Resorts & Cruise Lines Facility Type Outlook (Revenue, USD Billion, 2014 - 2025)
  • Hotels and Motels
  • Cruise Lines
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.

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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