June 17, 2024
Floating Hotels Market

Floating Hotels Market to Witness Growth owing to Expanding Cruise Tourism Industry

The floating hotels market is a rapidly growing segment in the global hospitality industry. Floating hotels, also known as cruise ships or floating resorts, provide accommodation facilities aboard ship or boats. They offer all the basic amenities of a traditional hotel along with recreational activities like swimming, water sports and spa services. Guests can experience panoramic ocean views and on-water activities while staying in fully serviced suites or cabins. Their unique ambience and onboard activities make floating hotels a popular choice for leisure travelers, couples seeking a romantic gateway and cruise enthusiasts.

The global floating hotels market is estimated to be valued at US$ 7,346.4 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the floating hotels market are Good Hotel London, Manta Resort, The Floatel In, LE ROI FLOATING HUTS & ECO ROOMS, Amilla Maldives, Soneva, Madifushi Private Island, Amaya Kud Rah, Sun Siyam Resorts, Taj Lake Palace, Udaipur, The Floatel, Kolkata, AB Celestial, Mumbai, Poovar Island Resort, Mumtaz Palace Houseboat, Poovar Island Resort, Queen Elizabeth 2, Love and boat LLC, Palm Springs Preferred Small Hotels., River Kwai Jungle Rafts, and Float House River Kwai.

Key opportunities: Growing leisure travel industry, rising disposable incomes, increasing popularity of luxury cruising are fueling demand for unique accommodation options like Floating Hotels Market Demand.

Global expansion: Key players are expanding operations to new tourist destinations like Maldives, Thailand, India, Europe and the Americas to tap opportunities in emerging markets and offer exotic floating hotel experiences.

Market drivers:

The expanding global cruise tourism industry driven by increasing cruise ship capacities, deployment of new ships and rising number of passengers is a major growth driver for floating hotels market. Cruise lines operate floating hotels or deploy standalone floating resorts to attract more travelers

Floating hotels market is estimated to witness high growth owing to the expanding global cruise tourism industry. Rapid fleet expansion by leading cruise lines and deployment of innovative floating hotel concepts will further drive the demand. Growth opportunities lie in developing exotic destinations and offering differentiated experiences to cruise enthusiasts and leisure travelers worldwide.

PEST Analysis

Political: Regulations regarding cruise ships, maritime laws and coastal area development plans will impact the floating hotels market. Changes in visa policies and tourism regulations affect the inflow of tourists.

Economic: Financial performance of the tourism industry and consumer spending habits determine the demand for floating hotels. Currency fluctuations also impact the industry.

Social: Changes in lifestyle, travel preferences, and mobile work culture support the growth of floating hotels sector. Millennials and Gen Z prefer unique accommodation experiences.

Technological: Adoption of automation, IoT, virtual/augmented reality boost the services and experience offered by floating hotels. Data analytics helps operators understand customer behavior and demands better.

Geographical concentration

Asia Pacific accounts for the largest share in terms of value driven by rising number of floating hotels in countries like Thailand, Indonesia and Maldives. Abundance of beaches, islands and backwaters make these destinations suitable for floating hotels.

Fastest growing region

Europe is projected to witness the highest CAGR during the forecast period. Presence of major rivers and coastal regions and growing popularity of unique stays attract new operators in Europe to set up floating hotels. Countries like UK, Netherlands, France and Germany are expanding their fleets to meet the rising demand.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it