PUBLISHER: The Business Research Company | PRODUCT CODE: 1428423
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428423
Floating hotels are lodging establishments constructed on or intended to float on water bodies such as rivers, lakes, or oceans. These accommodations provide a distinctive travel experience, merging the comfort and amenities of a hotel with the thrill of exploring different destinations while afloat.
The primary room categories in floating hotels include single occupancy and double occupancy. A single occupancy room is tailored for the exclusive use of one individual and is available in various price ranges, including premium, mid-range, and low-cost options. Booking options for these rooms typically include phone reservations, online bookings, and in-person booking channels.
The floating hotels market research report is one of a series of new reports from The Business Research Company that provides floating hotels market statistics, including floating hotels industry global market size, regional shares, competitors with a floating hotels market share, detailed floating hotels market segments, market trends and opportunities, and any further data you may need to thrive in the floating hotels industry. This floating hotels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The floating hotels market size has grown strongly in recent years. It will grow from $4.52 billion in 2023 to $4.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historical period can be attributed to factors such as novelty and uniqueness, the expansion of tourism, urban development, event hosting, and considerations related to the environment.
The floating hotels market size is expected to see strong growth in the next few years. It will grow to $6.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to the demand for experiential travel, the growth of the luxury and high-end market, the rise in coastal and island tourism, the prevalence of remote work and stay trends, and infrastructure development. Notable trends expected in the forecast period include an emphasis on sustainability, increased technological integration, focus on modularity and adaptability, offerings related to health and wellness, and a commitment to cultural immersion.
The anticipated surge in the demand for cruise tourism is set to drive the growth of the floating hotels market. Cruise tourism, involving leisure travel on cruise ships, has embraced the concept of floating hotels, providing extended stay accommodations, expedition base camps, and event venues. Notably, in May 2023, Tourism Review Media reported that Turkey witnessed 1,500 cruise ships and over 1.5 million passengers in 2023, with an expected increase to 2.3 million cruise passengers in 2024. This increasing demand for cruise tourism is a significant catalyst for the growth of the floating hotels market.
The rising number of high-net-worth individuals (HNWI) is poised to contribute to the expansion of the floating hotel market. High-net-worth individuals, characterized by substantial financial wealth, seek exclusive and premium travel experiences. Floating hotels, with their unique and luxurious accommodation offerings, align with the preferences of HNWIs. A report by Knight Frank in May 2023 highlighted a substantial growth projection in India's ultra-high-net-worth individuals (UHNWI) and billionaire population over the next five years. The report forecasts a 58.4% increase in UHNWI individuals from 12,069 in 2022 to 19,119 in 2027. Additionally, India's billionaire population is expected to grow from 161 individuals in 2022 to 195 individuals in 2027, supporting the growth of the floating hotel market.
An emerging trend in the floating hotels market is the adoption of solar-powered floating hotels. These hotels are entirely powered by solar energy and float on the water's surface, representing a sustainable and environmentally friendly option. Major players in the market are investing in innovative solar-powered hotels to maintain their market positions. For example, Mantis Collection introduced the Kivu Queen uBuranga in 2021, a solar-powered, motorized yacht floating hotel equipped with advanced waste management and heating systems, offering a sustainable option for travelers.
Strategic partnerships have become a key focus for major companies in the floating hotel market to sustain their positions. Collaborative agreements or alliances, such as the partnership between Meyer Floating Solutions and Arctic Bay Holding announced in April 2023, aim to achieve mutually beneficial goals. This partnership envisions the development of an extraordinary luxury floating hotel concept in the Arctic, providing guests with unparalleled experiences and breathtaking views. The planned hotel will feature world-class amenities, including a spa, two restaurants, and special igloo suites with glass roofs for a unique Arctic experience.
In December 2021, Hotel Polo Towers Group acquired Floatel. This strategic move aims to expand the hotel portfolio, leverage a unique location, and enhance customer service offerings by providing engaging guest experiences. Floatel, now rebranded as Polo Floatel, was known as South Asia's first floating hotel.
Major companies operating in the floating hotels market report are Marriott International Inc., Hilton Worldwide Holdings Inc., Four Seasons Hotels Ltd., Accor Group, The Ascott Limited, Karisma Hotels & Resorts, COMO Hotels and Resorts Pte. Ltd., Indian Hotels Company Limited, Ginger Hotels, Alila Hotels And Resorts Pte. Ltd., The Queen Mary, Aqua Expeditions Pte. Ltd., Montreal Alouettes, King Pacific Lodge, Huvafen Fushi, Archello BV, The Manta Resort, Poovar Island Resort, Sunborn London, SeaVentures Inc., Fregate Island Private, Oberoi Hotels & Resorts, Salt & Sill, Off Paris Seine, Pangu 7 Star Hotel Beijing
North America was the largest region in the floating hotels market in 2023. The regions covered in the floating hotels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the floating hotels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The floating hotel market includes revenues earned by entities by providing accommodations, dining options, entertainment, recreational activities, kids and family services, cultural and enrichment programs, special occasion services, and transportation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Floating Hotels Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on floating hotels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for floating hotels ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The floating hotels market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.