The Floating Hotels Market is being driven by Growing disposable income among travelers
The Floating Hotels Market is expected to grow at a CAGR of 6.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1758.4 million. The global tourism industry has experienced remarkable expansion in recent decades, particularly in regions such as Europe, Southeast Asia, and North America. Notably, South American countries like Panama, Costa Rica, Chile, and Argentina are emerging as formidable competitors in this sector, with Brazil leading the way. The United Nations General Assembly recognized the economic significance of sustainable tourism by declaring 2017 as the International Year of Sustainable Tourism for Development. Consequently, the tourism sector's growth has led to an upsurge in the development and operation of floating hotels worldwide.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Price Range (Premium, Super premium, Regular) Geography (North America, APAC, Europe, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Floating Hotels Market Research Report
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The floating hotel market caters to travelers seeking unique accommodation experiences on water bodies, offering breathtaking views and a serene ambiance. Onboard facilities include activities, restaurants, bars, spas, fitness centers, and more. Tourists can choose from lavish ocean cruises to micro hotels, with offerings from cruise lines, tourism industries, and sustainable tourism initiatives. Leisure preferences drive the demand for floating hotels, with shipbuilding technologies advancing to accommodate riverfront settings and coastal tourism. Honeymoon destinations and vacation travelers also benefit from this experiential traveling trend. Online booking platforms make it convenient for tourists to plan their stays at these floating accommodations.
The floating hotel market represents a segment of the global leisure facilities market, which encompasses companies providing accommodation on water bodies. Travelers are drawn to this unique form of lodging due to the breathtaking views and serene ambiance. Onboard facilities, activities, restaurants, and bars further enhance the experience. According to Technavio, the global leisure facilities market, which includes casinos and gaming, hotels, resorts, and cruise lines, and floating hotels, is projected to grow due to the increase in disposable income, enabling consumers to spend on luxury experiences and discretionary activities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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