Floating Hotels Market is anticipated to Witness High Growth Owing to Increasing Tourism
Floating Hotels Market |
The floating hotels market involves
hotel facilities that float on water. Floating hotels provide accommodation as
well as recreational activities for tourists. They are uniquely positioned on
inland waters, rivers or lakes providing panoramic views and a peaceful
atmosphere. Floating hotels offer amenities like rooms, restaurants, bars, spas
and conferencing facilities. Their unconventional concept attracts many
tourists looking for novel experiences. The growing tourism industry has led to
rising demand for innovative accommodation options, driving interest in
floating hotels.
The global floating hotels market is estimated to be valued at US$ 4,790.0 Mn in 2024 and is expected
to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031. Increasing
disposable incomes and preferences for unique getaways are propelling the
floating hotels industry.
Key Takeaways
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. These market leaders are focusing on expansion plans and developing
unique floating hotel concepts.
Key Opportunities
The Floating
Hotels Market Growth industry provides ample opportunities for growth.
Emerging economies in Asia Pacific and Middle East are witnessing a travel
boom, making them lucrative markets. Additional opportunities lie in customized
offerings targeted at different customer segments like couples, families or
solo travelers. Developing more sustainable and eco-friendly floating
structures can further stimulate demand.
Global Expansion
Key floating hotel chains are extensively scaling their global footprint. Many
are setting up multiple international properties tapping the rising global
affinity for unique accommodations. Cross-border partnerships and acquisitions
allow rapid worldwide expansion. This helps capture emerging opportunities
across regions and establish a truly globalized floating hotels industry.
Market Drivers
Increasing tourism: Tourism is one
of the fastest growing industries globally. Rising international tourist
arrivals over the years have significantly augmented the travel and
accommodation sectors worldwide. More tourists are looking for novel
experiences, driving interest in floating hotels.
Preference for unique stays: Today's travelers seek uniqueness and wish to
avoid conventional cookie-cutter stays. Floating hotels fill this demand by
providing a wholly new concept of living on water. Their differentiating
architecture and experiences appeal widely to many travelers.
Market Restrain
High initial investment: Developing floating hotel infrastructure requires
massive capital expenditure for designing, permitting, construction and
logistics. Access to funding can be a challenge, especially for smaller
players. This significantly restraints expansion of floating hotels in areas
with limited financing options.
Regulatory difficulties: Floating hotels need to comply with complex coastal,
marine and environmental regulations. Obtaining various permits and clearances
from multiple authorities is an arduous process. Restrictive regulations in
some regions pose difficulties for setting up floating hotels.
Segment
Analysis
The floating hotels market is
dominated by the luxury segment with features like spa, swimming pools, fine
dining options etc. This segment holds the largest share as high disposable
incomes among the target segment drives demand for premium amenities and
services. The floating hotels catering to the luxury segment are designed and
equipped with high-end infrastructure and facilities to attract affluent
travelers seeking unique and premium experiences.
The budget segment is the emerging sub-segment in floating hotels market.
Various operators are introducing new budget floating hotel concepts with basic
facilities to attract mass travelers and families. The budget floating hotels
focus on location and basic comfort rather than luxury amenities which makes
them affordable for different consumer groups. The demand for budget floating
hotels is expected to grow with rising popularity of alternative accommodation
options.
Global Analysis
Europe dominates the global floating hotels market with majority of luxury
floating hotels located along coastal regions of France and UK. Factors such as
growing cruise industry, developing marine tourism sector, and high spending
power have boosted the adoption of floating hotels in Europe. Asia Pacific is
poised to be the fastest growing regional market owing to rising affluence,
increasing inclination towards unique travel experiences, and growing marine
tourism industry in Southeast Asian countries. Countries like Thailand,
Indonesia, and Vietnam etc. are witnessing increasing investments in
development of new floating hotels catering to both domestic and international
travelers. North America is another prominent regional market driven by
presence of major floating hotel operators and growing popularity of
water-based recreational activities.
Gets
More Insights on, Floating
Hotels Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market
research industry. She specializes in writing well-researched articles from
different industries, including food and beverages, information and technology,
healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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