Global Sharing Accommodation Market Price 2024, Forecast To 2033
10 Oct, 2024
The sharing accommodation market has shown strong growth in recent years, projected to rise from $116.31 billion in 2023 to $124.89 billion in 2024 with a CAGR of 7.4%. This growth during the historical period is attributed to the rise in co-living spaces, the emergence of online travel agencies (OTAs), the decreasing cost of travel with shared accommodations, the increase in eco-friendly accommodations, and a rise in online booking scams. Looking forward, the sharing accommodation market is expected to grow to $168.28 billion in 2028, marking a CAGR of 7.7%. The anticipated growth in this forecast period can be attributed to increasing tourism, the growing popularity of convenient online booking, a rise in short-term rental services, an increasing number of business travelers, and a growing number of millennials. Key trends during this period include the development of eco-friendly lodging, launching integrated digital concierge services, the implementation of augmented reality features, the integration of voice-activated booking systems, and advancements in AI-powered search engines.
Major Driver In The Sharing Accommodation Market
The rising trend in tourism is anticipated to significantly boost the growth of the sharing accommodation market in the near future. Tourism, which involves traveling and staying outside one's usual environment for leisure, business, or other purposes, is experiencing a surge fueled by increased accessibility to transportation and a growing desire for unique experiences and cultural exploration. Additionally, the influence of social media has made travel planning more appealing and straightforward. Sharing accommodations provide tourists with cost-effective, comfortable, and flexible lodging options, equipped with amenities like Wi-Fi and workspaces, as well as convenient locations near business districts and meeting venues. For instance, in June 2022, reports from the U.S. Department of Commerce indicated that international arrivals for travel and tourism in U.S. states rose to 22.1 million in 2021, up from 19.2 million in 2020. Consequently, the increasing trend in tourism is driving the growth of the sharing accommodation market, with further developments anticipated through 2024 and into 2028.
Request A Free Sample Of The Sharing Accommodation Market ReportSharing Accommodation Market Competitive Landscape
Major companies operating in the sharing accommodation market are Marriott International, Booking Holdings Inc., Radisson Hotel Group, Expedia Group Inc., Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Louvre Hotels Group , Accor SA, Vrbo, Wyndham Hotels & Resorts Inc., Shangri-La Asia Limited., Mandarin Oriental Hotel Group, HomeToGo GmbH, Onefinestay Reservations Limited, HomeExchange.com Inc., Couchsurfing, Bedycasa, Cozy Holdings Ltd., Homestay, Tujia
Key Sharing Accommodation Market Trend
Major companies in the sharing accommodation market are enhancing user experience through advanced digital platforms to gain a competitive advantage. These platforms leverage artificial intelligence and machine learning to personalize user interactions and streamline booking processes. For instance, in 2021, Airbnb, a US-based hospitality company, launched its Airbnb Categories feature. This innovation allows users to filter listings by unique categories such as Luxe, Unique Stays, and Bed and Breakfast. Notable features of this service include tailored recommendations based on user preferences, improved search capabilities for easier accommodation finding, and a more engaging interface that highlights distinctive properties. This trend increases customer satisfaction and drives more bookings by making the search process more intuitive and aligned with consumer desires.
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Global Sharing Accommodation Market Segmentation
The sharing accommodation market covered in this report is segmented –
1) By Product: Economy Type, Comfortable Type, Boutique Type, Luxury Type, Other Products
2) By Booking Mode: Offline, Online And Platform-Based
3) By Application: Tourism, Business Trip, Other Applications
By Geography:The regions covered in the sharing accommodation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the sharing accommodation market in 2023.
The Sharing Accommodation Global Market Report 2024 furnishes information about the global sharing accommodation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.