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 historic 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 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 the advancement of AI-powered search engines.
Global Sharing Accommodation Market Key Driver
The rising trend in tourism is expected to enhance the growth of the sharing accommodation market in the near future. Tourism involves traveling and staying outside one's usual environment for leisure, business, or other purposes. This surge in tourism is fueled by increased transportation accessibility and a growing desire for unique experiences and cultural exploration, along with the influence of social media, which makes travel planning more appealing and straightforward. Sharing accommodations offer cost-effective, comfortable, and flexible lodging options for tourists, complete with amenities such as Wi-Fi and workspaces, while also providing 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. Thus, the increasing trend in tourism is driving the growth of the sharing accommodation market, with further developments anticipated through 2024 and into 2028.
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Global Sharing Accommodation Market Segments
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.
Major Sharing Accommodation Industry Players
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
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Sharing Accommodation Market Overview
Sharing accommodation is a business model where individuals rent out their residential properties, or parts thereof, to guests on a short-term or long-term basis through online platforms. This model leverages underused assets, connecting hosts and guests directly for peer-to-peer transactions.
Sharing Accommodation Global Market Report 2023 provides data on the global sharing accommodation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The sharing accommodation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
