Sharing Accommodation Market Anticipated to Attain $235.7 billion By 2032, at 6.4% CAGR | Latest Trends and Growth
Sharing Accommodation analysis, growth
By application, the Generation Z segment led the market and is anticipated to continue this trend in the coming years.
WILMINGTON, DELAWARE, UNITED STATES, July 11, 2024 /EINPresswire.com/ -- The sharing accommodation market size was valued at $120.8 billion in 2022, and is estimated to reach $235.7 billion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.
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Sharing accommodation, frequently referred to as "shared lodging" or "short-term rental," is a type of accommodation arrangement in which people or property proprietors rent out their houses, flats, or extra rooms to travelers on a short-term basis. With the emergence of internet platforms such as Airbnb, Vrbo, and HomeAway, this notion has grown in popularity. These sites link hosts with their guests, allowing travelers to find distinctive and sometimes cheaper lodgings than traditional hotels. Sharing accommodation allows travelers to stay in a range of locations, ranging from cozy urban apartments to rustic countryside houses, resulting in a more personalized and authentic travel experience. It allows property owners to monetize their facilities while also connecting with individuals from all over the world, resulting in an agreement that is mutually beneficial and has revolutionized the hospitality industry.
The surge in popularity of online platforms yields substantial advantages for the sharing accommodation market. These platforms serve as powerful tools to extend the reach of sharing accommodation offerings to a global audience, which allows the key players in the market to exhibit their properties to a diverse range of potential guests and customers. As a result of the optimization of the booking process, these platforms have introduced a high level of convenience for travelers that has enabled them to effortlessly search, evaluate, and secure accommodations, thus enriching the user experience and driving higher booking rates. In addition, the platforms enable direct and seamless communication between hosts and guests, which cultivates trust and fosters tailored interactions. This digital realm also promotes transparency through the utilization of reviews and ratings, which bolsters credibility and aids travelers in making well-informed decisions. Thus, by leveraging data-driven mechanisms, these online platforms facilitate precise targeting in marketing efforts, empowering hosts to align their offerings with specific preferences and demographics. Furthermore, the enhanced visibility, convenience, transparency, and personalized engagement that online platforms facilitate play a pivotal role in propelling the sharing accommodation market growth.
The liberalization of visa regulations in many countries such as Africa, India, and China, has eased travel for visitors, which is a key factor expected to positively impact the growth of the travel and tourism industry. This has influenced the sharing accommodation market by tourists since it has made travel convenient. In addition, an increase in consumer spending across countries such as India, Australia, and New Zealand significantly provides the global sharing accommodation market opportunity for growth. This is majorly attributed to currency rate fluctuations.
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The decrease in a host country’s currency value is expected to attract inbound tourism, which is expected to create a positive effect on the sharing accommodation sector. However, scams and rampant fraud attacks in the online sharing accommodation booking sector are anticipated to restrain the growth of the global market. On the contrary, the trend of solo traveling has gained significant importance in the recent past, which is expected to boost the demand for budget-friendly sharing accommodations such as apartments, hostels, paying guests, and others, thereby offering remunerative opportunities for market expansion.
Growing popularity and demand for sharing accommodations, driven by factors like unique experiences and cost savings, have led to heightened competition for available listings. As a result of increased demand and competition, it has widely driven up rental prices. While the number of sharing accommodation options has increased, certain areas or seasons might experience limited supply, leading to higher prices due to demand for outstanding availability. In addition, regulatory changes or compliance requirements in certain locations might increase costs for hosts, which can be passed on to consumers through higher prices. Certain events, festivals, or peak travel seasons can result in increased demand for sharing accommodations, which may prompt hosts to raise prices accordingly. Rising prices might deter budget-conscious travelers, limit accessibility for certain demographics, and potentially prompt consumers to explore alternative accommodation options, which could slow down market growth.
The sharing accommodation market is segmented into type, application, and region. On the basis of type, the market is classified into business to consumer (B2C), business to business (B2B), and peer to peer (P2P). Depending on application, it is segregated into Generation Z, millennials, Generation X, and boomer. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and Rest of LAMEA).
Players operating in the global sharing accommodation market have adopted various developmental strategies to expand their sharing accommodation market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Airbnb, Inc., HomeExchange.com Inc., Homestay Technologies Limited, Bedycasa, Findroommate.dk ApS, InnoPeople Company Ltd., Expedia Group, Inc., Booking Holdings, Inc., HomeToGo GmbH, and Accor SA.
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Key findings of the study
According to the sharing accommodation market analysis, on the basis of type, business to consumer (B2C) segment dominated the sharing accommodation industry in 2022 and is expected to retain its dominance throughout the sharing accommodation market forecast period.
According to the sharing accommodation market trends, on the basis of application, the Generation Z segment led the market in 2022 and is anticipated to continue this trend in the coming years.
According to the sharing accommodation market demand, on the basis of region, Europe was the major shareholder in 2022 and is expected to retain its dominance throughout the forecast period
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