The global sharing accommodation market revenue was around US$ 120.8 billion in 2022 and is estimated to reach US$ 235.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2023 to 2032.
Sharing accommodation is the approach of individuals renting out their own spare rooms, residences, or living spaces to travelers in demand of temporary housing. This concept has increased in popularity because of online services like Vrbo, Airbnb, and HomeAway. Sharing housing delivers a broad range of options, from complete homes and flats to one-of-a-kind experiences like houseboats and treehouses. It stimulates a feeling of personalization and community in the travel experience by letting travelers stay in local neighborhoods and speak with hosts for insider insights and suggestions.
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Factors Influencing Market Growth
– The rise in the millennial population is a key driver in the growth of the sharing accommodation market and has led to several modifications in the way people live across the world.
– The boom in the global tourism sector has particularly affected the sharing accommodation industry, reshaping its terrain, and has supported driving substantial growth of the market.
– The consumers and sharing accommodation platforms both face the challenge of executing strong security measures to fight these increasingly complex fraud attempts. This poses a substantial challenge for both the sharing accommodation market and e-commerce merchants.
– The surge in several people traveling in a group has particularly driven the growth of the sharing accommodation market.
Impact of COVID-19
The impact of the COVID-19 pandemic has temporarily disturbed the sharing accommodation market due to safety concerns and travel limitations. Also, as the pandemic reduces and travel resumes, the market will continue to grow. The choice for shared accommodation may even grow as people look for smaller, more personal living arrangements rather than large resorts or hotels.
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In 2022, Europe dominated the global sharing accommodation market in terms of revenue and is anticipated to dominate the market during the forecast period. This is attributed to the rise in air connectivity, the surge in affordable travel alternatives, growth in intraregional travel, and the increase in implementation of digital platforms have led to vital tourism and travel growth in European countries.
The leading prominent companies profiled in the global sharing accommodation market are: –
– Airbnb, Inc.
– HomeExchange.com Inc.
– Homestay Technologies Limited
– Findroommate.DK ApS
– InnoPeople Company Ltd.
– Expedia Group, Inc.
– Booking Holdings, Inc.
– HomeToGo GmbH
– Accor SA.
– Other prominent key players
The global sharing accommodation market segmentation focuses on Type, Application, and Region.
Segmentation based on Type
– Business to Consumer (B2C)
– Business to Business (B2B)
– Peer to Peer (P2P)
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Segmentation based on Application
– Generation Z
– Generation X
Segmentation based on Region
– North America
– The U.S.
– Rest of Europe
– South Korea
– Rest Of Asia-Pacific
– Latin America
– Middle East
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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