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Alternative Accommodation Market Research Reports, Industry Size, Growth Opportunity, Regional Analysis 2022-2030 | (CAGR) of 16.3%
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Alternative lodging options exist outside of any official or structured lodging sector, such as hotels. They are inexpensive lodgings that offer guests a comfortable stay. Luxury private residences such as private villas, apartments, cottages, and others are another type of alternate lodging. Compared to hotels, these vacation rentals offer equivalent luxury services but at far lesser costs. Accommodation types can be divided into two groups: catered and not catered. Tourists who stay in catered accommodations have access to food. The cost of the accommodation may or may not include the meals. Accommodations come in many forms, including hotels, apartments, hostels, guesthouses, villas, vacation homes, and resorts.
Factors Influencing Market Growth
The continuously evolving international tourism sector, consumer preference toward cheap and comfortable vacation stay such as apartments, homestays, and cottages, and rising spending on leisure and business travel drive the global market.
The growing development of transportation and communication technologies and the extension of the right to travel boost the global market growth.
The rising use of the internet and the comfort of booking provides is forecast to offer lucrative opportunities for the global market.
The issues related to safety and security and the scarcity of basic amenities may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a positive impact on the global market. Travel and tourism have suffered due to the extensive containment and mitigation measures taken to curb the virus's spread. Governments all over the world have been able to combat the outbreak's negative impacts because of enhanced mitigation and backup strategies.
Regional Analysis
North America accounted for a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the increasing expenditure on booking accommodation in homes and condominiums. In addition, the rising spending power of customers, the growing popularity of outdoor designations, and technologically developed infrastructure.
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The Asia Pacific region garnered a substantial market share in 2021 and is forecast to have considerable growth during the forecast period. As a result of the growing consumer expense on staycations and traveling and increasing government investments in expanding sophisticated infrastructure to attract new tourists.
Leading Competitors
The leading prominent companies profiled in the global alternative accommodation market are:
Trivago
Airbnb Inc.
Booking.com
MakeMyTrip Limited
TripAdvisor Inc.
HomeToGo
Vrbo (Expedia Group)
TravelStaytion
Peakah
Wyndham Destinations Inc.
Other Prominent Players
Scope of the Report
The global alternative accommodation market segmentation focuses on Accommodation Type, Mode of Booking, Application, and Region.
Segmentation based on Accommodation Type
Private Property
Hostels
Camping Tents
Others
Segmentation based on Mode of Booking
Online (Platform Based)
Offline
Segmentation based on Application
Business Travel
Personal Travel
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Meta Title: Alternative Accommodation Market Size, Share, Insight, and Forecast 2022 to 2030
Meta Description: Global Alternative Accommodation Market is projected to reach US$ 534.2 billion by the end of 2030 from US$ 137.2 billion in 2021, at a CAGR of 16.3%
Meta Keywords: alternative accommodation market Size, alternative accommodation market share, alternative accommodation market trend, alternative accommodation market Forecast, alternative accommodation market insight
Key questions answered in the global market report are:
-- How does a global company acquire markets?
-- What are its core strategies and policies?
-- What factors will influence the market over the forecast period?
-- What are the factors driving and restraining the market?
-- What are the leading competitors in the global market?
-- Which region is growing at a higher pace in the global market?
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