Press release
Sharing Accommodation Market Report, Size, Share, Growth, Trends, Industry Outlook to 2033
Sharing Accommodation Market
The new report published by The Business Research Company, titled Sharing Accommodation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the sharing accommodation market size has grown strongly in recent years. It will grow from $116.31 billion in 2023 to $124.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The sharing accommodation market size is expected to see strong growth in the next few years. It will grow to $168.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
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What Is Driving The Growth Of The Global Sharing Accommodation Market?
Increasing Travel Demand Boosts Sharing Accommodation Industry
The rising tourism is expected to propel the growth of the sharing accommodation market going forward. Tourism is traveling to and staying in places outside one's usual environment for leisure, business, or other purposes. The rising tourism is due to increased transportation accessibility and the growing desire for unique experiences, cultural exploration, and social media influence have made travel planning easier and more appealing. Sharing accommodations offers cost-effective, comfortable, and flexible lodging options for tourism with amenities such as Wi-Fi and workspaces. It also provides convenient locations close to business districts and meeting venues. For instance, in June 2022, according to reports shared by the US Department of Commerce 2021 Highlights, a US-based executive department of the federal government, international arrivals for travel and tourism in US states increased to $22.1 million in 2021 from $19.2 million in 2020. Therefore, the rising tourism drives the sharing accommodation market.
What Is The Key Trend In The Global Sharing Accommodation Market?
Enhancing User Experience Through AI And Digital Innovation
Major companies operating in the sharing accommodation market are focusing on enhancing user experience through advanced digital platforms to gain a competitive advantage. These platforms utilize artificial intelligence and machine learning to personalize user interactions and streamline booking processes. For instance, in 2021, Airbnb, a United States-based hospitality company, launched its Airbnb Categories feature. This innovation allows users to filter listings based on unique categories such as Luxe, Unique Stays, and Bed and Breakfast. Unique features of this service include tailored recommendations based on user preferences, enhanced search capabilities that simplify finding accommodations, and a more engaging interface that highlights distinctive properties. This trend improves customer satisfaction, and drives increased bookings by making the search process more intuitive and aligned with consumer desires.
How Is The Global Sharing Accommodation Market Segmented?
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
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How Is The Competitive Landscape Of The Global Sharing Accommodation Market?
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
Contents Of The Global Sharing Accommodation Market
1. Executive Summary
2. Sharing Accommodation Market Report Structure
3. Sharing Accommodation Market Trends And Strategies
4. Sharing Accommodation Market - Macro Economic Scenario
5. Sharing Accommodation Market Size And Growth
…..
27. Sharing Accommodation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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