Press release
Alternative Accommodation Market Size & Share Analysis, Growth, and Report, 2025-2032
The alternative accommodation market size was valued at USD 181.50 billion in 2024 and is expected to be worth USD 210.59 billion in 2025. The market is projected to reach USD 602.14 billion by 2032, recording a CAGR of 16.19% during the forecast period.Alternative accommodations refer to properties, such as homestays, hostels, and vacation rentals that are designed to offer affordable living options to travelers. These types of properties are popular among travelers who are looking for accommodations that fit their budget. They are also ideal for individuals traveling in large groups as they offer large spaces. The increasing frequency of traveling every year is one of the major factors that will boost the demand for alternative accommodations.
However, the COVID-19 outbreak caused a major decline in the growth of this market as lockdowns and travel restrictions imposed by governments across the world forced travel enthusiasts to stay indoors, thereby decreasing the number of guests at non-traditional accommodations. But as the market started recovering as travel restrictions were lifted after the pandemic.
Fortune Business InsightsTM displays this information in a report titled, "Alternative Accommodation Market, 2025-2032."
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List of Key Players Mentioned in the Alternative Accommodation Market Report:
‣ MakeMyTrip Limited (India)
‣ Airbnb, Inc. (U.S)
‣ Booking.com (Netherlands)
‣ TripAdvisor, Inc. (U.S)
‣ HomeToGo (Germany)
‣ Vrbo (U.S)
‣ Trivago N.V. (Germany)
‣ Trip.com Group Limited (Singapore)
‣ Wyndham Destinations Inc. (U.S)
‣ holidu.co.uk (U.K)
Segmentation Alternative Accommodation Market
Large Space and Comfort Offered by Vacation Rentals Boosted Their Demand among Travelers
Based on type, the market is divided into vacation rentals, hostels, homestays, camping, and others. The vacation rental segment dominated the market in 2024 as vacation rentals offer the much-needed comfort and privacy to travelers. They also offer large spaces, which is suitable for large groups of travelers.
Online Booking Platforms Gained Traction Due to Their Convenience
Based on booking mode, the market is bifurcated into online and offline. The online segment is expected to hold the largest alternative accommodation market share as online booking platforms offer great convenience to travelers while booking their accommodation. These platforms can also help them compare prices of various properties before making the final decision.
The global market report analyzes the market's growth across regions, such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Tariff Impact Analysis of Alternative Accommodation Market:
https://www.fortunebusinessinsights.com/alternative-accommodation-market-112090
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, booking modes, and prominent market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Rising Volume of Travelers to Boost Market Growth
The number of travelers is increasing at a steady pace across the world due to various factors, such as increasing disposable incomes and rise in the availability of cost-effective travel options. Many travel enthusiasts are also increasingly exploring newer destinations, which will boost the demand for alternative accommodation properties as they offer travelers unique experiences. Many individuals also choose to stay in hostels as they get to interact with different tourists, thereby enriching their overall travel experience.
However, many tourists still prefer to stay at hotels, as they offer a wider variety of amenities as compared to alternative accommodations. This factor can impede the market's growth.
Regional Insights:
Europe Dominates Global Market Due to High Number of Tourist Attractions
Europe is dominating the global alternative accommodation market growth as countries, such as the U.K., Spain, France, Italy, and Germany are witnessing a strong influx in the number of tourists every year. These countries have a vast number of major tourist attractions, which will increase the demand for alternative accommodation properties.
North America captured the second-largest market share in 2024 due to the growing number of individuals traveling to countries, such as the U.S. and Canada for travel or business purposes.
Competitive Landscape:
Market Players to Focus on Launching New Properties and Offering Diverse Facilities to Gain Strong Competitive Edge
Some of the top companies driving the alternative accommodation market share are focusing on introducing new properties and launching novel and diverse facilities to help them attract new travelers from across the world. These strategies will help them gain a strong competitive edge against other companies.
Read Related Insights:
Adventure Tourism Market
https://www.fortunebusinessinsights.com/alternative-accommodation-market-112090
Travel Accommodation Market
https://www.fortunebusinessinsights.com/travel-accommodation-market-110515
Key Industry Development:
December 2024: Eric Breon, founder of Vacasa, a U.S.-based vacation rental management company, launched Fairly, a vacation rental management startup.
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