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Unlocking Opportunities in the Sharing Accommodation Market: 2025-2034 Forecast Report
Sharing Accommodation Market
What Will the Sharing Accommodation Industry Market Size Be by 2025?
Recent years have witnessed substantial growth in the size of the sharing accommodation market. Projected to increase from $124.89 billion in 2024 to $134.89 billion in 2025, it possesses a compound annual growth rate (CAGR) of 8.0%. This growth over the historic period has been driven by the increase in co-living spaces, the advent of online travel agencies (OTAs), less expensive travel owing to shared accommodations, a surge in environmentally friendly accommodations, and an increase in online booking sca*ms.
What's the Long-Term Growth Forecast for the Sharing Accommodation Market Size Through 2029?
Expectations for the shared accommodation market size predict robust growth in the coming years, surging to $181.11 billion by 2029 with a compound annual growth rate (CAGR) of 7.6%. Factors contributing to this growth within the predicted period include increased tourism, a rising trend of online booking convenience, a growing preference for short-term rental services, a rise in business travelers, and an increasing millennial population. Key trends for this period encompass the creation of eco-friendly lodgings, the introduction of integrated digital concierge services, the development of augmented reality features, the implementation of voice-activated booking systems, and the invention of artificial intelligence (AI)-powered search engines.
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What Are the Key Growth Drivers Fueling the Sharing Accommodation Market Expansion?
The upward trend in tourism is anticipated to boost the progress of the shared accommodation market in the future. Tourism involves traveling and residing in areas outside one's customary surroundings for relaxation, business, or other reasons. The growth in tourism can be attributed to improved transport connections and an increasing lust for unique encounters, cultural discovery, and the impact of social media, which has enhanced travel planning's attractiveness and ease. Shared accommodations serve as cost-effective, relaxing, and adjustable lodging choices for tourists, complete with amenities like Wi-Fi and workspaces. They also offer strategically placed locations near business areas and event venues. For example, the International Trade Administration (ITA), a government agency based in the U.S., reported in February 2024 that international visits to the U.S. surged to 77.7 million in 2024, a rise from 66.5 million in 2023. As a result, the growing trend of tourism is stimulating the shared accommodation market.
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What Are the Key Trends Driving Sharing Accommodation Market Growth?
Major businesses in the shared accommodation market are concentrating on improving user engagement via cutting-edge digital platforms for a competitive edge. By employing artificial intelligence and machine learning, these platforms personalize user engagement and simplify the booking process. For instance, SilverDoor, a prominent UK-based housing firm, in January 2024, unveiled a new business housing API tailored to simplify the booking and handling of serviced flats for corporate travels and relocations. This robust API merges SilverDoor's comprehensive global catalogue of serviced accommodation with the platforms of travel management companies (TMCs), enabling users to search, evaluate, and book serviced apartments in parallel with conventional hotel alternatives. The API provides instant booking capabilities, real-time availability, and gives detailed comparisons of prices, facilities, and even carbon emissions.
How Is the 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
Subsegments:
1) By Economy Type: Budget Rooms Or Hostels, Shared Dormitory Spaces, Low-Cost Private Rooms
2) By Comfortable Type: Standard Private Rooms, Guesthouses, Homestays With Basic Amenities
3) By Boutique Type: Themed Rooms, Designer Hostels, Unique Short-Term Rentals
4) By Luxury Type: Luxury Private Suites, High-End Villas Or Residences, Exclusive Luxury Shared Spaces
5) By Other Products: Farm Stays, Tiny Homes, Cabin Rentals, Houseboats And Floating Hotels
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Which Companies Are Leading the Charge in Sharing Accommodation Market Innovation?
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
Which Regions Are Leading the Global Sharing Accommodation Market in Revenue?
Europe was the largest region in the sharing accommodation market in 2024. The regions covered in the sharing accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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