Sharing Accommodation Global Market 2024 To Reach $168.28 Billion By 2028 At Rate Of 7.7%

Sharing Accommodation Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UNITED KINGDOM, October 11, 2024 /EINPresswire.com/ -- The sharing accommodation market size has demonstrated strong growth in recent years. It is set to increase from $116.31 billion in 2023 to $124.89 billion in 2024, growing at a CAGR of 7.4%. The historical growth is attributed to the rise of co-living spaces, the emergence of online travel agencies (OTAs), the affordability of shared accommodations, the proliferation of eco-friendly lodging, and the increase in online booking scams.

What Is The Estimated Market Size Of The Global Sharing Accommodation Market And Its Annual Growth Rate?

The sharing accommodation market is set for strong growth, expected to reach $168.28 billion by 2028 at a CAGR of 7.7%. This growth is driven by the rising tourism sector, the growing popularity of online booking conveniences, an increase in short-term rental services, a growing number of business travelers, and an expanding millennial demographic. Major trends include the development of eco-friendly lodging, the launch of integrated digital concierge services, the addition of augmented reality features, the integration of voice-activated booking systems, and the creation of AI-powered search engines.

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Growth Driver of The Sharing Accommodation Market

The surge in tourism is likely to enhance the growth of the sharing accommodation market moving forward. Tourism involves traveling and staying in locations outside one's usual environment for leisure, business, or other reasons. The rise in tourism can be attributed to better transportation access and a growing desire for unique experiences, cultural exploration, and the influence of social media, making travel planning more appealing. Sharing accommodations offer affordable, comfortable, and flexible lodging options with amenities like Wi-Fi and workspaces, conveniently located near business districts and meeting venues.

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Which Market Players Are Driving The Sharing Accommodation Market Growth?

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

What Are The Emerging Trends Shaping The Sharing Accommodation Market Size?

In the sharing accommodation market, businesses are enhancing user experiences through advanced digital platforms that leverage artificial intelligence and machine learning. These platforms personalize user interactions and streamline booking processes, providing a competitive advantage in a crowded market.

How Is The Global Sharing Accommodation Market 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

Geographical Insights: Europe Leading The Sharing Accommodation Market

Europe was the largest region in the sharing accommodation market in 2023. The regions covered in the sharing accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Sharing Accommodation Market Definition

Sharing accommodation is a business model where individuals rent out their residential properties or parts thereof to guests, either short-term or long-term, via online platforms. This model effectively connects hosts and guests for peer-to-peer transactions, leveraging underused assets.

Sharing Accommodation Global Market Report 2024 from The Business Research Company covers the following information:

• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global sharing accommodation market report covering trends, opportunities, strategies, and more

The Sharing Accommodation Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on sharing accommodation market size, drivers and trends, sharing accommodation market major players, competitors' revenues, market positioning, and market growth across geographies. The market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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