Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Sharing Accommodation Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
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 growth during the historic period can be attributed to the increase in co-living spaces, the emergence of online travel agencies (OTAs), the lower cost of travel associated with shared accommodations, the rise in eco-friendly accommodations, and the increase in online booking scams.
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%. The growth during the forecast period can be attributed to rising tourism, growing popularity of online booking convenience, increasing demand for short-term rental services, a higher number of business travelers, and a rising millennial demographic.
Major trends expected during this period include the development of eco-friendly lodging, the introduction of integrated digital concierge services, the creation of augmented reality features, the integration of voice-activated booking systems, and the development of artificial intelligence (AI)-powered search engines.
The growth in tourism is expected to drive expansion in the sharing accommodation market. Tourism, defined as traveling to and staying in locations outside one’s usual environment for leisure, business, or other purposes, is on the rise due to improved transportation accessibility and an increasing appetite for unique experiences, cultural exploration, and the influence of social media. Sharing accommodations offer a cost-effective, comfortable, and flexible lodging option for travelers, with amenities such as Wi-Fi and workspaces, and are often conveniently located near business districts and meeting venues. For example, in June 2022, the US Department of Commerce reported a rise in international arrivals for travel and tourism in the US, reaching 22.1 million in 2021 compared to 19.2 million in 2020. This growing tourism trend is consequently fueling the growth of the sharing accommodation market.
Leading companies in the sharing accommodation market are focusing on enhancing the user experience through advanced digital platforms to secure a competitive edge. These platforms leverage artificial intelligence and machine learning to personalize user interactions and streamline the booking process. For instance, in 2021, Airbnb, a US-based hospitality company, introduced its Airbnb Categories feature. This innovation enables users to filter listings according to unique categories such as Luxe, Unique Stays, and Bed and Breakfast.
Key features include personalized recommendations based on user preferences, improved search capabilities that simplify the process of finding accommodations, and a more engaging interface that highlights distinctive properties. This trend enhances customer satisfaction and drives higher booking rates by making the search process more intuitive and aligned with consumer preferences.
In March 2023, Airbnb, a US-based provider of sharing accommodations, partnered with SHEROES to expand its network of women hosts in India. This collaboration aims to empower women by providing them with the skills, knowledge, and confidence necessary to become successful hosts on Airbnb’s platform. SHEROES, an India-based community organization, supports women by facilitating access to employment, entrepreneurship, and financial resources.
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. The countries covered in the sharing accommodation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Sharing Accommodation Market Competitive Landscape and Company Profiles
- Marriott International
- Booking Holdings Inc.
- Radisson Hotel Group
- Expedia Group Inc.
- Hilton Worldwide Holdings Inc.
Sharing Accommodation Market Other Major and Innovative Companies
- 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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $124.89 Billion |
| Forecasted Market Value (USD) by 2028 | $168.28 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Sharing Accommodation Market Characteristics
3. Sharing Accommodation Market Trends and Strategies
4. Sharing Accommodation Market – Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Sharing Accommodation Market Size and Growth
5.1. Global Sharing Accommodation Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Sharing Accommodation Historic Market Size and Growth, 2018 – 2023, Value ($ Billion)
5.3. Global Sharing Accommodation Forecast Market Size and Growth, 2023 – 2028, 2033F, Value ($ Billion)
6. Sharing Accommodation Market Segmentation
6.1. Global Sharing Accommodation Market, Segmentation by Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Economy Type
- Comfortable Type
- Boutique Type
- Luxury Type
- Other Products
6.2. Global Sharing Accommodation Market, Segmentation by Booking Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Offline
- Online and Platform-Based
6.3. Global Sharing Accommodation Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Tourism
- Business Trip
- Other Applications
7. Sharing Accommodation Market Regional and Country Analysis
7.1. Global Sharing Accommodation Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Sharing Accommodation Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/h55s45
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- Sharing Accommodation Market Report 2024
