Between 2023 and 2033, the alternative accommodation market is forecasted to experience steady growth, with a Compound Annual Growth Rate (CAGR) of 14.7%. By 2033, the market is projected to reach a market share of US$ 627.8 billion, compared to an estimated value of US$ 159.3 billion in 2023.
Factors Driving the Global Alternative Accommodation Market
- The tourism industry’s expansion has paved the way for substantial growth in the alternative accommodation market.
- Travelers embark on journeys for various purposes such as holidays, leisure trips, and business endeavors.
- Alternative accommodations offer a diverse range of choices, catering to different preferences, budgets, and destinations.
- This diversity in options has led to a significant surge in demand for alternative accommodations among travelers.
- The widespread use of the Internet and the convenience of online booking platforms present lucrative opportunities for market growth.
- Increasing awareness among end-users about travel management software is expected to drive market growth further.
- The rising spending power of consumers and the availability of budget-friendly travel options are contributing factors to the market’s expansion.
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Key Points
- The United States market leads the alternative accommodation market in terms of market share in North America. The United States region held a market share of 27.7% in 2022. The growth in this region is attributed to higher awareness and rising travel activities in the United States and Canada. The North American region held a market share of 33.6% in 2022.
- The alternative accommodation industry in Germany is growing rapidly in the European region. The market thrived at held a market share of 5.6% in 2022. The growth is attributed to higher tourist footfall, more guesthouses, and increased online bookings. The European Region held a leading market share of 21.5% in 2022.
- The China alternative accommodation market thrives at a CAGR of 17.8% during the forecast period. The growth is caused by the government supporting travel and tourism activities in the country.
- The India market thrives at a CAGR of 18.4% between 2023 and 2033. Diverse destinations cause a higher growth rate, many tourists coming to the place, and a higher impact of online booking.
- Based on booking mode, the online booking segment leads the market as it held a share of 84.7% in 2022.
- Based on the accommodation type, the home segment leads as it held a market share of 28.8% in 2022.
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Competitive Landscape
The key vendors focus on discounted rates, better showcasing of properties, and easy availability. Key competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Key Players
- holidu.co.uk
- Trivago
- Airbnb, Inc.
- Booking.com
- VRBO (Expedia Group)
- MakeMyTrip Limited
- Wyndham Destinations Inc.
- HomeToGo
- Peakah
- Trip.com Group Limited
- TripAdvisor, Inc
Recent Market Developments
- com has introduced a new section of unique places, including a long list of cottages, cabins, vacation rentals, tiny houses, glamping, and self-catering accommodations.
- co.uk has added new holiday home options to their list of services with affordable rates and easy online booking.
