The global alternative accommodation market is estimated to garner US$ 626.5 Billion while exhibiting a 16.2% CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 139.6 Billion in 2022.
Increasing use of the internet and ease of booking provides lucrative opportunities for the growth of the market. Increasing awareness about travel management software among end-users is expected to propel the growth of the market. Increasing spending power and availability of budget travel options boost the growth of the alternative accommodation market. High investment in the tourism sector and development by government authorities are anticipated to offer opportunities for expansion in the forecast period
The online segment based on booking mode is likely to offer remunerative opportunities for the global alternative accommodation market. Several emerging economies are making significant developments in their technological sector, thereby, providing lucrative opportunities to players in the market.
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- The global alternative accommodation market is estimated at USD120.2 Billion in 2021
- By booking mode, the online segment is expected to accumulate a share of 84.4%
- By accommodation type, the home segment accounts for share of 29.5% during the forecasting period.
- Market in the US accounts for a market share of 34.5% in 2021.
- Market in the Asia Pacific to accounts for CAGR of 17.3% during the assessment period.
"Increasing popularity of homestays among domestic and international travelers and high investment in the tourism sector for development by government authorities are expected to fuel the demand for alternative accommodation market over the forecast period"
Key players in the global alternative accommodation market are holidu.co.uk; Trivago; Airbnb, Inc.; Booking.com; VRBO (Expedia Group); MakeMyTrip Limited; Wyndham Destinations Inc.; HomeToGo; Peakah; Trip.com Group Limited; TripAdvisor, Inc among various others
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Recent updates from the industry are:
- In May 2022 - Online travel firm MakeMyTrip has partnered with 15 banks, NBFCs and fintech players, including HDFC Bank, IDFC Bank, Capital float and Zest Money, for its 'book now pay later' option while booking flight or hotels.
- In October 2021 - MakeMyTrip Limited announced its partnership with Hopper, to help travelers save money with personalized recommendations and flexible booking capabilities. Through this partnership, MakeMyTrip aims to further enhance the flight booking experience by boosting its recently launched Price Lock feature. Hopper's Price Freeze technology will power MakeMyTrip's Price Lock feature and enable customers to lock in flight fares for up to seven days while they are in the process of firming up their travel plans.
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Future Market Insights, in its new offering, presents an unbiased analysis of the global alternative accommodation market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Accommodation Type (Home, Apartments/Condominium, Alternative Accommodation & Camping, Hostel, Others) by Booking Mode (Online/Platform-based, Offline) and Region (North America, Europe, APAC, MEA, and Latin America)
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Key Segments Covered in the Alternative Accommodation Industry Analysis
Alternative Accommodation Market by Accommodation Type:
- Alternative Accommodation Homes
- Alternative Accommodation Apartments/Condominiums
- Alternative Accommodation & Camping
- Alternative Accommodation Hostels
- Other Alternative Accommodation Types
Alternative Accommodation Market by Booking Mode:
- Offline Alternative Accommodation Booking
- Online/Platform-Based Alternative Accommodation Booking
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