Europe holds the second-largest share in the Alternative Accommodation Market, driven by technological advancements in cloud-based services within the region. During the forecast period, Europe is expected to witness substantial market growth, fueled by the availability of various accommodations, including hotels, resorts, hostels, vacation rentals, and more.
The presence of both regional and international market players, along with significant investments in research and development (R&D) across the country, is anticipated to further boost the market’s expansion in Europe. The region’s extensive and technologically advanced tourism and hospitality industry creates significant potential for the growth of the travel accommodation market.
Market players are actively adopting strategic approaches and offering schemes to expand their customer base and capitalize on the growing demand for alternative accommodation options in Europe. As a result, the region offers promising growth opportunities for the alternative accommodation market in the coming years.
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The alternative accommodation market is anticipated to expand its roots at a strong CAGR of 14.7% between 2023 and 2033. The market is expected to have a market share of US$ 627.8 billion by 2033, while it is likely to be valued at US$ 159.3 billion in 2023
- Restoration of travel and tourism activities post-pandemic, along with the end users focusing more on the local guest houses, rentals, homes, and apartments, are garnering market growth. Furthermore, the affordable pricing and homely vibes help travelers choose better.
- The higher prices of hotels, over-the-top food prices, no hourly charges, and limited travel experiences are pushing people to choose alternative accommodations for a better travel experience. Thus, new companies are showcasing their properties, facilities, and amenities online to gain more traction in the marketplace.
- Enhanced tourist experience with the local people promoting local locations with authentic places is likely to flourish the market growth. Also, the already existing hostels, apartments, and guesthouses are getting listed on the application.
- The increased popularity of outdoor destinations and technologically advanced infrastructure is garnering market growth. Alongside this, the additional elements of the tourism industry and online booking trends and discounts are helping the market expand its boundaries.
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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.
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.
Key Segments Covered
By Accommodation Type:
- Homes
- Apartments/Condominiums
- Alternative Accommodation & Camping
- Hostels
- Others
By Booking Mode:
- Offline Alternative Accommodation Booking
- Online/Platform-Based Alternative Accommodation Booking
Key Regions Covered:
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)
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