The alternative accommodation market is projected to grow at a consistent 14.7% CAGR. The market is anticipated to reach a value of US$ 159.3 billion in 2023, and a market share of US$ 627.8 billion by 2033.
- When the pandemic is over, traveling and tourism will start again. People will give more attention to local guest houses, rentals like homes or apartments – this helps businesses grow. Moreover, the low prices and cozy feeling make it easier for travelers to decide.
- The high cost of hotels, expensive food costs, no hourly rates and limited trips are making people pick different places to stay for a better travel time. So, new businesses are putting their things and places on the internet to get more attention in sales.
- Improved tourism experience with locals promoting local places will likely help the market grow. Also, the already there hostels, apartments and guest houses are being added to the app.
- More and more people are going to outdoor places, and they’re using better technology. This is making the market grow bigger. At the same time, more parts of tourism and new ways to book online with deals are helping increase market limits.
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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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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