Alternative Accommodation Market Anticipated to Flourish at a Steady CAGR of 14.7% by 2033: Analyzing Demand-Side Trends

Alternative Accommodation Market
Alternative Accommodation Market

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 USD 627.8 billion, compared to an estimated value of USD 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.

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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
  • Latin America
  • Europe
  • Japan
  • Asia Pacific Excluding Japan
  • The Middle East and Africa

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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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