Sharing Accommodation Market Report 2024

This Sharing Accommodation market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The sharing accommodation market size has grown strongly in recent years. It will grow from $116.31 billion in 2023 to $124.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth during the historic period can be attributed to the increase in co-living spaces, the emergence of online travel agencies (OTAs), the lower cost of travel associated with shared accommodations, the rise in eco-friendly accommodations, and the increase in online booking scams.

The sharing accommodation market size is expected to see strong growth in the next few years. It will grow to $168.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth during the forecast period can be attributed to rising tourism, growing popularity of online booking convenience, increasing demand for short-term rental services, a higher number of business travelers, and a rising millennial demographic. Major trends expected during this period include the development of eco-friendly lodging, the introduction of integrated digital concierge services, the creation of augmented reality features, the integration of voice-activated booking systems, and the development of artificial intelligence (AI)-powered search engines.

The growth in tourism is expected to drive expansion in the sharing accommodation market. Tourism, defined as traveling to and staying in locations outside one’s usual environment for leisure, business, or other purposes, is on the rise due to improved transportation accessibility and an increasing appetite for unique experiences, cultural exploration, and the influence of social media. Sharing accommodations offer a cost-effective, comfortable, and flexible lodging option for travelers, with amenities such as Wi-Fi and workspaces, and are often conveniently located near business districts and meeting venues. For example, in June 2022, the US Department of Commerce reported a rise in international arrivals for travel and tourism in the US, reaching 22.1 million in 2021 compared to 19.2 million in 2020. This growing tourism trend is consequently fueling the growth of the sharing accommodation market.

Leading companies in the sharing accommodation market are focusing on enhancing the user experience through advanced digital platforms to secure a competitive edge. These platforms leverage artificial intelligence and machine learning to personalize user interactions and streamline the booking process. For instance, in 2021, Airbnb, a US-based hospitality company, introduced its Airbnb Categories feature. This innovation enables users to filter listings according to unique categories such as Luxe, Unique Stays, and Bed and Breakfast. Key features include personalized recommendations based on user preferences, improved search capabilities that simplify the process of finding accommodations, and a more engaging interface that highlights distinctive properties. This trend enhances customer satisfaction and drives higher booking rates by making the search process more intuitive and aligned with consumer preferences.

In March 2023, Airbnb, a US-based provider of sharing accommodations, partnered with SHEROES to expand its network of women hosts in India. This collaboration aims to empower women by providing them with the skills, knowledge, and confidence necessary to become successful hosts on Airbnb’s platform. SHEROES, an India-based community organization, supports women by facilitating access to employment, entrepreneurship, and financial resources.

Major companies operating in the sharing accommodation market are Marriott International, Booking Holdings Inc., Radisson Hotel Group, Expedia Group Inc., Hilton Worldwide Holdings Inc., Airbnb Inc., Hyatt Hotels Corporation, Louvre Hotels Group, Accor SA, Vrbo, Wyndham Hotels & Resorts Inc., Shangri-La Asia Limited., Mandarin Oriental Hotel Group, HomeToGo GmbH, Onefinestay Reservations Limited, HomeExchange.com Inc., Couchsurfing, Bedycasa, Cozy Holdings Ltd., Homestay, Tujia.

Europe was the largest region in the sharing accommodation market in 2023. The regions covered in the sharing accommodation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the sharing accommodation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Sharing accommodation is a business model where individuals rent out their residential properties or parts of them to guests on a short-term or long-term basis through online platforms. This model utilizes underused assets and connects hosts directly with guests for peer-to-peer transactions.

The primary types of shared accommodation include economy, comfortable, boutique, luxury, and others. Economy-type shared accommodations offer an affordable alternative to traditional hotels. Booking modes for these accommodations include both offline and online options. They are used for various purposes such as tourism, business trips, and more.

The sharing accommodation market research report is one of a series of new reports that provides sharing accommodation market statistics, including sharing accommodation industry global market size, regional shares, competitors with a sharing accommodation market share, detailed sharing accommodation market segments, market trends, and opportunities, and any further data you may need to thrive in the sharing accommodation industry. This sharing accommodation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sharing accommodation market includes revenues earned by entities by short-term rental services, long-term rental services, reservation services, and ancillary services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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