Sharing Accommodation Market to Reach $235.7 Billion, by 2032 at 6.4% CAGR: Allied Market Research
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Shared accommodation is when two or more people are living together in the same place. This could be a home or an apartment. In shared accommodation, two or more people have a bedroom or a living space in the same property. They also share common areas like a kitchen, a living room or a bathroom. There are many forms of shared accommodation. For example, roommates living together in an apartment are called co-living. They rent separate rooms in a bigger shared space. Shared housing for students and professional roommates often involves sharing rent, utilities, and other household expenses. Accommodation sharing has many benefits such as cost savings due to cost sharing between residents, increased social connections, and sense of belonging.
Prime Determinants of Growth:
The global sharing accommodation market is driven by factors such as the rise of the millennial generation, boom in global tourism, and increase in popularity of online platforms. However, the rise in fraudulence and increasing price of traditional lodging restrict market growth. Moreover, the growth of sustainable and eco-friendly accommodation options offers new opportunities in the coming years.
Report Coverage & Details:
Increase in popularity of online platforms
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The business to consumer (B2C) segment to maintain its leadership status throughout the forecast period-
Based on type, the business to consumer (B2C) segment dominated the market in 2022 accounting for more than three-fifths of the global sharing accommodation market share and is expected to dominate the market during the forecast period. On the other hand, the business to business (B2B) segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032. This is due to the increase in global tours and travel and increasing preference for personalized and immersive travel by the global travelers drives the demand for personalized booking through B2C channels.
The generation z segment to maintain its lead position during the forecast period-
On the basis of application, the generation z segment dominated the market in 2022 accounting for nearly half of the global sharing accommodation market share and is expected to maintain its lead position during the forecast period. Cost-effectiveness is important to Generation Z since they frequently seek cost-effective alternatives to conventional hotels. Additionally, their quest for unique and engaging travel experiences drives them to choose shared lodgings such as Airbnb, where they may stay in special locally owned apartments. However, the generation X segment would display the fastest CAGR of 7.9% during the forecast period.
Europe to maintain its dominance by 2032-
Based on region, Europe held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global sharing accommodation market revenue and is likely to dominate the market during the forecast period. Tourism has emerged as an essential part of the modern hospitality industry and economy in the European region. The Europe sharing accommodation market is driven by rise in the trend of authenticity, and demand for non-traditional accommodation among travelers in the region. On the other hand, the Asia-Pacific region would portray the fastest CAGR of 7.6% during the forecast period.
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Leading Market Players: -
The report provides a detailed analysis of these key players in the global sharing accommodation market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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