Alternative Accommodation Market is Anticipated to Touch a Value of Nearly US$ 626.5 Billion in the year 2032

The global alternative accommodation market is estimated to garner US$ 626.5 Billion while exhibiting a 16.2% CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 139.6 Billion in 2022.

Increasing use of the internet and ease of booking provides lucrative opportunities for the growth of the market. Increasing awareness about travel management software among end-users is expected to propel the growth of the market. Increasing spending power and availability of budget travel options boost the growth of the alternative accommodation market. High investment in the tourism sector and development by government authorities are anticipated to offer opportunities for expansion in the forecast period

The online segment based on booking mode is likely to offer remunerative opportunities for the global alternative accommodation market. Several emerging economies are making significant developments in their technological sector, thereby, providing lucrative opportunities to players in the market.

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Key Takeaways:

  • The global alternative accommodation market is estimated at USD120.2 Billion in 2021
  • By booking mode, the online segment is expected to accumulate a share of 84.4%
  • By accommodation type, the home segment accounts for share of 29.5% during the forecasting period.
  • Market in the US accounts for a market share of 34.5% in 2021.
  • Market in the Asia Pacific to accounts for CAGR of 17.3% during the assessment period.

“Increasing popularity of homestays among domestic and international travelers and high investment in the tourism sector for development by government authorities are expected to fuel the demand for alternative accommodation market over the forecast period”

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Competitive Landscape

Key players in the global alternative accommodation market are holidu.co.uk; Trivago; Airbnb, Inc.; Booking.com; VRBO (Expedia Group); MakeMyTrip Limited; Wyndham Destinations Inc.; HomeToGo; Peakah; Trip.com Group Limited; TripAdvisor, Inc among various others

Recent updates from the industry are:

  • In May 2022 – Online travel firm MakeMyTrip has partnered with 15 banks, NBFCs and fintech players, including HDFC Bank, IDFC Bank, Capital float and Zest Money, for its ‘book now pay later’ option while booking flight or hotels.
  • In October 2021 – MakeMyTrip Limited announced its partnership with Hopper, to help travelers save money with personalized recommendations and flexible booking capabilities. Through this partnership, MakeMyTrip aims to further enhance the flight booking experience by boosting its recently launched Price Lock feature. Hopper’s Price Freeze technology will power MakeMyTrip’s Price Lock feature and enable customers to lock in flight fares for up to seven days while they are in the process of firming up their travel plans.

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Key Segments Covered in the Alternative Accommodation Industry Analysis

Alternative Accommodation Market by Accommodation Type:

  • Alternative Accommodation Homes
  • Alternative Accommodation Apartments/Condominiums
  • Alternative Accommodation & Camping
  • Alternative Accommodation Hostels
  • Other Alternative Accommodation Types

Alternative Accommodation Market by Booking Mode:

  • Offline Alternative Accommodation Booking
  • Online/Platform-Based Alternative Accommodation Booking

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

    2.3. Inclusions/Exclusions

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Accommodation Type modifications /Innovation

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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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