Alternative Accommodation Market Size Worth $477.57 Billion by 2032 | CAGR: 14.0%

The global alternative accommodation market size is expected to reach USD 477.57 billion by 2032, according to a new study by Polaris Market Research. The report “Alternative Accommodation Market Share, Size, Trends, Industry Analysis Report, By Accommodation Type (Home, Apartments/Condominium, Alternative Accommodation & Camping, Hostel, and Others); By Booking Mode; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The surging popularity of alternative accommodation due to its ability to offer diverse range of properties ranging from cozy apartments to luxurious villas and also unconventional stays like houseboats and treehouses along with the higher demand for flexibility in terms of check-in and check-out times, property choices, and cancellation policies, are the leading factors fueling the demand and growth of the market. Additionally, the growing shift towards remote work and constantly surging desire for work-life balance, that have led to greater demand workstations like a combination of work and vocational stays, are likely to have a positive impact on the market.

For instance, in May 2022, Booking.Com., announced that the company is going to invest heavily in tech and ads, with an aim to expand its alternate accommodation business across the world. The company has been continuously working on the development and improvement of their alternative accommodation products globally with higher focus on US market.

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In the recent years, significant number of hotel chains and hospitality groups have recognized the potential of the alternative accommodation and have been investing or acquiring alternative accommodation platforms and companies, so that they can diversify their portfolios, tap into new customer segments, and gain a presence in the growing market. For instance, according to a report published in 2022, the demand for alternative accommodation has seen an upsurge of around 30 to 40 percent in the last few years, and the number of booking has been rising month-on-month all over the world.

Many platforms are now focusing on offering instant booking options, allowing guests to reserve properties immediately without waiting for host approval and are also introducing smart pricing algorithms, that is likely to create ample growth potential for the market over the years. Beside this, IoT devices are being integrated into alternative accommodations in order to enhance guest experiences and property management, thereby pushing the global market growth forward.

Alternative Accommodation Market Report Highlights

• Home segment held the larger share, owing to emergence of homelike stays among both international and domestic travelers
• Online segment is projected to gain substantial growth rate over the coming years, owing to rise in the number of smartphone users and development of new applications
• North America region dominated the global market with considerable share in 2022, on account of high consumer spending power and greater technological advancements
• The global key market players include Stay Alfred, MakeMyTrip Limited, Expedia Group, Airbnb Inc., Trip.com Group Limited, and Wyndham Destinations Inc.

Polaris Market Research has segmented the alternative accommodation market report based on accommodation type, booking mode, and region:

Alternative Accommodation, Accommodation Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Home
• Apartments/Condominium
• Alternative Accommodation & Camping
• Hostel
• Others

Alternative Accommodation, Booking Mode Outlook (Revenue - USD Billion, 2019 - 2032)

• Offline Alternative Accommodation Booking
• Online Alternative Accommodation Booking

Alternative Accommodation, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Alternative Accommodation Market Report Scope