Global Peer-to-Peer Accommodation Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
Global Peer-to-Peer Accommodation Market Overview:
“The global Peer-to-Peer Accommodation Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Peer-to-peer (P2P) accommodation is a service that is provided to individuals who are usually tourists or are looking for makeshift settlements in a new city. These services allow individuals to rent rooms and apartments and offer accommodation to other individuals through booking made on related websites and digital platforms. This trend of living in rented settlements for a short duration of time is becoming popular among individuals. Such services are becoming more popular than hotels due to their easy accessibility and the affordability of rooms in P2P accommodation services.
The rising use of social media or social networking sites has resulted in an increased level of communication between individuals, and in the process, the sharing of information about accommodation and availability of room spaces has become much easier. End-users or consumers are exploring different websites to book rooms and houses, and this trend is expected to increase over the coming years with the growth of the travel & tourism sector.
These are some of the major factors that are contributing to significant market growth. Various companies are currently networking with property managers to increase accommodation services and their respective consumer bases.
Consumers of peer-to-peer accommodation tend to comprise of individuals who are fond of traveling, interacting, and open to experience cultural and social exchanges. The availability of accommodation at reasonable prices and attractive offers are also factors that are contributing to market growth. Key players are also expanding their business through acquisitions & mergers as well as providing the opportunity for consumers to communicate with property dealers and build rapport with them. This will subsequently increase their consumer bases and eventually lead to the growth of the global market.
Consumers of P2P accommodation services often have issues pertaining to safety & privacy, and this a factor that could restrain this market’s growth. Lack of trust in the hosts, as well as technical glitches (website or application), can pose a set-back to target market growth.
By Accommodation Type:
The single-room segment is expected to account for the highest revenue share over the next 10 years.
The tourism segment is expected to account for the majority revenue over the next 10 years share when compared to other application segments. This is attributed to growing tourism sectors in several countries across the globe due to an inclination in travel among consumers.
The market in North America is expected to account for the majority revenue share over the coming years. The US market is a major revenue contributor in the region. The presence of major players as well as a growing travel & tourism sector in the region is fostering growth in the demand for P2P accommodations.
The Asia Pacific Market is projected to register a high Compounded Annual Growth Rate (CAGR) over the next 10 years. Increasing disposable incomes among consumers and the increasing interest in travel among young consumers are some factors fueling market growth in the region. The market in China is a major revenue contributor to the market in this region.
Global Peer-to-Peer Accommodation Market Segmentation:
By Accommodation Type
- Single Room
- Private Room
- Entire House/Apartment
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Airbnb Inc.
- Flipkey Inc.
- HomeAway Inc.
- HouseTrip Ltd.
- Lifealike Limited
- Couchsurfing International Inc.
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