Peer to Peer Accommodation Market: Global Industry Analysis And Forecast (2023-2029)

Peer to Peer Accommodation Market is expected to be worth US$ 175.03 million in 2022. Peer to Peer Accommodation Market is estimated to grow at a CAGR of 20.58% over the forecast period.
Peer to Peer Accommodation Market Overview:
Peer-to-peer accommodation happens when a person rents an apartment or a room they own to an alternative person and is usually made conceivable by internet platforms like Airbnb. The market for Peer-to-Peer Accommodation is rapidly increasing. The tourism industry is presently coping with the properties of collaborative ingestion, with travellers trusting heavily on peer-to-peer facilities such as Airbnb and Uber. Peer-to-peer lodging is becoming increasingly widespread in both rich and poor countries around the world. Individuals who provide a room or entire stuff for short-term housing are known as peer-to-peer (P2P) accommodation.To know about the Research Methodology :- Request Free Sample Report
Peer to Peer Accommodation Market Dynamics:
The Peer-to-Peer housing business is primarily driven by increasing connectivity, which is facilitated by online social network platforms that allow people to share access to their homes, products, rooms, and services in exchange for a fee or other remuneration. While the fundamental services of P2P accommodation (room and board) are equivalent to those of hotels and are also marked by an absence of standards. Guests have the option of booking a complete house, a private room (sometimes with communal conveniences), or a communal room through Airbnb.

In addition, worries about privacy and sanctuary are the main clarifications that are restricting market expansion. P2P accommodations are disconsolate by the hosts and the web platform used to subordinate and complete communications. Collaborative consumption stretches peers the chance to build relationships with websites convoluted in the collaborative industry.

P2P accommodation stages provide a variety of welfares, the most significant of which is the capability for individuals to produce revenue from their current assets. This is supposed to be a long-term commercial strategy that democratizes tourism by accumulating the number and types of accommodations obtainable and lowering hotel fees, which benefits the end-user. In addition, market participants such as Airbnb have the chance to form relations with real estate agents to enlarge their customer base which is also giving lucrative growth opportunities for the market. P2P accommodation boards may pose certain challenges due to their role in redevelopment, regulatory concerns, and capturing market share from the hospitality diligence.
Impact of COVID-19 on Peer to Peer Accommodation Market:
COVID-19 is an unparalleled public health crisis that has wedged practically every business, and its long-term consequences are expected to have encouragement on industry growth through the forecast period. The continuous study is an ornamental research method to guarantee that fundamental COVID-19 concerns and potential solutions are encompassed. The research examines COVID-19 in light of dissimilarities in consumer behaviour and demand, purchasing configurations, supply chain re-routing, market dynamics, and government participation towards Peer to Peer Accommodation market. The efficient study considers the impact of COVID-19 on the market and delivers insights, analysis, projections, and forecasts.
Peer to Peer Accommodation Market Segment Analysis:
By Type, the market is segmented into Single rooms, Private rooms, and Entire houses. The Entire House segment is expected to grow at a CAGR of 9.5% through the forecast period. While the necessary services of P2P accommodation are equivalent to those of Entire House. P2P entire house is marked by a lack of standards. Guests have the option of booking a complete house, a private room (sometimes with shared utilities), or a communal room through Airbnb. Airbnb plays a vital role while boosting the entire house segment. Consumers prefer the entire house due to the benefits offered by the various companions.

By Application, the market is segmented into Tourism and Hospitality. The Tourism segment held the largest market share accounting for 78% in 2022. Tourists are heavily adopting peer-to-peer services such as Airbnb and Uber for ingestion. The peer-to-peer accommodation business is exploding in both developed and developing nations around the world. The surge in connectedness provided specifically by social web technologies is driving the peer-to-peer accommodation business.

However, the Hospitality segment is expected to grow at a CAGR of 8.3% through the forecast period. While the important services of P2P accommodation (room and board) are comparable to those of hotels in which P2P accommodation is marked by an absence of standards. Guests have the opportunity of booking a complete house or a private room (occasionally with shared efficacies) or a communal room through Airbnb.
Peer to Peer Accommodation Market Regional Insights:
The North American region held the largest market share accounting for 48% in 2022. The Peer-to-Peer accommodation business in this region is primarily driven by cumulative connectivity, which is assisted precisely by online social network platforms that allow societies to share access to their homes, products, rooms, and facilities in exchange for a fee or other compensation mostly in the United States and Canada.

In the hotel and tourism businesses, a huge number of persons or consumers are opting for peer-to-peer housing in the United States. North America, particularly the United States, will endure playing a significant role that cannot be disregarded. Any alterations made by the United States could influence the Peer-to-Peer Accommodation expansion trend which is the major factor in fuelling the growth of the North American region in Peer to Peer accommodation market.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the market dynamics, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Technology, price, financial position, product portfolio, growth strategies, and regional presence in the market makes the report investor's guide.
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Global Peer to Peer Accommodation Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 175.03 Mn.


Forecast Period 2023 to 2029 CAGR:
20.58%
Market Size in 2029:
US $ 648.70 Mn.


 Segments Covered:
by Type
Single Room
Private Room
Entire House


by Application
Tourism
Hospitality



Peer to Peer Accommodation Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Peer to Peer Accommodation Market, Key Players are
1. Airbnb Inc.
2. Flipkey Inc.
3. HomeAway, Inc.
4. Roomorama
5. HouseTrip Ltd.
6. Wimdu
7. Lifealike Limited
8. HomeExchange.com
9. Couchsurfing International Inc.
10. MyTwinPlace
11. GetMyCar
12. MyTwinPlace
13. Beds on Board
14. Guestnest

Frequently Asked Questions:

1] What segments are covered in the Peer to Peer Accommodation Market report?
Ans. The segments covered in the Peer to Peer Accommodation Market report are based on Type and Application.

2] Which region is expected to hold the highest share in the Peer to Peer Accommodation Market?
Ans. The North American region is expected to hold the highest share in the Peer to Peer Accommodation Market.

3] What is the market size of the Peer to Peer Accommodation Market by 2029?
Ans. The market size of the Peer to Peer Accommodation Market is expected to be 648.70 Mn. by 2029.

4] What is the forecast period for the Peer to Peer Accommodation Market?
Ans. The forecast period for the Peer to Peer Accommodation Market is 2023-2029.

5] What was the market size of the Peer to Peer Accommodation market in 2022?
Ans. The market size of the market in 2022 was US$ 175.03 Mn.