Market Size of Europe Online Accommodation Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Online Accommodation Market Analysis
The Europe Online Accommodation Market has generated a revenue of USD 72 billion in the current year and is poised to achieve a CAGR more than of 3% for the forecast period
Post-pandemic, travelers with or without families want more space to live, work, and play and this has created a tremendous uptick in the use and popularity of online accommodation for leisure purposes. The market is growing rapidly due to its increased influence in the overall lodging market. Online Travel Agencies (OTA) are currently controlling the majority of the online accommodation market. Direct suppliers, such as hotels, are recognizing the need to rack up their loyalty programs and highlight experiences to respond to the OTA threat.
One of the reasons OTAs are preferred comes down to content aggregation: they allow customers to compare lots of products based on price, availability, and guest reviews all in one place. 30% of OTA bookers said they preferred OTAs because they felt they had lower rates. Leisure travelers are even more convinced of this fact.
Students and Youth shifting to Europe from the rest of the world have given preference to online accommodation. This has been taken up as opportunity by many companies and they have added a feature of hostels and students accommodations on their websites. Online accommodation has made it convenient, easy, and reliable for students to find accommodation in a completely new space. With the advancement of technology, and low internet costs it is easier for people to book hotels or homes from the comfort of their house and plan their travel. This has caused online accommodation services to become popular.
