Homestay Platform Market Report Overview
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The global homestay platform market size expanded rapidly in 2021, as per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the homestay platform market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Homestay platform and vacation rentals have been popular in the travel business in recent years. This is most likely owing to a homestay that can accommodate large families while also providing enough amenities to visitors. Furthermore, they desire a more homey and cosy hotel, or in other words, a "home away from home" when they travel. When you have empty rooms or residences, it can be simple to start a homestay business. Homestay connects host families with students and independent travellers in need of lodging. The Homestay platform allows you to live with a local and thoroughly discover your destination. We provide a large selection of accommodations for both long and short term stays that are very affordable, providing you with more money to spend on enjoying your trip.
COVID-19 Impact: The Pandemic Caused Underlying Malady Upsurged the Market Growth
One of the COVID-19 cloud's silver linings has been the homestay platform. Domestic travel is growing at a rapid pace, according to an online travel booking website. The earnings of the homestay platform in the second quarter (Q2) show an 80% recovery in domestic hotels and packages. Even in the lean travel period of the second quarter this year, the company achieved substantial volume growth in its air ticketing business as well as room nights in its hotels and packages. Homestays have become a popular choice for those who can afford a hotel but want to stay at a homestay.
LATEST TRENDS
"Creating a Theme or a Style in Homestays to Attract the Consumers and Boost Market Sales"
First off, while many homestay owners think this is unneeded, implementing and embellishing your homestay in accordance with a specific theme could completely affect the experience. Making over a homestay can be a fun task, especially if you have a theme in mind. Owners of homestays who operate their business in a remote area or far from popular tourist destinations should take note of this advice since they can make their establishment a popular destination and a tourist attraction.
Homestay Platform Market Segmentation
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- By Type
Based on type the homestay platform market is classified as web-based, cloud-based and others.
The type web-based is the leading part of the type segment.
- By Application
Based on application the homestay platform market is classified as large enterprises, SMEs and others.
The part large enterprises is the leading type of the application segment.
DRIVING FACTORS
"Providing Necessary Amenities and Well Maintained Home Stays to Decipher the Market Share"
These days, we can readily discover homestay platform that are on par with, if not better than, hotels. Several homestays are beginning to give basic amenities such as bath towels, shampoo, body gel, and so on. Mow the grass, clean the carpet, repair the leaking pipes, and do everything else that will make the homestay look like it was newly purchased. This may lessen the likelihood of guests complaining about the defective air conditioning, and guests would want to return to a well-kept homestay.
"The Online Booking Platforms and the Loyalty Programs to Inflate the Market Share"
The availability of the Internet and social media has led to an increase in the number of homestay platform accepting manual online reservations through messaging services and social media. If you manage reservations manually, it could be difficult to handle them during the busiest times of the year and on holidays. Booking engines offered by online travel providers come to the rescue here (OTA). It helps homestay operators fill their openings by listing the homestays on their website and processing any reservations made through their online booking system at the same time. Due to the fact that you will be featured alongside other homestays, listing on OTAs allows owners of vacation rentals to increase their exposure and make contact with tourists more easily.
Promo codes, coupons, and prizes are all examples of loyalty programmes that might help you grow your clientele. Of course, as a business owner, giving items away for free or at a discount seems like a poor idea, but when you use promo codes for your enterprises, they can be highly useful in bringing in new clients and boosting your sales.
RESTRAINING FACTORS
"Maintaining the Business and Filling up Vacancies to Pose Challenge in the Market Growth"
Having empty rooms or homes makes it simple to start a homestay platform business. However, managing the business and filling the vacancies can be difficult for all homestay owners, which would impede the homestay platform market growth during the anticipated term.
Homestay Platform Market Regional Insights
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"Asia Pacific Region to Lead With Rising Tourism and Practicing Hospitality"
Because to its highly practised hospitality and tourism over the region, Asia Pacific has acquired a dominant position in the global homestay platform market share. For instance, the Travelers want more genuine and true experiences, and there is presently no better platform than Airbnb to provide those, according to Airbnb, which competes with OYO in the homestay market. There is potential for a variety of forms to coexist due to the sizeable hospitality markets in China and India. It greatly benefits from the global network effect because it is a global corporation with more than 6 million listings. the development of a robust experiential economy in which hosts of Airbnb have the chance to promote their passions and cultures while making money off of vacant houses. These factors are also propelling the region's homestay platform market growth.
KEY INDUSTRY PLAYERS
"Prominent Manufacturers to Contribute Towards Expansion of Market"
The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.
List of Market Players Profiled
- Airbnb (U.S.A)
- Beijing Kuaipao Informational Technology (China)
- Yiyunyou Network Technology (China)
- Tujia Online (China)
- Ctrip (China)
- Beijing Sankuai Technology (China)
- Beijing IUE Technology (China)
- Agoda (Singapore)
- Priceline (U.S.A)
- Booking (The Netherlands)
- Expedia (U.S.A)
- Daxiang Minsu (China)
- Locals (U.S.A).
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
Frequently Asked Questions
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Which are the driving factors of the Homestay Platform market?
Providing necessary amenities, well maintained homestays and the online booking platform coupled with loyalty programmes for consumers are the driving factors of the Homestay Platform market.
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What is the leading region in the Homestay Platform market?
The Asia Pacific region leads the Homestay Platform market.
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Which are the top companies operating in the Homestay Platform market?
Airbnb, Beijing Kuaipao Informational Technology, Yiyunyou Network Technology(Beijing), Tujia Online, Ctrip, Beijing Sankuai Technology, Beijing IUE Technology, Agoda, Priceline, Booking, Expedia, Onehome, Daxiang Minsu, Locals and others are the top companies operating in the Homestay Platform market.
