The sharing economy will account for more than half of the non-airline travel market in a decade, according to consultants PwC.
PwC partner David Trunkfield, addressing British travel agents at a conference, said the sharing economy market will grow by 30% every year to about $335 billion by 2025.
There are already 17 peer-to-peer companies with $1 billion-plus valuations, led by Airbnb and Uber.
Trunkfield noted the fact that Airbnb reported 150 million guest stays last year, more than the largest hotel group, Hilton, with 127 million.
It also had a bigger market valuation than any major hospitality group, despite not owning any physical hotel property assets.
Earlier this week Starwood Hotels founder Barry Sternlicht conceded companies like Airbnb had ‘changed the landscape’ of the lodging industry.
However, headwinds remain for the sharing economy, Trunkfield said, with issues over regulation, taxation, safety issues and the bad publicity surrounding them.
Travel companies need to protect their own interests, and, if necessary, shift their own organisations to adapt to the change in the marketplace, he said.
