Vacation Rental Market

Global Vacation Rental Market

Vacation Rental Market- By Accommodation Type, Booking Mode and Region.

Market Synopsis:

The Global Vacation Rental Market is valued at USD 76.58 Billion in the year 2022 and is projected to reach a value of USD 112.28 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.90% over the forecast period.

The tourism industry is the primary driver of the global Vacation Rental business. The Vacation Rental Market is being driven by rising knowledge among travelers about the availability of Vacation Rental services and increased tourist activities by millennial. Consumers' spending on tourism activities is rapidly increasing. The comforts and low rates associated with holiday rentals are driving up demand among travelers. Furthermore, because of the convenience and affordability, families with children choose holiday rentals. During the projected period, millennial is expected to fuel market expansion. In addition, increased knowledge of alternatives to hotels and lodges during travel is helping to drive market growth. Especially for short stays, tourists are increasingly renting private beach houses, private homes, villas, and apartments.

Tourism is quickly growing as a result of several causes such as consumer participation in sports, wellness, and adventure activities. Consumer awareness of services and offerings is growing as a result of the influence of social media and the internet. To obtain market share, key businesses are offering a variety of services, exotic destinations, and amenities, as well as services tailored specifically for female visitors. The low cost of vacation rentals, as well as the large amount of room and comfort they provide, are increasing their popularity among the general public. The Vacation Rental Market is supported by the government's large investments in the development of connectivity and infrastructure, particularly in developing countries, which is boosting market growth. However, there are several security vulnerabilities with online ticket buying that can result in financial losses for both customers and sellers. Unethical websites, bought reviews, and fake websites may stifle the Global Vacation Rental Market's expansion.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

Market Segmentation:

The Vacation Rental Market is segmented on the basis of Accommodation Type and Booking Mode. Based on accommodation type, the market is segmented as Home, Apartments, Resort/Condominium, and Others. Based on booking mode, the market is segmented as Online, and Offline.

Based on Accommodation Type:

The home accommodation type segment dominated the market in terms of revenue in 2021. This is due to the popularity of vacation houses among travelers due to its ample size, safety, and proximity to facilities. Furthermore, the cheap cost of lodging in rural and tourist regions is propelling the market forward. However, the resort/condominium market, on the other hand, is expected to increase at a quicker rate. Millennials are the primary drivers of this group, as they are more willing to spend money on activities such as barbeque pits, games, swimming pools, clubhouses, and tennis.

Based on Packaging Type:

In terms of revenue, the offline booking mode dominated the market in 2021, accounting for more than 70% of the total. This is due to the fact that the majority of customers, Baby Boomers and Gen X, prefer to book offline. Consumers' preferences for online booking are expected to evolve as the internet and smartphone prevalence among them grows. Over the projected period, the online booking mode is expected to grow at the quickest Compound Annual Growth Rate (CAGR). Consumers' preference for detailed access to housing, amenities, and other benefits is linked with the increase. The demand for authentic travel experiences, as well as the value for money, are driving the expansion of internet booking.

Europe is Projected to Grow at the Highest Compound Annual Growth Rate (CAGR) During the Forecast Period

In terms of region, Europe dominated the market in 2021, with a market share of roughly 30%. The presence of prominent tourism operators is a feature of Europe. Furthermore, growing tourism activities in Europe have tremendously contributed to market expansion due to the large attractiveness of destinations among tourists and the presence of sophisticated infrastructure. Germany, the United Kingdom, and Spain are likely to enjoy considerable market shares in Europe.

Asia Pacific is expected to be the most lucrative market during the forecast period. Asia Pacific is one of the most popular tourist destinations in the world. A primary driver of the market is the growing reliance of numerous economies on tourism, as well as rising government spending in the creation of sophisticated infrastructure to attract tourists. Furthermore, governments in nations like India, Indonesia, China, Vietnam, Australia, and Thailand are focusing on boosting the tourist sector in order to generate cash, create jobs, and promote the region's overall development. Furthermore, as travellers become more aware of the availability of vacation rentals, demand is expected to rise. As a result, Asia Pacific is expected to be the fastest-growing region.

Competitive Landscape:

The key players in the Global Vacation Rental Market include- 9FLATS.com PTE LTD, Airbnb Inc., Booking Holdings Inc., Expedia Group Inc., Hotelplan Holding AG, MakeMyTrip Pvt. Ltd., Novasol AS, Oravel Stays Pvt. Ltd., TripAdvisor Inc., Wyndham Destinations Inc. and others.

Segmentation of the Global Vacation Rental Market: