Vacation rental market size to surpass US $ 112.3 billion by now


Tokyo, December 22, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the size of the global vacation rental market was valued at US $ 22.7 billion in 2020. The global vacation rental market is primarily driven by the growth of the tourism industry. The growing awareness among travelers of the availability of vacation rental services and the increase in millennial tourism activities are the primary drivers of the vacation rental market.

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The low cost availability of homes, the large space and comfort offered by vacation rentals are driving the adoption of vacation rentals among the population. Millennials are expected to be the primary drivers of the market. Millennials and younger generations will make up around 75% of the tourist population by 2025, according to Airbnb. Increased penetration of the internet and various social media platforms is playing a crucial role in raising awareness of destinations, hotels, restaurants and rentals. holidays among the population. The vacation rental market is fueled by the heavy investments made by the government in the development of connectivity and infrastructure, especially in developing countries, which increases the growth of the market.

The rapid spread of the COVID-19 disease across the world has resulted in the implementation of strict travel restrictions that have required people to stay in their homes indefinitely. This has resulted in huge losses for the vacation rental industry’s revenue generation. According to the World Tourism Organization, tourism activity saw a decline of more than 70% in 2020. The rapid pace of vaccination campaigns around the world is expected to accelerate the growth of the vacation rental market from 2021. Additionally, revenge tourism is a trending topic that experts say is significantly driving the growth of the vacation rental market in the early years after the COVID-19 pandemic.

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Scope of the vacation rental market

Cover of the report Details
Market size in 2030 $ 111.2 billion
Growth rate from 2021 to 2030 17.3% CAGR
The biggest market Europe
Year of reference 2021
Forecast period 2021 to 2030
Covered segments Accommodation, Booking method, Region
Companies mentioned 9flats, Airbnb, Booking.com, BookingBuddy.com, Inc. Expedia, Hotelplan Management AG, MAKEMYTRIP PVT. LTD., Hotwire, Inc., NOVASOL, OYO Hotels & Homes, TripAdvisor LLC, Wyndham Destinations, Hotels.com, Trivago

Regional snapshots

Europe has dominated the global vacation rental market, achieving a market share of around 36% in 2020. European countries such as Spain, Italy, France, Scotland and Switzerland are expected to Present lucrative growth opportunities to market players operating in vacation rental. Marlet. The aforementioned nations are well known among tourists for their exotic destinations. In addition, the presence of well-connected and developed infrastructure has resulted in the emergence of Europe as the leading vacation rental market.

Asia-Pacific is estimated to be the most opportunistic market during the forecast period. Increasing government investments in the development of the tourism sector in countries such as Singapore, Thailand, Vietnam and India are increasing the growth of the market. In addition, the growing awareness among tourists of the availability of the vacation rental market is fueling the demand for vacation rentals in the region.

Market dynamics

Driver

The growing penetration of online and instant booking platforms

The growing popularity and growing presence of the many online booking platforms that offer instant booking for destinations is expected to drive the market. Consumers are offered instant bookings of tickets, hotels, restaurants and travel tickets. The amenities and the absence of cancellation fees are the major policies that are expected to drive the growth of the vacation rental market during the forecast period.

Detention

Risks of fraud linked to the online reservation system

There are several security issues associated with booking tickets online that can result in financial loss for consumers as well as sellers. Unethical websites, paid reviews, and scam websites can hamper the growth of the global vacation rental market.

Opportunities

Different growth strategies adopted by market players

The global vacation rental market is highly fragmented due to the presence of many large players. Moreover, various development strategies adopted by them highly influence the growth of the market. For example, in April 2019, Marriott International launched Homes & Villas which offers 2,000 luxury homes in North America, Europe and Latin America.

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Highlights of the report

  • On an accommodation basis, the houses segment dominated the market with around 48% market share in 2020. Higher preferences for houses because they are affordable, spacious, secure and serve baby boomers perfectly. The increasing investments by market players in developing various houses for tourists to serve as vacation rentals are further expected to fuel the growth of the market.
  • On the basis of the booking mode, the online segment is expected to be the fastest growing segment due to the increasing adoption of internet and smartphones among the population. In addition, the growing popularity of various online service providers and the aggressive digital marketing strategies they are adopting are fueling the adoption of online booking mode across the world.

Segments covered in the report

By accommodation

  • Apartments
  • Houses
  • Resorts
  • Others

By booking method

By geography

  • North America
  • Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the world

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