Offline Mode led the Vacation Rental Market in 2021
According to Custom Market Insights (CMI), the Global Vacation Rental Market size was estimated at USD 92.53 Billion in 2021 and is expected to hit around USD 317.76 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 13.97 % from 2022 to 2030.
The vacation rental market’s drivers and restraints are examined from all angles in our study report, along with how they will affect demand over the forecast period. Also, the report examines global opportunities and competitive analysis for the Vacation Rental market.
Vacation Rental Market: Overview
Many countries have put measures into place that are beneficial to the expansion of the tourist sector globally. Vacation rental homes are in high demand due to the rise in vacationers around the world. The travel and tourism sector has grown tremendously in large part due to the baby boom generation. Particularly rising is the demand for short-term rental homes for vacationers. These properties produce greater returns than long-term rental properties when they are correctly marketed.
Browse the full “Vacation Rental Market Size, Trends, and Insights By Accommodation Type (Home, Resort/Condominium, Apartments), By Booking Mode (Online, Offline), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/vacation-rental-market/
The millennial demographic is driving the global vacation rental market with rising travel, vacation, and lodging spending. Millennials make up 200,000 million of the world’s travellers, and they spend over 180 billion dollars on travel annually, according to Copyrise.
Due to their lower prices compared to hotels, vacation rentals are also becoming more and more in demand. According to Stratos Jet Charters, Inc. statistics, there are currently 2.9 million hosts using Airbnb worldwide, and each month in 2021, there will be more than 14,000 new hosts. Additionally, as of 2021, there will be about 100,000 cities with active Airbnb listings across the company’s 220 operating nations.
Consumer knowledge of services and offerings is growing as a result of social media and the internet. A number of services, exotic places, and amenities are being offered specifically for female visitors by key firms in an effort to capture market share. For instance, Golightly, a platform for holiday rentals run entirely by women and open to female guests only, was introduced in January 2020. More than 350 properties are owned by the corporation worldwide.
The market for Vacation Rental is segmented into accommodation type and booking mode. In 2021, the offline booking method had a market share of approximately 70.0% in revenue. This is explained by the fact that Baby Boomers and Gen X make up most of the consumers and prefer offline booking methods. It is predicted that as internet and smartphone usage among customers rises, so will consumers’ propensity for online booking.
With a market share of more than 45.0% in terms of revenue in 2021, the home accommodation type segment led the market. This is explained by the high appeal of residences among tourists due to their accessibility to services, availability of space, and sense of security. In addition, the cheap cost of lodging in rural and tourist regions is a key factor in the segment’s growth.
In 2021, Europe commanded a market share of nearly 30%. This is attributable to large and online travel agencies catching up with the burgeoning glamping trend and rising costs for lodging at hotels and condos. Over the projected period, it is predicted that the U.K. and Germany will dominate the market. According to projections, the U.K. market will expand the fastest in the region.
From 2022 to 2030, Asia Pacific is anticipated to have the greatest rate. The increase is primarily related to consumers’ growing travel and lodging expenses. In the area, China had the greatest revenue share in 2021, and it is predicted that it would continue to lead in the years to come. It is also predicted that increased traveller spending from other developing nations, such as Australia, the Philippines, Vietnam, and India, will drive market expansion in the region.
|Feature of the Report||Details|
|Market Size in 2021||USD 92.53 Billion|
|Projected Market Size in 2030||USD 317.76 Billion|
|Market Size in 2022||USD 117.47 Billion|
|CAGR Growth Rate||13.97 % CAGR (2022-2030)|
|Key Segment||By Accommodation Type, Booking Mode, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
The reports also assist in comprehending the dynamics and organizational structure of the worldwide vacation rental industry by looking at market groups and estimating market sizes. The study serves as an investor’s guide thanks to its clear depiction of competitive analysis of key companies by product, price, financial condition, product portfolio, growth plans, and regional presence in the worldwide Vacation Rental market.
- 2022: Here, a US-based company began attracting funds for those who wanted to purchase holiday rental units as early as $100. The business has so far raised more than $5 million in a startup round.
- 2022: With the acquisition of Avantio, a provider of vacation rental management software and services, Planet, a multinational technology business, increased its market share in the hotel sector.
- 2022: Jerry Jones, the owner of the Dallas Cowboys, made an undisclosed investment in a software firm that works with the hotel and vacation rental industries.
- Hotelplan Management AG
- MAKEMYTRIP PVT. LTD.
- OYO Hotels & Homes
- Agoda Company Pte. Ltd.
- Yatra Online Private Limited
- Hotwire, Inc.
- BookingBuddy.com, Inc.
- priceline.com LLC
- Airbnb Inc.
- Booking Holdings Inc.
- Hotelplan Holding AG
- MakeMyTrip Pvt. Ltd.
- Expedia Group Inc.
- NOVASOL AS
- Oravel Stays Pvt. Ltd.
- Wyndham Destinations Inc.
- TripAdvisor Inc.
The global Vacation Rental market is segmented as follows:
By Accommodation Type
By Booking Mode
By Price Point
- Mid Range
By Location Type
- Resort Area
- Rural Area
- Small Town
By End User Generation
- Gen Z
- Gen X
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America