Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "Short-Term Vacation Rental Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The short-term vacation rental market size has grown strongly in recent years. It will grow from $111.08 billion in 2023 to $120.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The short-term vacation rental market size is expected to see strong growth in the next few years. It will grow to $169.75 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
This Short-Term Vacation Rental market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. The growth during the historic period can be attributed to higher travel demand, a rise in remote work, increased disposable incomes, and a desire for escapes from city life to more rural or scenic locations.
The growth anticipated during the forecast period can be attributed to ongoing expansion in remote work, rising demand for eco-friendly and sustainable vacation rental options, enhanced personalized recommendations and targeted marketing, a growing preference for unique and immersive travel experiences, and the broadening of global travel networks. Key trends expected in this period include smart home integration, the use of AI and data analytics for tailored recommendations and customized travel experiences, the rise of remote work and digital nomadism, the incorporation of virtual and augmented reality, and the growth of specialized rentals catering to specific interests.
The anticipated growth in the short-term vacation rental market is expected to be driven by the rising number of travelers. This increase in travelers is fueled by higher disposable incomes and a growing desire for unique and diverse experiences. Travelers turn to short-term vacation rentals for more personalized and cost-effective accommodations that offer local experiences and home-like amenities.
For example, in May 2024, the Office for National Statistics, a UK-based national statistical institute, reported a rise in overseas visitors to the UK, with 38 million trips in 2023 compared to 31.2 million in 2022. These visitors spent £31.1 billion, an increase of $5.91 billion (£4.6 billion) from the previous year. Meanwhile, UK residents took 86.2 million trips abroad, up from 71 million in 2022, and spent $93.07 billion (£72.4 billion), an increase of $17.87 billion (£13.9 billion) from the previous year. Thus, the growing number of travelers is expected to drive the expansion of the short-term vacation rental market.
Major companies in the short-term rental market are advancing property management solutions to boost operational efficiency and enhance guest experiences. These solutions involve sophisticated software and systems designed to automate and streamline the management of rental properties, including booking, maintenance, and tenant communications.
North America was the largest region in the short-term vacation rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the short-term vacation rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $120.77 Billion |
| Forecasted Market Value (USD) by 2028 | $169.75 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Short-Term Vacation Rental Market Characteristics
3. Short-Term Vacation Rental Market Trends and Strategies
4. Short-Term Vacation Rental Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Short-Term Vacation Rental Market Size and Growth
5.1. Global Short-Term Vacation Rental Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Short-Term Vacation Rental Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Short-Term Vacation Rental Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Short-Term Vacation Rental Market Segmentation
6.1. Global Short-Term Vacation Rental Market, Segmentation by Accommodation Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Home
- Apartments
- Resorts Or Condominium
- Other Accommodation Types
6.2. Global Short-Term Vacation Rental Market, Segmentation by Booking Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Online Or Platform-Based
- Offline
6.3. Global Short-Term Vacation Rental Market, Segmentation by Management, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Managed by Owners
- Professionally Managed
7. Short-Term Vacation Rental Market Regional and Country Analysis
7.1. Global Short-Term Vacation Rental Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Short-Term Vacation Rental Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Short-Term Vacation Rental Market Competitive Landscape and Company Profiles
- Booking Holdings Inc.
- Expedia Group Inc.
- Airbnb Inc.
- Wyndham Destinations Inc.
- Agoda Company Pte. Ltd.
Short-Term Vacation Rental Market Other Major and Innovative Companies
- Tripadvisor Inc.
- Vacasa Inc.
- Oravel Stays Private Limited
- NOVASOL a/S
- MakeMyTrip Pvt. Ltd.
- Hotelplan Management AG
- Evolve Vacation Rental Network Inc.
- Hopper Inc.
- Holidu GmbH
- Vacation Rental Pros Property Management LLC
- HomeToGo GmbH
- Atraveo GmbH
- 9flats.Com PTE Ltd.
- Housewise Services Pvt. Ltd.
- Homestay Technologies Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/og0dqe
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