Newark, June 20, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global vacation rental market is expected to grow from USD 91.50 Billion in 2023 to USD 159.43 Billion by 2033, at a CAGR of 5.71% during the forecast period 2023-2033.
The hospitality sector is considered one of the oldest sectors in the world, but vacation rentals are considered the newest in this sector. This market is growing due to a surge in spending on travel and accommodation, especially because of millennials. Based on one of the studies, Millennials account for around 200,000 million tourists globally, and they spend around USD 180 Billion on travelling in a year. This factor eventually favours the market as many travellers favour vacation rentals over hotels because of comfort, privacy, affordability, and family- and pet-friendly nature.
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Competitive Strategy
To enhance their market position in the global Vacation Rental market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2024: Expedia Group Inc. plans to spend a significant amount in marketing to narrow the gap with its rival Airbnb Inc. in the vacation rental sector. This factor will eventually help the organization gain a share in the Vacation Rental market.
Market Growth & Trends
Vacation rentals generally offer more space and amenities than traditional hotel spaces, making them preferable for families, groups, and long-period stays. It provides a cost-effective alternative to hotels, specifically when shared among many travellers. These factors are fueling the growth of the vacation rental market. It has been observed that the sharing economy, like Airbnb and HomeAway, is disrupting the travel and hospitality sector. It has allowed property owners to profit from their spare rooms or properties. It has helped travellers with diverse accommodation preferences beyond traditional hotels. These vacation rentals provide more flexibility in terms of check-in and check-out times, allowing travellers to plan their itineraries more freely. Moreover, staying in the vacation rental offers an experience of being a home away from home, as amenities like kitchens, laundry facilities, and living spaces further enhance convenience and comfort during the stay. Consumers generally consider amenities and comfort while travelling and choosing vacation rentals. For instance, one of the studies in 2021 found that around 71% of families travelling with children choose to prepare their meals by themselves, which generally influences the decision to stay in a vacation rental. The increase in the supply of vacation rentals is helping to meet its demand. Its demand is broadly due to its cost advantage in comparison to hotels. For instance, in 2021, Airbnb had around 2.9 million hosts globally, with more than 14,000 new hosts increasing every month. In 2021, Airbnb operated in around 220 countries with almost 100,000 active listings. Also, it has been observed that social media and the internet play a crucial role in growing consumer awareness about vacation rental offerings and services. All these factors are eventually driving the Vacation Rental market. The surge in the category of rental homes and second homes is driving the vacation rental market due to the growing population of flexible workforce and a significant rise in remote working. It leads to long leases in the middle of hill stations, woody trails, beaches and scenic countryside. The option for regular hotels can be high-priced; thus, the rental villas and cottages are considered very affordable options. Also, this industry is supported by a growing supply side with a surge in rental villas, second homes, farmhouses, serviced apartments and other gated communities. This helps strengthen the supply side and increases the stock, thus making this segment more accessible, affordable, and available even in remote areas and locations where the hospitality sector is not fully developed. All these factors are driving the Vacation Rental market.
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Key Findings
• In 2023, the home segment dominated the market with the largest market share of 48.11% and market revenue of USD 44.02 Billion.
The accommodation type segment is divided into home, apartments, resort/condominium and others. In 2023, the home segment dominated the market with the largest market share of 48.11% and market revenue of USD 44.02 Billion. This significant market share is attributed to the growing preference for homes among travellers because of their space availability, amenities, accessibility, and safety.
• In 2023, the offline segment dominated the market with the largest market share of 69.11% and market revenue of USD 63.23 Billion.
The booking mode segment is divided into online and offline. In 2023, the offline segment dominated the market with the largest market share of 69.11% and market revenue of USD 63.23 Billion. This market share is attributed to several travellers who book their vacation rentals via phone or travel agents.
Regional Segment Analysis of the Vacation Rental Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Europe region occurred as the largest market for the global Vacation Rental industry, with a market share of 33.89% and a market value of around USD 31.01 Billion in 2023. This market share is attributed to the surge in the adoption of glamping and growing spending by leading tour operators and online platform operators on booking accommodations in condominiums and resorts.
Key players operating in the global Vacation Rental market are:
• Expedia Group Inc.
• 9flats.com Pte Ltd.
• TripAdvisor Inc.
• Booking Holdings Inc.
• Airbnb Inc.
• NOVASOL AS
• Oravel Stays Pvt. Ltd.
• Wyndham Destinations Inc.
• Hotelplan Holding AG
• MakeMyTrip Pvt. Ltd.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Vacation Rental market based on below mentioned segments:
Global Vacation Rental Market by Accommodation Type:
• Home
• Apartments
• Resort/Condominium
• Others
Global Vacation Rental Market by Booking Mode:
• Online
• Offline
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About the report:
The global Vacation Rental market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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