Vacation Rental Market Size to Surpass US$ 112.3 Bn by 2030

Tokyo, Dec. 22, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global vacation rental market size 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 rising awareness among the travelers regarding the availability of the vacation rental services and the rising tourism activities by the millennials are the major drivers of the vacation rental market.

Get the Report Sample Copy for more understanding@ https://www.precedenceresearch.com/sample/1419

The low cost availability of homes, big space, and comfort offered by the vacation rentals is boosting the adoption of the vacation rentals among the population. The millennials are projected to be the most significant drivers of the market. According to the Airbnb, the millennials and the younger generations will constitute around 75% of the tourist population by 2025. The increased penetration of internet and various social media platforms plays a crucial role in the spreading awareness about the destinations, hotels, restaurants, and vacation rentals among the population. The vacation rental market is fueled by the heavy investments pumped by the government towards the development of the connectivity and infrastructure especially in the developing nations is augmenting the market growth.

The rapid spread of the COVID-19 disease among across the globe resulted in the implementation of strict travelling restriction that forced the people to stay at their homes for indefinite time period. This resulted in huge losses to the revenue generation of the vacation rental industry. According to the World Tourism Organization, the tourism activities witnessed a fall of over 70% in 2020. The rapid pace of the vaccination drives across the globe is estimated to ramp up the growth of the vacation rental market from 2021. Moreover, the revenge tourism is a trending topic that is believed by the experts to significantly drive the growth of the vacation rental market during the first few years after the COVID-19 pandemic.

View Full Report Information@ https://www.precedenceresearch.com/vacation-rental-market

Scope of the Vacation Rental Market

Regional Snapshots

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

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The increasing investments by the government in the development of the tourism sector in the countries such as Singapore, Thailand, Vietnam, and India is a augmenting the market growth. Furthermore, the rising awareness among the tourists regarding the availability of the vacation rental market is fueling the demand for the vacation rentals in the region.

Market Dynamics

Driver

The increasing penetration of the online and instant booking platforms

The rising popularity and the growing presence of the numerous online booking platforms that provides instant booking for the destinations are expected to drive the market. The consumers are offered instant ticket, hotels, restaurants, and traveling tickets booking and the conveniences and zero cancellation charges are the major policies that is expected to boost the growth of the vacation rental market during the forecast period.

Restraint

Risks of fraud involved in the online booking system

There are several security issues associated with the online ticket booking that can result in financial losses to the consumers as well as the vendors. The unethical sites, paid reviews, and fraudulent websites may hinder the growth of the global vacation rental market.

Opportunities

Various growth strategies adopted by the market players

The global vacation rental market is highly fragmented owing to the presence of numerous big players. Moreover, various developmental strategies adopted by them highly influences the market growth. For instance, in April 2019, Marriott International introduced Homes & Villas that offers 2,000 luxury homes across North America, Europe, and Latin America.

Get Customization Study, Ask Here@ https://www.precedenceresearch.com/customization/1419

Report Highlights

• Based on the accommodation, the homes segment dominated the market with around 48% of the market share in 2020. The higher preferences for the homes as it is affordable, spacious, safe, and it perfectly serves the baby boomers. The rising investments by the market players in the development of various homes for the tourists for serving it as a vacation rental is further expected to fuel the market growth.
  
  
• Based on the booking mode, the online segment is expected to be the fastest-growing segment owing to the rising adoption of internet and smartphones among the population. Moreover, the rising popularity of various online service providers and the aggressive digital marketing strategies adopted by them is fueling the adoption of online booking mode across the globe.
  
  

Segments Covered in the Report

By Accommodation

• Apartments
• Homes
• Resorts
• Others

By Booking Mode

• Offline
• Online

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World
  
  

Click Here to View Full Report Table of Contents

Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1419

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R