Fort Collins, Colorado, April 21, 2024 (GLOBE NEWSWIRE) --
Expansion in the vacation rental industry to propel market growth.
The vacation rental market is undergoing notable expansion, propelled by the rising demand among travelers for distinctive and genuine accommodation experiences. Tourists are actively seeking vacation rentals that offer personalized and immersive stays, enabling them to immerse themselves in local culture and explore destinations from a fresh perspective. According to the U.S. Travel Association, the proportion of travelers opting for vacation rentals rose to 35% in 2022, up from 28% in 2021. This trend is particularly pronounced among millennials and Gen Z travelers, who prioritize experiential travel and appreciate the flexibility and privacy of vacation rentals.
Technological advancements and platform enhancements have played a crucial role in fueling the growth of the vacation rental market. Online booking platforms like Airbnb and Vrbo have revolutionized how travelers discover, compare, and book vacation rentals worldwide. These platforms have introduced innovative features such as virtual tours, instant booking, and enhanced search filters, streamlining the booking process and improving the overall user experience. Moreover, integrating AI and machine learning algorithms has facilitated personalized recommendations and targeted marketing, accelerating the adoption of vacation rentals. According to the World Tourism Organization (UNWTO), 63% of global travelers booked their accommodations online in 2022, underscoring the significant impact of technological advancements in the industry.
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Segmentation Overview:
The vacation rental market has been segmented into type, booking mode, and region.
The home segment registered substantial growth in 2023.
- Based on the market segmentation by type, the home segment accounted for the largest market share in 2023. This can be attributed to the increasing preference for spacious private accommodations that offer a home-like experience, especially among families and groups traveling together. Travelers prominently seek out accommodations that provide enhanced privacy and safety.
Online booking mode accounted for a significant market share in 2023.
- Based on the market segmentation by booking mode, the online sub-segment was the largest segment in 2023 and is expected to remain the fastest-growing shortly. The convenience, transparency, and wide range of options offered by online booking platforms have made them the preferred choice for most travelers.
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Vacation Rental Market Report Highlights:
- The vacation rental market growth is anticipated at a CAGR of 4.6% by 2032.
- The growing popularity of rental properties at tourist places drives the industry growth.
- Asia-Pacific is the leading region for the vacation rental industry and is projected to exert considerable dominance in the coming years.
- Some prominent players in the vacation rental market report include Airbnb, VRBO (Expedia Group), Booking Holdings, TripAdvisor, Vacasa, Marriott International (Homes & Villas), Sykes Holiday Cottages, Evolve Vacation Rental, Hopper, Getaway, Pacaso, and Sonder.
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