WILMINGTON, Del., Aug. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Vacational Rental Market by Accommodation (Home, Condos, Hometown and Villas), Price Point (Economic, Mid-Range, and Luxury), Booking Type (Online Travel Agency, Direct Booking and Others), Location Type (Resort Area, Rural Area, Small Town and Others), and End User Generation (Gen Z, Millennials, Gen X, and Boomers): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the vacational rental market was valued at $97.8 billion in 2023, and is estimated to reach $279.5 billion by 2033, growing at a CAGR of 11.2% from 2024 to 2033.
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Prime determinants of growth
The primary drivers of the expansion of the vacation rental market include rise in demand for distinctive travel experiences, driven by people’s need for flexibility and space, and technological developments that simplify booking procedures. Furthermore, cost-effectiveness of immersive travel experiences in comparison to traditional hotel accommodations is contributing to its increasing popularity. Moreover, maintenance of high-quality standards, address to security concerns, and adoption of several opportunities for market expansion and innovation are essential for sustained growth.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2033
Base Year
2023
Market Size in 2022
$97.8 billion
Market Size in 2033
$279.5 billion
CAGR
11.2 %
No. of Pages in Report
250
Segments Covered
Accommodation, Price Point, Booking Type, Location Type, End User Generation, and Region
Drivers
Increased demand for unique experiences Flexibility and space Advancements in technology Rise in travel trends
Opportunities
Enhanced guest experiences Expansion into new markets Innovation in technology
Restraints
Regulatory challenges Dependence on the travel industry
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Segment Highlights
Travelers have access to a wide range of options across the globe due to surge in the vacation rental industry for homes. There is accommodation available to cater to every preference and financial plan, ranging from luxurious villas offering breathtaking sea views to charming cabins settled in the serene woods. Homeowners use platforms such as Airbnb, VRBO, and Booking.com to market their properties and interact with prospective guests interested in renting for a short period of time. These online platforms provide an effective way for homeowners to connect with a wide range of travelers who are in search of accommodation for various purposes, including holidays, business trips, or any other personal reasons. The demand for vacation rentals shows no indications of slowing down, indicating continuous expansion in the sector as travelers seek privacy, space, and immersion in the local culture increasingly.
Customers seeking mid-range vacation rental, prioritizing affordability and quality to take services. Properties usually provide cozy comforts and contemporary conveniences without the premium price tag. These rentals frequently provide dependable Wi-Fi, comfortable living areas, and well-equipped kitchens. Having a strategic location near popular attractions or scenic spots is highly advantageous for businesses. It attracts the target audience and enhances their overall satisfaction. Usually ranging from $100 to $300 per night, pricing considers the property’s characteristics, location, and seasonal demand. Excellent customer service and individualized touches make rental stand out in this competitive market and encourage repeat business.
Direct reservations in the vacation rental sector provide several benefits for both hosts and guests. Hosts potentially increase their earnings by avoiding costly commission fees by rejecting third-party platforms. When guests make direct reservations with hosts, however, they frequently benefit from individualized experiences and cheaper pricing. Direct reservations encourage direct connection between hosts and visitors, which facilitates better scheduling of local suggestions, special requests, and check-in timings. Furthermore, hosts build closer bonds with their visitors, which foster greater loyalty and possibly even recommendations. In general, direct reservations encourage openness, adaptability, and a satisfying experience for all stakeholders engaged in the vacation rental industry.
Regional Outlook
Several factors drive the substantial expansion of the vacation rental market in various countries and regions. The popularity of short-term rentals in North America has increased due to emergence of places such as Airbnb and Vrbo, which attract business and leisure tourists looking for distinctive lodging. The rich cultural legacy of Europe and rise in demand for genuine travel experiences drive the continent’s rapid expansion. Growth in travel and the middle class in Asia-Pacific are driving up demand, particularly in well-known travel destinations such as Thailand, Australia, and Japan. The natural beauty of Latin America and its developing tourism infrastructure are driving the region’s economic growth. These developments are accompanied by digital platforms and evolving travel habits and show a global trend toward customized, adaptable housing alternatives.
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Players: –
MakeMyTrip Pvt. Ltd.Airbnb Inc.Tripping.comTripAdvisor Inc.Extra HolidaysNovasol ASHomeToGo9flats.comExpedia, Inc.VrboBooking.comHotels. coHotelsCombinedHotwire, Inc.Yatra Online Private LimitedHomestay.comtraveo GMBH
The report provides a detailed analysis of these key players in the global vacation rental market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report provides valuable insights into business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
In July 2022, Avantio, a provider of services and software for managing vacation rental, was acquired by Planet, a global technology and integrated financial services supplier. This acquisition has expanded Avantio’s presence in the hotel sector, allowing them to enhance their market share.In August 2022, Bornholmske Feriehuse is a vacation rental company that Oravel Stays Private Limited purchased to increase its footprint in Europe. With over 7, 000 houses on its Traum Ferienwohnungen platform and over 1, 800 vacation homes on its Belvilla platform, Oravel Stays Private Limited sought to expand its footprint in Croatia with this acquisition.
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