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
|
Procure Complete Report (250 Pages PDF with Insights, Charts,
Tables, and Figures): https://tinyurl.com/3d7vddrx
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.
Want to Access the Statistical Data and Graphs, Key Players'
Strategies:
https://www.alliedmarketresearch.com/purchase-enquiry/A06557
Players: -
- MakeMyTrip Pvt. Ltd.
- Airbnb Inc.
- Tripping.com
- TripAdvisor Inc.
- Extra Holidays
- Novasol AS
- HomeToGo
- 9flats.com
- Expedia, Inc.
- Vrbo
- Booking.com
- Hotels. co
- HotelsCombined
- Hotwire, Inc.
- Yatra Online Private Limited
- Homestay.com
- traveo 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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