Vacation Rental Market Competitive Landscape: Major Players, Competitor Market Shares, And Player Strategies - By The Custom Market Insights
The global Vacation Rental Market size was estimated at USD 92.53 Billion in 2021 and is expected to hit around USD 317.76 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 13.97 % from 2022 to 2030.
The vacation rental market’s drivers and restraints are examined from all angles in our study report, along with how they will affect demand over the forecast period. Also, the report examines global opportunities and competitive analysis for the Vacation Rental market.
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Vacation Rental Market: Overview
Many countries have put measures into place that are beneficial to the expansion of the tourist sector globally. Vacation rental homes are in high demand due to the rise in vacationers around the world. The travel and tourism sector has grown tremendously in large part due to the baby boom generation. Particularly rising is the demand for short-term rental homes for vacationers. These properties produce greater returns than long-term rental properties when they are correctly marketed.
Growth Factors
The millennial demographic is driving the global vacation rental market with rising travel, vacation, and lodging spending. Millennials make up 200,000 million of the world’s travelers, and they spend over 180 billion dollars on travel annually, according to Copyrise.
Due to their lower prices compared to hotels, vacation rentals are also becoming more and more in demand. According to Stratos Jet Charters, Inc. statistics, there are currently 2.9 million hosts using Airbnb worldwide, and each month in 2021, there will be more than 14,000 new hosts. Additionally, as of 2021, there will be about 100,000 cities with active Airbnb listings across the company’s 220 operating nations.
Consumer knowledge of services and offerings is growing as a result of social media and the internet. A number of services, exotic places, and amenities are being offered specifically for female visitors by key firms in an effort to capture market share. For instance, Golightly, a platform for holiday rentals run entirely by women and open to female guests only, was introduced in January 2020. More than 350 properties are owned by the corporation worldwide.
Regional Overview
In 2021, Europe commanded a market share of nearly 30%. This is attributable to large and online travel agencies catching up with the burgeoning glamping trend and rising costs for lodging at hotels and condos. Over the projected period, it is predicted that the U.K. and Germany will dominate the market. According to projections, the U.K. market will expand the fastest in the region.
From 2022 to 2030, Asia Pacific is anticipated to have the greatest rate. The increase is primarily related to consumers’ growing travel and lodging expenses. In the area, China had the greatest revenue share in 2021, and it is predicted that it would continue to lead in the years to come. It is also predicted that increased traveller spending from other developing nations, such as Australia, the Philippines, Vietnam, and India, will drive market expansion in the region.
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Prominent Players
The global Vacation Rental market is segmented as follows:
By Accommodation Type
By Booking Mode
By Price Point
By Location Type
By End User Generation
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