Global Vacation Rental Market Size By Accommodation (Home, Apartments, Resort/Condominium), By Booking Mode (Online, Offline ), By Geographic Scope And Forecast

Vacation Rental Market Size And Forecast

Vacation Rental Market size is valued at USD 72.12 Billion in the year 2021 and it is expected to reach USD 94.32 Billion in 2030 growing at a CAGR of 4.9% from 2023 to 2030.

The Global Vacation Rental Market is witnessing an exponential growth rate over the past few years. The rising travels and tourism sector and growing travel expenditure across the globe are some of the key factors boosting the growth of the Vacation Rental Market. Furthermore, growth in online travel platforms also propelling the market’s growth over the past few years. The Global Vacation Rental report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Vacation Rental Market Definition

Holiday rentals or sometimes known as short-term rentals are lodging options for travelers. In addition to houses, apartments, villas, and condos, these housing alternatives may also include yurts, tents, and boats. They can also range from high-end luxury properties to spare bedrooms in other people’s apartments. While some holiday rental homes provide full service, akin to hotels, others provide visitors unlimited liberty.

Hotels are great, but more and more people are ditching them for Vacation Rentals. Why? Well, Vacation Rentals often offer better, more competitive prices than hotels, plus you get way more privacy and space. Imagine having your own kitchen! You can save a ton of money on your vacation by cooking instead of hitting restaurants all the time. Just like you find hotels, you can find amazing Vacation Rentals using online travel companies. Sites like TripAdvisor and Booking.com have entire sections dedicated to rental homes, and platforms like Airbnb are all about this type of accommodation.

Global Vacation Rental Market Overview

Vacation Rentals? They're getting super popular! And guess what? That's likely to keep up for a while. A big reason is those awesome platforms like HomeAway, Airbnb, and VRBO. They've made finding cool and budget-friendly places way easier. But it's not just that – Vacation Rentals give you a way more personal trip than your standard hotel. You get way more privacy, room to stretch out, and cool extras like kitchens and patios. It's like living like a local and exploring your destination your way! Perfect for a truly unique getaway!

However, lack of communication and difficulty in the handover of the keys are some of the key challenges which are restraining the growth of the market. Overall, the rising demand for Vacation Rental and changing travel preferences, and the desire for more authentic and unique travel experiences are offering various potential growth opportunities for the key vendors of the industries over the forecast period.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Vacation Rental Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Vacation rental Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Global Vacation Rental Market Segmentation Analysis

The Global Vacation Rental Market is Segmented on the Basis of Accommodation, Application, And Geography.

Vacation Rental Market, By Accommodation

• Home
• Apartments
• Resort/Condominium
• Others

Based on Accommodation, the market is segmented into homes, apartments, resorts/condominiums, and others. The home accommodation segment held the largest market share in the global Vacation Rental Market in 2021. This is mainly due to the growing preference of travelers for home Vacation Rental due to large space and access to amenities such as the kitchen. The resorts segment is anticipated to grow at a higher CAGR over the forecast period. Rising demand for swimming pools, gaming area, and gardens are driving the demand for the resorts.

Vacation Rental Market, By Booking Mode

• Online
• Offline

When it comes to how people book, we're seeing two main pathsonline and offline. The online path is really taking off, expected to grow the fastest in the years ahead. Why? Well, convenience is a big deal! Online booking lets you easily find and compare different vacation rentals, check out photos and what other people think, and book everything right then and there. It's a real time-saver! Plus, with secure payment options like credit cards and online services like PayPal, travelers feel much more comfortable booking their vacation rental.

Vacation Rental Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Geography, the Global Vacation Rental Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Europe region accounted for the highest market share in the Global Vacation Rental Market in the year 2021. Vacation Rental is becoming the popular choice among travelers in the Europe region. Platforms such as Airbnb, NOVASOL, and VRBO offer various types of Vacation Rental in Europe. For instance, Expedia’s Vacation Rental brand, BRBO’s 2023 property listings offer a large selection of 1,078,793 Vacation Rental around Europe, from 435,768 house rentals to 1,140 castle rentals.

In addition to this, NOVASOL has a portfolio of 50,000 unique and handpicked cottages, villas, and apartments across Europe. The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. Over the past few decades, the region is witnessing dramatic increases in domestic and international tourist arrivals, as well as increases in tourist receipts. India, Thailand, Indonesia, and Australia are some of the most popular travel destinations for tourists. Therefore, there is a rising demand for Vacation Rental across the region.

Key Players

The “Global Vacation Rental Market” study report will provide valuable insight with an emphasis on the global market including some of the major players of the industry are Airbnb Inc., Expedia Group Inc., MakeMyTrip Pvt. Ltd., NOVASOL AS, 9flats.com Pte Ltd., Booking Holdings Inc., Hotelplan Holding AG, Oravel Stays Pvt. Ltd., Wyndham Destinations Inc., and TripAdvisor Inc. among others.

Our market analysis offers detailed information on major players wherein our analysts provide insight into the financial statements of all the major players, product portfolio, product benchmarking, and SWOT analysis. The competitive landscape section also includes market share analysis, key development strategies, recent developments, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In October 2022, MakeMyTrip Pvt. Ltd. announced the partnership with the Mumbai-based Lohono Stays which specializes in the luxury Vacation Rental Market in India to further accelerate the growth of the luxury homestay segment in the country.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

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Reasons to Purchase this Report

We dig deep, using both numbers and qualitative insights, to understand the market by breaking it down into segments based on everything from the economy to social trends. You'll get the market size (in USD Billion) for each of these segments. We’ll pinpoint the region and segment we think will grow the fastest and be the biggest. Plus, we'll analyze each region, highlighting what's driving consumption and the specific factors influencing the market there. Expect a look at the competitive scene too, with market rankings of the top dogs, along with their latest product launches, partnerships, expansions, and acquisitions over the last five years. We'll provide detailed company profiles, including overviews, insights, product benchmarking, and SWOT analyses. You’ll get our take on where the market is now and where it’s heading, considering recent developments, opportunities, drivers, challenges, and restraints in both new and mature markets. We'll also provide a deep dive into the market using Porter's Five Forces, and shed light on the market's Value Chain. Finally, we'll cover market dynamics and growth opportunities for the future, and we'll even throw in 6 months of analyst support after your purchase to ensure you're getting the most from our analysis.

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