The global market for vacation rental websites is anticipated to reach US$ 1,482.6 Mn in 2022, according to a report released by FMI. Its value is anticipated to increase at a promising CAGR of 12.1% to reach US$ 4,640.2 Mn in 2032.
Millennials are increasing their travel, vacation, and lodging expenditures, which is propelling the expansion of the tourism industry. Approximately 180 billion US dollars are spent on travel annually by millennials, who make up 200,000 million of the world’s travellers.
One of the things attracting customers to vacation rentals is that they are more affordable than hotels with comparable amenities. According to a 2019 survey by TurnKey Vacation Rentals, 64% of visitors favoured vacation rentals over hotels.
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According to Airbnb statistics, there are currently 2.9 Mn hosts on its platform, and over 14,000 new hosts join every month. In addition to the 220 countries where Airbnb operates, there are over 100,000 cities with active Airbnb listings as of 2021.
There has been a significant increase in consumer awareness of services and offerings due to social media and the internet. A variety of services and exotic locations are being offered by key players to gain market share, as well as services specifically tailored to female travelers.
A platform called Golightly began operating in January 2020. There is also an option for male guests to rent from this platform, which is run by women and exclusively available for female guests. Over 350 properties are owned by the company worldwide.
Key Takeaways from the Vacation Rental Website Market
- The global autonomous drone platform market is projected to reach US$ 4640.2 Mn by 2032.
- The market registered a CAGR of 12.1% between 2022 and 2032.
- The growth of the market is attributed to instant booking together with an easy online payment structure.
- The market growth is hindered by a low conversion of leads to bookings due to the risk of fraudulent vacation rentals.
- Based on country, the U.S. is one of the most influential markets for vacation rental websites and contributes greatly to the growth of the North American market share.
Competition Landscape in the Vacation Rental Website Market
Several vendors compete for market share by deploying organic and inorganic growth strategies for vacation rental websites, which are highly fragmented. There has been an increase in the level of competition in the market. Due to this, vendors are adopting various growth strategies, such as promotional activities and advertisements, in order to increase the visibility of their products.
It has also been observed that some vendors are adopting inorganic growth strategies such as mergers and acquisitions to remain competitive in the market. According to estimates, more than 60 percent of new businesses aim to improve profitability by improving hospitality, attracting new clients, and making data-driven decisions.
BookingSync, CiiRUS, Kigo Inc., Virtual Resort Manager, LiveRez, OwnerRez, 365Villas, and Convoyant9flats Pvt Limited are some of the key players in the vacation rental websites market.
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Recent Developments in the Vacation Rental Website Market
- In December 2021, Booking Holdings Inc. acquired Getaroom from Court Square Capital Partners for USD 1.2 billion. The company intends to increase the value of its pipeline as a result of this acquisition.
- In October 2020, TripAdvisor announced the launch of two revolutionary technology solutions for hotels, Spotlight and Reputation Pro.
Vacation Rental Website by Category
By Property Type, the Vacation Rental Website Market is Segmented as:
- House/Apartment
- Hotel/Hostel
- Other
By End User, the Vacation Rental Website Market is Segmented as:
- Vacation Rental Agency
- Vacation Rental Owners
- Property Managers
By Region, the Vacation Rental Website is Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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