According to recent data from Future Market Insights (FMI), the vacation ownership market is valued at USD 11.6 million in 2023 and is anticipated to reach USD 21.9 million by 2033, with a compound annual growth rate (CAGR) of 6.6% over the forecast period.
Vacation ownership market, better known as timeshares market, is expected to grow faster in the next 10 years than average owing to altering holiday tastes of the customers, rise in the number of international visitors, and likewise. With travel and tourism sector growing by leaps and bounds, especially in the post-Covid era, demand pertaining to timeshare accommodations is skyrocketing.
An interesting fact on this count is that numerous timeshare accommodation exchange companies have made an entry to the market. On these grounds, the customers can ‘exchange’ their respective vacation lodging with the other timeshare owners’ lodging in spite of it being in different locations.
The vacation ownership sector, as the name suggests, lets the customers use 100% furnished vacation homes as well as share ownership. Those who are inclined towards undertaking several vacation journeys every year end up adding more value to vacation ownership market. Plus, business travel is gaining popularity, which is, in turn, influencing increase in visits to resorts and hotels.
Key Takeaways from the Vacation Ownership Market
- North America holds the largest market share due to the US being subject to maximum visitors for vacation stays.
- MEA is expected to pick up pace in the vacation ownership market in the near future due to South Africa turning out to be a well-developed market for vacation ownerships.
- Coming to Europe, Spain is dominating the market, followed by France.
- In the Asia-Pacific, countries like India are witnessing adventure travel like water rafting, scuba diving, surfing, kayaking, especially in people aged between 26 and 35. On the other hand, sustainable tourism is being asked for by middle-aged people. Also, Indians prefer package travel due to the safety factor involved in it.
Competitive Arena
SellMyTiimeshareNow.com (an active online marketplace for timeshares for rent and sale by the owner), in February 2022, declared that it witnessed 68% growth regarding buying and rental offer prices Y-o-Y.
According to AIRDA (All India Resort Development Association), in the year 2018, 350K families had subscribed to timeshare in India. The market, since then, has exceeded 3-5 Mn.
Disney Vacation Club provides resorts, which consist of villas including comforts of “being at home”; like private bedrooms, kitchen, and washer and dryer.
Vacation Ownership Market by Category
By Type:
- Fixed week
- Floating week
- Points-based system.
By Tour Type:
- Domestic
- International
By Tourist Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Booking Channel:
- Phone Booking
- Online Booking
- In-Person Booking
By Consumer Orientation:
- Men
- Women
- Children
By Age Group:
- 15-25 years
- 26-35 Years
- 36-45 Years
- 46-55 Years
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- THING
Report Preview: https://www.futuremarketinsights.com/reports/vacation-ownership-sector-overview-and-forecast
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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