The global vacation rentals market is expected to reach a value of US$ 119.0 Bn by 2032, with sales growing at a moderate CAGR of 5% from 2022 to 2032. In 2022, the target market will likely reach an estimated US$ 74.0 Bn; fueled by prevailing travel trends like solo trips, fitness and wellness trips, etc., along with a growing demand for customized accommodations while travelling. The recent popularity of travel and adventure trips also supplements the growth of the vacation rentals market over the forecast period.
Fully furnished accommodation with various amenities that are managed by owners or by professional management companies are categorized as vacation rentals. These rentals are alternative hotels, resorts and other accommodation places. These are conceived in a way that the market will cater to all type of travelers all the while accommodating their budget.
Vacation rentals have gained momentum across the world in the past couple of years and will continue to do so during the upcoming decade primarily due to the growing interest in travelling and the expanding travel industry. In addition to this, the growing popularity of different travel trends is inviting the participation of a wide range of travellers and spurring the demand for vacation rentals type of accommodation in both developed and developing countries.
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In terms of popular trends, short-term rental properties is rapidly gaining traction and is one of the key growth driver of vacation rentals market. Due to hectic and stressful lifestyles, many people are keen on traveling to various places and moving out of their fast-paced life. These travellers are looking for a change of environment. Consequently, there is a high demand for short-term rental properties in market. The vacation rentals are a suitable answer to these demands as they meet the travellers’ expectation of comfort and convenience with in their budget.
Furthermore travel trends like solo travel and health and fitness trips are getting increasingly popular. A fast and chaotic urban lifestyle, full schedules, stressful environment, etc., is creating a greater demand for health and fitness trips. The rising trend of wellness and fitness trips are swiftly making notable contributions in the tourism sector. These fitness and wellness trips are supposed to rejuvenate the mind, body, and spirit and often include adventurous activities. Because of this, many people prefer to spend more on the activities rather than the accommodation which promotes economical vacation rentals. All of these factors foster an atmosphere of growth for the vacation rentals market during 2022-2032.
“Vacation rentals offer many benefits such as better privacy, exposure to local culture and tradition, opportunity to cook and the ability to decide their own schedule. This fuels the growth of the vacation rentals market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising travel trends may strengthen the market prospects for 2022-2032.
- Favorable government initiatives in India will aid market growth in the country.
- Vacation rentals dominate the hospitality market in the U.S.
- Home & apartment vacation rentals will record the highest demands.
- By age, the 15-25 and 26-35 group will contribute substantially to the market growth.
- Online booking channel is highly preferred by travellers.
Competitive Landscape
Airbnb Inc., 9flats.com Pte Ltd., Wyndham Destinations Inc., Expedia Group Inc., MakeMyTrip Pvt. Ltd., Oravel Stays Pvt. Ltd., Booking Holdings Inc., Hotelplan Holding AG, NOVASOL AS, TripAdvisor Inc., Destination Club, Tripping.com, Peer-to-Peer Property rental, Canada Stays, and Homeaway among others are some of the major players in the vacation rentals market profiled in the full version of the report.
Major market players are concentrating on facility expansion to cater to the growing demand. These businesses are also increasing their investments and engaging in mergers, partnerships, and acquisitions to gain a larger consumer base.
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Global Vacation Rentals Market by Category
By Accommodation Types, Global Vacation Rentals Market is segmented as:
- Home
- Apartments
- Resorts / Condominium
- Others
By Booking Channel, Global Vacation Rentals Market is segmented as:
- Online
- Offline
By Price Range, Global Vacation Rentals Market is segmented as:
- Economical
- Mid-Range
- Luxury
By Booking Channel, Global Vacation Rentals Market is segmented as:
- Online Booking
- In-Person Booking
- Phone Booking
By Tourist Type, Global Vacation Rentals Market is segmented as:
- Domestic
- International
By Age Group, Global Vacation Rentals Market is segmented as:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 years
By Region, Global Vacation Rentals Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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