he global vacation rental market will reach at USD 123.32 billion, Segments Analysis by Top Key Players :9Flats, Airbnb, Booking Holdings, Expedia, TripAdvisor, Wyndham Destinations

The global vacation rental market size was valued at USD 76.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2032. The global vacation rental market will reach at USD 123.32 billion, by 2032. Rising expenditure on travel, vacations, and accommodation among the millennials generation is driving the market. According to Copyrise, 200,000 million global tourists are millennials and they spend around USD 180 billion on travel every year.

Accommodation Type Insights
In terms of revenue, the home accommodation type segment dominated the market with a share of over 45.0% in 2021. This is attributed to the high popularity of homes among travelers owing to its space availability, safety, and access to amenities. Moreover, the low cost of accommodation in rural and travel destinations is acting as a major driver for the segment.

The resort/condominium segment is projected to register the highest CAGR of 6.1% from 2022 to 2030. The segment is majorly driven by the millennials as they are more inclined towards spending on experiencing various amenities including barbeque pits, games, swimming pools, clubhouses, and tennis. According to iPropertManagement in 2021, 12% of millennials plan to stay in a villa/estate, and only 6% of Boomers and 9% of Gen Xers.

Major Key players profiled in the report include:
9Flats, Airbnb, Booking Holdings, Expedia, TripAdvisor, Wyndham Destinations

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Regional Insights
Europe dominated the market with a share of over 30.0% in 2021. This is attributed to the big tour operators and online tour operators catching up with the growing trend of glamping and rising expenditure for booking accommodation in resorts and condominiums. Germany and the U.K. are estimated to lead the market over the forecast period. The U.K. is projected to be the fastest-growing market in the region.

Asia Pacific is expected to register the highest CAGR of 6.5% from 2022 to 2030. The growth is majorly attributed to the rising expenditure of the consumers on traveling and accommodation. China held the largest revenue share in 2021 in the region and is estimated to maintain its lead in the years to come. The rising expenditure of travelers from other developing countries such as India, the Philippines, Vietnam, and Australia is further estimated to support the market growth in the region.

Market split by Type, can be divided into:
Monthly, Weekly, Nightly.

Market split by Application, can be divided into:
Private, Commerce

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Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global vacation rentals market, owing to stringent travel restrictions implemented by governments across several nations.
In 2020, the tourism industry suffered 11 times more loss due to the pandemic in comparison to the global economic crisis in 2009.
The home segment to maintain its leadership status throughout the forecast period

Based on accommodation, the home segment held the highest market share in 2021, accounting for more than half of the global vacation rentals market, and is estimated to maintain its leadership status throughout the forecast period. Large homes are frequently available in rural areas, which can be great for families wishing to escape the hustle and bustle of daily life. In addition, a lot of vacation houses permit visitors to bring their dogs. Such factors drive the segment. However, the villas segment is projected to manifest the highest CAGR of 14.4% from 2022 to 2031. Guests are assured of high degrees of security, solitude, and luxury when it comes to private villas and the enhanced control over their surroundings they offer, boosts the segment.

The mid-range segment to maintain its leadership status throughout the forecast period

Based on price point, the mid-range segment held the highest market share in 2021, accounting for more than two-fifths of the global vacation rentals market, and is estimated to maintain its leadership status throughout the forecast period. Travelers who wish to save on stay costs but also want to experience a comfortable stay with amenities, choose mid-range accommodations. In addition, with the growth in middle class population, the demand for mid-range accommodations has escalated. However, the luxury segment is projected to manifest the highest CAGR of 13.1% from 2022 to 2031, due to factors such as change in standard of living and growth in tourism. In addition, the establishment of luxury villas on palm-fringed beach side has gained traction recently. Social media influencers have majorly propelled the trend of luxury accommodation stay.

The Gen Z segment to maintain its lead position during the forecast period

Based on end user generation, the Gen Z segment accounted for the largest share in 2021, contributing to around half of the global vacation rentals market, and is projected to maintain its lead position during the forecast period. Gen Z account for a sizable share of internet purchases and have an estimated spending power of over $44 billion. Additionally, designing the website with this generation in mind offers the chance to boost sales and gives a company more credibility and exposure. However, the Gen X segment is expected to portray the largest CAGR of 14.4% from 2022 to 2031. The majority of the destinations this generation chooses are domestic.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global vacation rentals market, and is likely to dominate the market during the forecast period. Increase in air connectivity, growth in intraregional travel, surge in affordable travel options, and rise in implementation of digital platforms led to robust travel and tourism growth in the European countries. However, the Asia-Pacific region is expected to witness the fastest CAGR of 13.4% from 2022 to 2031. Locations such as Himalayan foothills of Yunnan, Mission Hills Volcanic Mineral Springs & Spa, and Indonesian islands are gaining huge potential. The expanding middle-class households and rapid development of road and rail networks fuel the development of mid-range accommodations in this region; thereby, boosting the market growth.

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