Press release
Vacation Rentals market Size is forecasted to reach $315.0 Bn by the year 2031 ; The growth of the global vacation rentals market is driven by expansion of the travel industry
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Prime determinants of growth
The growth of the global vacation rentals market is driven by expansion of the travel industry, change in consumers' spending pattern, the desire of travelers to explore and learn new things or take a break from their busy schedules, and innovative concepts such as hyper-personalized hotel rooms, smart rooms, reality in-room experience through artificial intelligence. However, political unrest and terrorist attacks hamper the market growth. Moreover, consumers today prefer digital channels for making online accommodation bookings owing to enhanced convenience and flexibility which creates lucrative opportunities in the coming years.
The mid-range segment to maintain its dominance by 2031
On the basis of price point, the mid-range segment dominated with the highest market share in 2021, contributing to more than two-fifths of the global vacation rentals market, and is expected to maintain its lead throughout the forecast period. Travelers who are willing to save on stay costs but also want to experience a comfortable stay with amenities, choose mid-range accommodations. Also, the demand for mid-range accommodation has escalated with the growth in the middle-class population. However, the luxury segment is registered to witness the fastest CAGR of 13.1% from 2022 to 2031, attributed to factors such as growth in tourism and change in standard of living. At the same time, social media influencers have highly accelerated the trend of luxury accommodation stay.
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The home segment to dominate throughout the forecast period
On the basis of accommodation, the home segment accounted for the highest market share in 2021, contributing to more than half of the global vacation rentals market, and is expected to maintain its leadership status throughout the forecast period. The fact that large homes are available in rural areas drive the segment. However, the villas segment is estimated to grow at the fastest CAGR of 14.4% from 2022 to 2031.
The Gen Z segment to lead during the forecast period
On the basis of end user generation, the Gen X segment is anticipated to register the fastest CAGR of 14.4% from 2022 to 2031. On the other hand, the Gen Z segment garnered the largest share in 2021, contributing to around half of the global vacation rentals market, and is estimated to maintain its lead position during the forecast period. Designing the website with this generation in mind offers the chance to boost sales and gives a company more credibility and exposure.
Europe to dominate in terms of revenue by 2031
On the basis of region, the region across Europe led the largest market share in terms of revenue in 2021, holding more than one-third of the global vacation rentals market and is likely to lead the market during the forecast period. The growth is mainly attributed to surge in affordable travel options, an increase in air connectivity, growth in intraregional travel, and rise in implementation of digital platforms. However, the Asia-Pacific region is anticipated to manifest the fastest CAGR of 13.4% from 2022 to 2031.
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Leading Market Players: -
HomeToGo
Airbnb Inc.
Tripping.com
Vrbo, Booking.com
Hotels.com
Hotels Combined
Hotwire, Inc.
MakeMyTrip Pvt. Ltd.
TripAdvisor Inc.
Extra Holidays
Expedia, Inc.
Yatra Online Private Limited
Homestay.com
9flats.com
Similar Reports We Have on Consumer Goods Industry:
Vacational Rental Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/vacational-rental-market-A06557
Luxury Vacation Rentals Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/luxury-vacation-rentals-market-A106799
Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/travel-accommodation-market
Europe Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/europe-travel-accommodation-market-A23928
LAMEA Travel Accommodation Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/lamea-travel-accommodation-market-A23939
Leisure Travel Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/leisure-travel-market
Business Travel Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/business-travel-market
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