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Travel And Tourism Growth Spurs Demand In Vacation Rental Market: A Key Factor Shaping the Future of the Vacation Rental Market in 2025
Vacation Rental Market Size
The industry of holiday rentals has experienced significant expansion in the past few years. The size of the market, which will progress from $89.45 billion in 2024 to $95.67 billion in 2025, is projected to exhibit a compound annual growth rate (CAGR) of 7.0%. Factors such as the surge in the tourism industry, alterations in travel tendencies, regulatory variations and domestic policies, heightened demand during top travel periods, and the rise in urbanisation can be attributed for the growth observed during the historical period.
In the coming years, the vacation rental market size is poised for robust growth, anticipated to increase to $123.4 billion in 2029, with a compound annual growth rate (CAGR) of 6.6%. Factors contributing to the forecasted growth include effective marketing strategies, the surging popularity of remote working, burgeoning disposable incomes, and the heightened focus on celebrity endorsements. Future trends impacting the market encompass embracing online platforms, incorporating technological advancements like smart locks, inclining towards more extended period rentals, enhancing guest experiences via personalized amenities and touchless check-ins, and implementing safety protocols.
What Are the Main Catalysts for Growth in the Vacation Rental Market?
Progress in the travel and tourism industries is predicted to spur the expansion of the vacation rental market in the future. These sectors are all-encompassing and diversified, covering everything from the modes of transportation that take tourists to their destinations to a vast range of services and experiences that make traveling pleasurable and unforgettable. The growth in travel and tourism can be attributed to enhanced transport infrastructure, globalization, liberalized trading, a growing preference for immersive travel, and increasing interest in health and wellness-related tourism. The vacation rental market positively impacts travel and tourism by offering a variety of accommodation options, stimulating local economies, encouraging longer visits, and improving traveler experiences through more custom and flexible accommodation alternatives. For example, in April 2024, the World Travel and Tourism Council, a UK-based forum for travel and tourism, indicated that in 2023, travel and tourism contributed approximately 9.1% to the global GDP, accumulating over $9.9 trillion. The council anticipates sustained growth in this sector, with the potential of its GDP contribution escalating to $11.1 trillion by 2024. Hence, the swift expansion in travel and tourism sectors is propelling the growth of the vacation rental market.
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Which Businesses Are at the Forefront of Vacation Rental Market Development?
Major companies operating in the vacation rental market are Airbnb Inc., Wyndham Destinations Inc., Agoda Company Pte. Ltd., TripAdvisor LLC, Vacasa LLC, Trivago GmbH, Priceline LLC, VRBO Inc., NOVASOL A/S, Hotels.com L.P., MakeMyTrip Pvt. Ltd., Pacaso Inc., KAYAK Software Corporation, AvantStay Inc., Hotelplan Management AG, HotelsCombined Pty Ltd, Whitetail Properties Real Estate LLC, Stellar MLS, Elliott Realty Group, 9flats GmbH, Panhandle Getaways Inc., StayMarquis LLC, Coastal Living Group LLC
What Are the Latest Innovations in the Vacation Rental Market?
Large firms involved in the vacation rental industry are prioritizing the expansion of their operations through inventive offerings like premium vacation rental properties. These solutions aim to attract sophisticated travelers, elevate guest experiences, and give these companies a competitive edge. Premium vacation rental homes typify high-end luxury accommodation, providing exceptional amenities, unparalleled comfort, and one-of-a-kind experiences, focusing on guests who desire upscale lodgings and customized services. For instance, OYO Rooms, a hospitality firm based in India, introduced its premium vacation rental brand Belvilla in June 2024. The brand was launched in collaboration with Sojo Stays, a UK-based apartment leasing chain, to present a carefully-selected range of Belvilla by Oyo vacation homes in popular locations across various important UK cities. These Belvilla accommodations can be reserved for short-term or extended periods via the Belvilla platforms and other reservation websites. The introduction of Belvilla by Oyo in the UK showcases the company's strategy to broaden its geographical presence and tap into the increasing popularity for premium vacation rental experiences.
How Is the Vacation Rental Market Segmented?
The vacation rental market covered in this report is segmented -
1) By Accommodation Type: Home, Resort Or Condominium, Apartments, Hometown, Villas
2) By Price Point: Economic, Mid Range, Luxury
3) By Booking Mode: Online, Offline, Other Booking Modes
4) By End User Generation: Generation Zoomer, Millennials, Generation X, Boomers
Subsegments:
1) By Home: Single-Family Homes, Luxury Homes, Beach Houses, Country Homes, Eco-Friendly Homes
2) By Resort Or Condominium: Resort Villas, Condo Units in Resorts, Timeshare Properties, All-Inclusive Resort Rentals
3) By Apartments: Studio Apartments, 1-Bedroom Apartments, 2-Bedroom Apartments, Luxury Apartments, Penthouse Apartments
4) By Hometown: Local Guesthouses, Traditional Hometown Inns, Bed And Breakfasts (B And Bs), Historic Homes, Boutique Hotels
5) By Villas: Luxury Villas, Poolside Villas, Beachfront Villas, Private Villas With Staff, Eco-Friendly Villas
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Where Is the Vacation Rental Market Growth Most Prominent?
Europe was the largest region in the vacation rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vacation rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Vacation Rental Global Market Report?
- Market Size Analysis: Analyze the Vacation Rental Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vacation Rental Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vacation Rental Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vacation Rental Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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