Press release
Vacation Rental Market to Reach $123.69 Billion by 2032 | CAGR: 4.90%
Vacation Rental Market - Market Insights, Size Revenue, Outlook, Overview, and Analysis. The global vacation rental market was valued at USD 81.42 billion in 2023 and is expected to grow at a CAGR of 4.90% during the forecast period.
Report Scope:
This report emphasizes overall sales volume, revenue, price, market share, and key companies to present a thorough overview of the market for vacation rentals. It also includes an analysis of vacation rentals by accommodation type, booking type, and region.
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Market Definition
Vacation rentals refer to privately owned real estate that is let out for a particular sum of money to travelers for a short duration time. Usually, the property is fully furnished and can accommodate various types of travelers, ranging from solo backpackers to groups of tourists. While providing people with a welcome stay, vacation rentals offer a homely feeling to the overall holiday fever that takes hold of tourists. It goes through the regular booking and reservation system that is used in hotels for checking in by using various travel booking platforms such as TripAdvisor and MakeMyTrip.
Recent Developments
In August 2022, Oravel Stays acquired Bornholmske Feriehuse, a well-established vacation rental operator. This acquisition was part of Oyo's strategy to expand its presence in the Croatian market and improve its services for both hosts and guests in the region.
Top Companies
The top global players use strategic actions to generate income and sustain business growth. Some of the major players in the vacation rental market are:
• 9flats.com
• Airbnb
• Booking Holdings
• Expedia Group
• Hotelplan Holding
• MakeMyTrip
• NOVASOL
• Oravel Stays
• TripAdvisor
• Wyndham Destinations
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Drivers and Opportunities
• Vacation rental properties have gained prominence among travelers over conventional hotels due to several reasons, such as vacation rentals being conducive and offering a higher level of comfort compared to hotels. These properties personally cater to families and pet owners, making them an attractive option for tourists. The cost-effectiveness of vacation rentals, coupled with their comparable amenities to hotels surges consumer preference for vacation rentals.
• The impact of social media is significantly contributing to consumer awareness about the numerous services and offerings available with respect to vacation rentals. As a result, more individuals are educating themselves and exploring the diverse options provided by these innovative platforms, leading to a demand for personalized accommodation experiences.
Vacation Rental Market Report Highlights
• Home accommodation held the largest share, owing to the preference of stay homes among travelers, access to amenities, and appropriate safety features
• Online channels segment will grow at the fastest rate, due to rising penetration of smartphones across regions, rental service providers, and online service providers
• Europe dominated the market, due to presence of high-net-worth individuals with desire to travel abroad
• APAC witnessed the highest growth rate; this is primarily due to presence of young population in the South Asian nations seeking luxury travel across exotic locations
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Segmental Overview
Vacation Rental, Accommodation Type Outlook (Revenue - USD Billion, 2023 - 2032)
• Home
• Apartments
• Resort/Condominium
• Others
Vacation Rental, Booking Mode Outlook (Revenue - USD Billion, 2023 - 2032)
• Online
• Offline
Regional Analysis
Europe dominated the vacation rental market in 2022. This growth is attributed to major tour operators in the region who are catching up with the recent trend of glamping. Germany and the UK are anticipated to be the leading markets in Europe. These trends highlight the rising demand for unique accommodations, driving the region, with the UK emerging as a particularly interesting and rapidly expanding market within the region.
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
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