Vacation Rental Market Segmentation, Analysis by Recent Trends and Development till 2030

Vacation Rental Industry Overview

The global Vacation Rental Market size is expected to reach USD 119.0 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2022 to 2030. Owing to the comfort, low cost, more privacy, and kids and pet-friendly nature of accommodation, travelers are more inclined towards vacation rental property and homes over hotels.

Moreover, vacation rentals offer a variety of high-quality, affordable accommodation options at several destinations, which is likely to boost the growth of the market. As per the Turnkey blog in 2019, the industry is at roughly a 10% growth rate this decade, largely affected by travelers’ desires to stay in a home instead of a hotel. According to the TurnKey Vacation Rentals’ 2019 Consumer Travel Survey, 64% of travelers preferred staying in vacation rentals as opposed to hotels, which is up by 10% from the 2018 Consumer Travel Survey.

Additionally, the evolving trend of transformational travel surrounding wellness trips in order to restore balance and transform the mind, spirit, and body is expected to drive the market over the forecast period. According to a blog by Hospitality Net, typical holidays such as sun, sand, and sea; skiing; sightseeing; and shopping are expected to be high in demand. Furthermore, a higher preference for domestic travel compared to international travel is likely to boost the domestic vacation rental business across the globe.

In terms of accommodation type, the resort/condominium segment is estimated to be the fastest-growing segment over the forecast period. The rising popularity of tourism owing to the increasing number of travelers seeking to unwind while enjoying luxury amenities is expected to fuel the growth of the segment.

Europe led the market with a revenue share of over 30.0% in 2021. Rising travel connectivity, coupled with the rapid penetration of high-speed internet, has made even the most remote places in Europe more accessible to travelers. This is driving the need to explore new, exotic, and exciting locations across the region, thereby fuelling the market growth over the forecast period.

Vacation Rental Market Segmentation

Grand View Research has segmented the global vacation rental market on the basis of accommodation type, booking mode, and region:

Based on the Accommodation Type Insights, the market is segmented into Home, Apartments, Resort/Condominium and Others.

  • 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.
  • 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.

Based on the Booking Mode Insights, the market is segmented into Online and Offline.

  • In terms of revenue, offline booking mode dominated the market with a share of over 70.0% in 2021. This is attributed to the Baby boomers and Gen X being the major consumer base preferring offline mode of booking.
  • Online booking mode is estimated to expand at the fastest CAGR of 6.0% over the forecast period. The growth is credited to consumers’ preference to have detailed access to the offerings of accommodation, amenities, and other benefits.

Vacation Rental Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa (MEA)

Key Companies Profile

The market is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trend of the vacation rental. Players in the market are diversifying the service offering in order to maintain market share.

Some prominent players in the global Vacation Rental market include

  • 9flats.com Pte Ltd.
  • Airbnb Inc.
  • Booking Holdings Inc.
  • Expedia Group Inc.
  • Hotelplan Holding AG
  • MakeMyTrip Pvt. Ltd.
  • NOVASOL AS
  • Oravel Stays Pvt. Ltd.
  • TripAdvisor Inc.
  • Wyndham Destinations Inc.

Order a free sample PDF of the Vacation Rental Market Intelligence Study, published by Grand View Research.

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