The Global Vacation Rental Market was at US$ 92.53 Bn in 2022 and is growing to approx US$ 317.76 Bn by 2032, with a CAGR growth of 13.97% between 2023 and 2032

AUSTIN, TEXAS, UNITED STATES, November 28, 2023 /EINPresswire.com/ -- According to the study, The Global Vacation Rental Market was estimated at USD 92.53 Billion in 2022 and is anticipated to reach around USD 317.76 Billion by 2032, growing at a CAGR of roughly 13.97% between 2023 and 2032.

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Global Vacation Rental Market: Overview

TThe vacation rental market’s drivers and restraints are examined from all angles in our study report, along with how they will affect demand over the forecast period. Also, the report examines global opportunities and competitive analysis for the Vacation Rental market.

Many countries have put measures into place that are beneficial to the expansion of the tourist sector globally. Vacation rental homes are in high demand due to the rise in vacationers around the world. The travel and tourism sector has grown tremendously in large part due to the baby boom generation. Particularly rising is the demand for short-term rental homes for vacationers. These properties produce greater returns than long-term rental properties when they are correctly marketed.

Global Vacation Rental Market: Growth Drivers

Vacation Rental Market: Growth Factors and Dynamics

The millennial demographic is driving the global vacation rental market with rising travel, vacation, and lodging spending. Millennials make up 200,000 million of the world’s travellers, and they spend over 180 billion dollars on travel annually, according to Copyrise.

Due to their lower prices compared to hotels, vacation rentals are also becoming more and more in demand. According to Stratos Jet Charters, Inc. statistics, there are currently 2.9 million hosts using Airbnb worldwide, and each month in 2021, there will be more than 14,000 new hosts. Additionally, as of 2021, there will be about 100,000 cities with active Airbnb listings across the company’s 220 operating nations.

Consumer knowledge of services and offerings is growing as a result of social media and the internet. A number of services, exotic places, and amenities are being offered specifically for female visitors by key firms in an effort to capture market share. For instance, Golightly, a platform for holiday rentals run entirely by women and open to female guests only, was introduced in January 2020. More than 350 properties are owned by the corporation worldwide.

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Key Insights:

A) As per the analysis shared by our research analyst, the Global Vacation Rental Market is estimated to grow annually at a CAGR of around 13.97% over the forecast period (2023-2032).
B) In terms of revenue, the Global Vacation Rental Market size was valued at around USD 92.53 Billion in 2023 and is projected to reach USD 317.76 Billion by 2032. Due to a variety of driving factors, the Market is predicted to rise at a significant rate.
C) 2022: Here, a US-based company began attracting funds for those who wanted to purchase holiday rental units as early as $100. The business has so far raised more than $5 million in a startup round.
D) 2022: With the acquisition of Avantio, a provider of vacation rental management software and services, Planet, a multinational technology business, increased its market share in the hotel sector.
E) 2022: Jerry Jones, the owner of the Dallas Cowboys, made an undisclosed investment in a software firm that works with the hotel and vacation rental industries.
F) 2021: Getaroom was acquired by Booking Holdings Inc. from Court Square Capital Partners for USD 1.2 billion. The brand wants to raise the value of its pipeline with this acquisition.

Press Release For Global Vacation Rental Market: https://www.custommarketinsights.com/press-releases/vacation-rental-market-size/

Regional Landscape

In 2021, Europe commanded a market share of nearly 30%. This is attributable to large and online travel agencies catching up with the burgeoning glamping trend and rising costs for lodging at hotels and condos. Over the projected period, it is predicted that the U.K. and Germany will dominate the market. According to projections, the U.K. market will expand the fastest in the region.

From 2022 to 2030, Asia Pacific is anticipated to have the greatest rate. The increase is primarily related to consumers’ growing travel and lodging expenses. In the area, China had the greatest revenue share in 2021, and it is predicted that it would continue to lead in the years to come. It is also predicted that increased traveller spending from other developing nations, such as Australia, the Philippines, Vietnam, and India, will drive market expansion in the region.

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Key Players

9flats
Booking.com
Hotelplan Management AG
MAKEMYTRIP PVT. LTD.
OYO Hotels & Homes
Trivago
Agoda Company Pte. Ltd.
Yatra Online Private Limited
Hotwire, Inc.
HotelsCombined
Hotels.com
BookingBuddy.com, Inc.
priceline.com LLC
KAYAK
Google
Airbnb Inc.
Booking Holdings Inc.
Hotelplan Holding AG
MakeMyTrip Pvt. Ltd.
Expedia Group Inc.
NOVASOL AS
Oravel Stays Pvt. Ltd.
Wyndham Destinations Inc.
TripAdvisor Inc.
Others

The Global Vacation Rental Market is segmented as follows:

By Accommodation Type

Home
Resort/Condominium
Apartments
Hometown
Villas

By Booking Mode

Online
Offline
Others

By Price Point

Economic
Mid Range
Luxury

By Location Type

Resort Area
Rural Area
Small Town
Others

By End User Generation

Gen Z
Millennials
Gen X
Boomers

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
Global India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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