USD 74.64 billion
Report ID: SQSG25P2001 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 63 | Figures: 75
Global Vacation Rental Market size was valued at USD 74.64 billion in 2021 and is poised to grow from USD 82.63 billion in 2022 to USD 119 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).
Global vacation rental market is growing rapidly. This is due in part to the increasing popularity of short-term vacation rentals, which are becoming a more viable option for people who want to take a break from their busy lives but don’t have the time or money to travel long distances. Additionally, there is a growing interest in vacation rentals as a way to reduce environmental impact.
A recent study by TripAdvisor, one of the leading players in the global vacation rental market, found that Americans are increasingly looking for eco-friendly vacation rentals. Nearly half of respondents (46%) said that they would prefer to stay in a property that uses less water and energy, and 43% said that they would choose an environmentally friendly rental if it was available.
This growth is attributable to increased demand for international travel, as well as continuing expansions in emerging markets. In 2021, the global tourism market reached $5.7 trillion. The number of tourists visiting different destinations each year has been on the rise for several years now across the global vacation rental market. The WTTC report found that the number of tourists visiting Europe grew by 7%, while Asia-Pacific accounted for 43% of all tourism growth during this same period. As of 2019, more than 426 million international tourist arrivals were recorded across the globe.
There are a variety of reasons behind this growth in tourism. A strong currency and low airfare prices have helped drive demand in many destinations around the world, particularly in emerging markets such as China and India. Additionally, many people are looking for new and exotic travel experiences that can’t be found at home.
Despite these positive trends in the global vacation rental market, there are also some challenges facing the tourism sector. Many countries are experiencing a shortage of accommodation options, which is impacting both domestic and international travelers. In addition, climate change is causing sea levels to rise, which could impact coastal communities around the world.
US Vacation Rental Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 74.64 billion
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Global vacation rental market is segmented by accommodation type and booking mode. For better understanding of the market, we have sub-segmented the accommodation type into Home, Apartments, and Resort/Condominium. By Booking Mode, the Vacation Rental Market is bifurcated into Online and Offline. By region, the Vacation Rental Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Vacation Rental Market Analysis by Accommodation Type
By Accommodation type, home accommodation is dominating the global vacation rental market.
There are many reasons why tourists prefer rental homes over other available alternatives. First, rental homes offer more privacy and space than hotels or other types of lodging. Tourists can come and go as they please without having to worry about disturbing other guests or being disturbed themselves. Second, rental homes usually offer better value for the money than hotels.
Tourists can often find a spacious and well-equipped rental home for the same price or even less than a hotel room across global vacation rental market. Third, rental homes are often located in desirable areas that would be too expensive to stay in if tourists were paying hotel prices. For example, you can rent a beachfront home in Maui for the same price as a hotel room in Honolulu. Fourth, rental homes offer more flexibility when it comes to accommodating large groups of people. People can rent multiple units in the same complex or even an entire house if they have a large group of friends or family traveling with you.
Finally, many tourists prefer the home-away-from-home feeling that a rental home provides. When staying in a rental home, people can cook their own meals, do their own laundry, and relax in own private space at the end of the day.
Vacation Rental Market Analysis by Booking Mode
By booking mode, the Offline segment is dominating the global vacation rental market. It's no secret that the travel industry has been hit hard by the COVID-19 pandemic. With international travel all but coming to a halt, many hotels, resorts, and other rental accommodation providers have seen a significant drop in bookings. However, there is one silver lining—more and more people are choosing to vacation closer to home. And while some of them are opting for traditional hotel stays, an increasing number are turning to rental properties like vacation homes and apartments.
There are several reasons why renting accommodation offline is holding higher market share of the vacation rental market;. It's simply easier to find what tourist are looking for when they're not limited to searching online. They can talk to a travel agent or rental company representative who can give personalized recommendations based on specific needs and preferences.
As per our vacation rental market analysis, tourists generally prefer to book their accommodation directly with the property, rather than through an online booking service. There are a number of reasons for this preference.
Firstly, when booking directly with the property, tourists can be sure that they are getting the best possible price for their accommodation. Online booking services often add on commission or other fees, which can increase the cost of the room significantly. By dealing directly with the property, tourists can avoid these additional costs.
Secondly, when booking directly with the property, tourists can be sure that they will get exactly what they want in terms of accommodations. They can speak to someone at the property and get specific information about room availability, amenities, etc. With an online booking service, it can be more difficult to get this type of specific information.
Thirdly, by dealing directly with the property, tourists can build up a relationship with someone at the accommodation. This can be helpful if there are any problems during their stay or if they need any special assistance.
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Europe has the largest tourism industry in the world and is holding largest share of the global vacation rental market. Every year, millions of people from all over the globe flock to its shores in search of sun, sand and sea. And with so many tourists come an extreme demand for rental accommodation. In recent years, the rise of Airbnb has made it easier than ever for travelers to find a place to stay in Europe. However, this has also led to a sharp increase in rent prices, as landlords can now charge whatever they want for their properties. This is especially true in popular tourist destinations such as Barcelona, Paris and Amsterdam, where rents have soared to astronomical levels. In some cases, a one-bedroom apartment can cost upwards of €1,000 per month!
Of course, not everyone can afford to pay these kinds of prices in the vacation rental market. This is why more and more people are choosing to stay in hostels or camping sites instead. Although these options may be less comfortable than an apartment, they are far more affordable.
The tourism industry in Europe is booming and rental accommodation is in high demand. There are a number of reasons for this, including the fact that Europe is home to some of the world's most popular tourist destinations. Many people flock to Europe each year to experience its rich history, culture and natural beauty. With such high demand for rental accommodation, there is no shortage of options available. Whether consumers are looking for a cozy apartment in Paris or a spacious villa in Italy, they will be able to find something to suit their needs and budget.
The European vacation rental market offers something for everyone, whether tourists are interested in exploring ancient ruins or enjoying the bustling nightlife of major cities. With so much to see and do, it's no wonder that Europe continues to be one of the most popular travel destinations years after year.
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Vacation Rental Market Driver
Vacation Rental Market Restraint
There are a number of different restraints that can impact the vacation rental market.
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In a time when the vacation rental market is tight and landlords are eager to find new tenants, some companies are looking to take advantage of the situation by offering vacation rentals. The rental market has tightened up considerably as a result of the covid pandemic, but it’s also become much more competitive. There are many more rental properties available now than there were five or six years ago. Today, companies are taking every possible step to improve their market share and market revenue. For instance, McCarthy Properties offers its guests 11 different types of vacation rentals from condos to houses that can accommodate up to 16 people.
Other companies are taking a different approach by renting out their entire property instead of splitting it up into various units.
“SkyQuest Technology have seen an uptick in demand for vacation rentals over the past few years because people want to take advantage of cheaper rates and the convenience of being able to pick up and leave at any time.
Vacation Rental Market Top Player's Company Profiles
Vacation Rental Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
There are a number of different ways to look at the vacation rental market when it comes to what analysts at SkyQuest Technology think. The first thing to consider is that the industry has changed significantly over the past few years. In the past, most vacation rental properties were owned by individuals or small businesses. However, today there are a number of large corporations that own multiple vacation rental properties. This change has led to a more professional approach to managing vacation rentals and a greater focus on customer service.
The second thing to consider is that the vast majority of our studies suggests that the vacation rental industry will continue to grow in popularity. This is due in part to the fact that more and more people are choosing to take vacations each year. Additionally, many families are now opting for vacation rentals rather than traditional hotels. This trend is expected to continue as vacation rentals offer more space and privacy than hotel rooms.
Finally, it is important to note that there are some concerns about the future of the vacation rental market. One of the biggest concerns is regulation. Currently, there are very few regulations governing vacation rentals. As a result, some worry that this lack of regulation could lead to problems in the future such as safety issues or decreased property values.
|Market size value in 2021||USD 74.64 billion|
|Market size value in 2030||USD 82.63 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Vacation Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Vacation Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Vacation Rental Market:
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Product ID: SQSG25P2001