The vacation rental global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Vacation Rental Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The vacation rental market size has grown strongly in recent years. It will grow from $84.06 billion in 2023 to $89.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to the rising tourism sector, increasing travel habits, regulatory changes and local policies, high demand during peak travel seasons, and growth in urbanization.
The vacation rental market size is expected to see exponential growth in the next few years. It will grow to $115.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to the rising adoption of efficient promotional tactics, the increasing growth of remote work, rising disposable incomes, and the growing concentration on celebrity endorsements. Major trends in the forecast period include integration with online platforms, adoption of technology such as smart locks, a shift towards longer-term rentals, customization of guest experiences through personalized amenities and contactless check-ins, and safety measures.
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Scope Of Vacation Rental Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Vacation Rental Market Overview
Market Drivers –
The growth in the travel and tourism sectors is expected to propel the growth of the vacation rental market going forward. The travel and tourism sectors are comprehensive and multifaceted, encompassing everything from the transportation methods that carry travelers to their destinations to the wide array of services and experiences that make travel enjoyable and memorable. The growth in the travel and tourism sectors is due to improved transportation infrastructure, globalization, trade liberalization, a rising preference for experiential travel, and a rising interest in health and wellness tourism. Vacation rentals benefit the travel and tourism sectors by providing diverse accommodation options, boosting local economies, supporting longer stays, and enhancing traveler experiences with more personalized and flexible lodging alternatives. For instance, in April 2024, according to the World Travel and Tourism Council, a UK-based forum for the travel and tourism industry, in 2023, travel and tourism accounted for around 9.1% of the global gross domestic product (GDP), totaling over $9.9 trillion. It forecasts continued growth in the sector, with expectations of its GDP contribution reaching $11.1 trillion by 2024. Therefore, the rapid growth in the travel and tourism sectors is driving the growth of the vacation rental market.
Market Trends –
Major companies operating in the vacation rental market are focusing on expanding their businesses through innovative solutions such as premium vacation rental homes to attract high-end travelers, enhance guest experiences, and differentiate themselves in a competitive market. Premium vacation rental homes are high-end luxury properties that offer exceptional amenities, superior comfort, and unique experiences, catering to travelers seeking upscale accommodations and personalized services during their stay. For instance, in June 2024, OYO Rooms, an India-based hospitality company, launched the premium vacation rental brand Belvilla in partnership with Sojo Stays, a UK-based apartment rental chain, to offer a curated collection of Belvilla by Oyo vacation homes in prime locations across several major UK cities. Guests can book these Belvilla properties for short-term and longer stays through the Belvilla platforms and other booking sites. The launch of Belvilla by Oyo in the UK represents the company’s efforts to diversify its geographic footprint and capitalize on the growing demand for premium vacation rental experiences.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Vacation Rental Market Report Structure
3. Vacation Rental Market Trends And Strategies
4. Vacation Rental Market – Macro Economic Scenario
5. Global Vacation Rental Market Size and Growth
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32. Global Vacation Rental Market Competitive Benchmarking
33. Global Vacation Rental Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vacation Rental Market
35. Vacation Rental Market Future Outlook and Potential Analysis
36. Appendix
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