The vacation ownership global market report 2024from 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 Ownership Market, 2024 The vacation ownership global market report 2024
Market Size – The vacation ownership market size has grown strongly in recent years. It will grow from $17.51 billion in 2023 to $19.03 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increasing awareness of vacation ownership benefits, growth of millennial travellers, rising number of vacation ownership resorts, rising popularity of fractional ownership, increasing leisure time.
The vacation ownership market size is expected to see strong growth in the next few years. It will grow to $26.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing disposable income, growing middle-class population, rising travel and tourism industry, increasing demand for luxurious and comfortable vacation experiences, expanding urbanization. Major trends in the forecast period include advancements in technology, consumer shift to experiential travel, availability of financing options, collaboration between hospitality and real estate industries, development of new business models.
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Scope Of Vacation Ownership 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 Ownership Market Overview
Market Drivers -The growth of international tourism is expected to propel the vacation ownership market in the coming years. International tourism refers to travel undertaken by individuals to countries other than their own for leisure, business, or other purposes, encompassing the complete experience from planning and journey to activities and services enjoyed while abroad. This increase in international tourism is primarily driven by improved global connectivity, higher disposable incomes, and a growing interest in diverse cultural experiences. Vacation ownership plays a crucial role in international tourism, providing travelers with a cost-effective and flexible means to secure high-quality accommodations in sought-after destinations, ensuring a consistent and enjoyable experience abroad. In May 2023, a report published by the United Nations World Tourism Organization indicated that international tourist arrivals surged to 80% of pre-pandemic levels in the first quarter of 2023, totaling around 235 million travelers, a more than twofold increase compared to the same period in 2022. Furthermore, revised figures for 2022 revealed that over 960 million international tourists traveled abroad, reflecting a recovery of 66% of pre-pandemic levels. Thus, the increasing international tourism is driving the growth of the vacation ownership market, significantly influencing market dynamics from 2023 to 2028.
Market Trends – Major companies operating in the vacation ownership market are developing technologically advanced platforms, such as owner recognition platforms, to enhance customer experience and streamline management processes. An owner recognition platform is a system designed to identify and acknowledge individuals’ ownership rights and status, often within contexts such as vacation ownership, real estate, or loyalty programs, to facilitate personalized services and benefits. For instance, in July 2024, Marriott International Inc., a US-based hospitality company, launched the ONVIA, residence owner recognition platform. The ONVIA platform is a fully integrated and comprehensive Residence Owner recognition system, designed to enhance experiences across various contexts, from stays at Marriott Bonvoy hotels and The Ritz-Carlton Yacht Collection to daily life within their residence. It not only builds on existing benefits for residence owners but also introduces a range of tailored offerings, providing a unique and elevated level of service.
The vacation ownership market covered in this report is segmented –
1) By Type: Fixed Week, Floating Week, Points-Based System
2) By Tour Type: Domestic, International
3) By Booking Channel: Phone Booking, Online Booking, In-Person Booking
4) By Application: Private, Group
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Regional Insights – North America was the largest region in the vacation ownership market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vacation ownership market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Marriott International Inc. , Accor Vacation Club, Hilton Grand Vacations Inc. , InterContinental Hotels Group (IHG), Travel + Leisure Co., Wyndham Hotels & Resorts Inc., Grupo Vidanta, Westgate Resorts, Bluegreen Vacations LLC, The Ritz-Carlton, RCI (Resort Condominiums International), Vistana Signature Experiences Inc., Diamond Resorts International Inc., Holiday Inn Club Vacations Inc., Interval International, Inc., Central Florida Investments Inc., Grand Pacific Resorts Inc., Welk Resort Group, Shell Vacations LLC, HV Global Management Corp., Silverleaf Resorts Inc., Disney Vacation Club, Karma Resorts Pte Ltd., Four Seasons Residence Club, Sierra Corp.
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