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Vacation Rentals Market By Accommodation, By Price Point, By Booking Type, By Location Type, By End User Generation : Global Opportunity Analysis and Industry Forecast, 2021-2031

Vacation Rentals Market By Accommodation, By Price Point, By Booking Type, By Location Type, By End User Generation : Global Opportunity Analysis and Industry Forecast, 2021-2031

  • August 2022
  • 230 pages
  • ID: 6352476
  • Format: PDF
  • Allied Market Research

Summary

Table of Contents

Vacation Rentals Market By Accommodation (Home, Condos, Hometown, Villas), By Price Point (Economic, Mid Range, Luxury), By Booking Type (Online Travel Agency, Direct Booking, Others), By Location Type (Resort Area, Rural Area, Small Town, Others), By End User Generation (Gen Z, Millennials, Gen X, Boomers): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global vacation rentals market was valued at $91.2 billion in 2021, and is projected to reach $315.0 billion by 2031, registering a CAGR of 12.4%. Europe was the highest revenue contributor, accounting for $32.1 billion in 2021, and is estimated to reach $106.5 billion by 2031, with a CAGR of 11.9%. Short-term rentals, sometimes known as vacation rentals, are lodging options for travellers. These lodging options can include homes, condos, villas, flats, as well as tents, yurts, and boats. They can also range from high-end luxury properties to spare bedrooms in other’s apartments.
Vacation rental market is prospering more owing to the rise in remote work opportunities. With faster internet, more advanced personal laptops, and digitization of most job roles, work from home (WFH Meaning) has been on a steep upward trajectory in the last 15 years. Remote work has grown by 173% since 2005, about 11% faster than the rest of the workforce. More than half of the global companies offer remote work perks to their employees. While only 16% of these are fully remote companies, others are hybrid companies that have both office-going employees and remote employees. Therefore, owing to surge in work from home opportunities the employees are preferring to work from different locations and are preferring work while travelling as a new trend. Thus, fostering the vacation rental market growth.
Travelers may have trouble locating a property manager or helpful employees on-site, especially if owner-direct coordination is used. As a result, it will result in an increase in the amount of time needed to solve problems, big or small. In addition, some vacation rentals come with sheets and towels while others don’t, especially in Europe and some regions of Canada. The visitor should give this matter significant thought, especially if they are flying to their destination. In addition, housekeeping service is typically absent from vacation homes. In addition, since the client won’t have access to a front desk staff member or concierge, they will need to make their own daily travel arrangements. Therefore, owing to various unavailability of services guests does not prefer staying in vacation rental and try to opt for alternatives. Thus, this directly hampers the market growth.
Public and private travel & tourism investment is necessary to support the ongoing growth of the sector. High investment is required to build structures and facilities to expand capacity and maintain & improve current infrastructure. However, some of the regions such as India, China, Saudi Arabia, and the UAE have witnessed a strong economic growth and notable development in accommodations over the years. Thus, these countries focus on infrastructural development of roads, airports, and better hotels to cater to the demands of travellers. For example, Chinese government has increased its rail network to 132,000 km over the past decade. It also developed 5.9 km air route recently and has a total of 8.4 km air route network. The air passenger volume of China has now become the second largest across the globe. China has also invested heavily in developing high-speed rail system since 2008 and now China has around two-thirds of the global high-speed rail network. Therefore, rapid infrastructural development facilitates tourism. These infrastructural developments has made China the leader in the vacation rental market.
The global travel accommodation market is segmented into accommodation, price point, booking, location type, end user generation and region. The accommodation segment home, condos, hometown and villas. On the basis of price point, the market is categorized into economy, mid-range, and luxury. Depending on mode of booking, it is segregated into online travel agency, hotel website, and others. The location type covered in the study include resort area, rural area, small towns and others. Based on end user generation the market is classified as Gen Z, Millennials, Gen X, and Boomers. Region wise, it is studied across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, Switzerland, and rest of Europe), Asia-Pacific (India, China, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). They key players included in the vacation rental market analysis are MakeMyTrip Pvt. Ltd., Airbnb Inc., Tripping.com, TripAdvisor Inc., Extra Holidays, novasol as, HomeToGo, 9flats.com, Expedia, Inc., Vrbo, Booking.com, Hotels.com, HotelsCombined, Hotwire, Inc., Yatra Online Private Limited, Homestay.com, and atraveo gmbh.

Key Benefits For Stakeholders
-This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vacation rentals market analysis from 2021 to 2031 to identify the prevailing vacation rentals market opportunities.
-The market research is offered along with information related to key drivers, restraints, and opportunities.
-Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
-In-depth analysis of the vacation rentals market segmentation assists to determine the prevailing market opportunities.
-Major countries in each region are mapped according to their revenue contribution to the global market.
-Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
-The report includes the analysis of the regional as well as global vacation rentals market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Accommodation
- Home
- Condos
- Hometown
- Villas

By Price Point
- Economic
- Mid Range
- Luxury

By Booking Type
- Online Travel Agency
- Direct Booking
- Others

By Location Type
- Resort Area
- Rural Area
- Small Town
- Others

By End User Generation
- Gen Z
- Millennials
- Gen X
- Boomers

By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- MakeMyTrip Pvt. Ltd.
- Airbnb Inc.
- Tripping.com
- TripAdvisor Inc.
- Extra Holidays
- novasol as
- HomeToGo
- 9flats.com
- Expedia, Inc.
- Vrbo
- Booking.com
- Hotels.com
- HotelsCombined
- Hotwire, Inc.
- Yatra Online Private Limited
- Homestay.com
- atraveo gmbh

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