The global vacation rental market size is expected to reach USD 119.0 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2022 to 2030. Owing to the comfort, low cost, more privacy, and kids and pet-friendly nature of accommodation, travelers are more inclined towards vacation rental property and homes over hotels. Moreover, vacation rentals offer a variety of high-quality, affordable accommodation options at several destinations, which is likely to boost the growth of the market.
Vacation Rental Market Report Highlights
- The home accommodation type segment dominated the market with a share of over 45.0% in 2021. Higher preference for homes among travelers owing to the availability of space, safety features, and access to amenities is pushing the growth of the segment
- Online booking mode is estimated to expand at the highest CAGR of 6.0% over the forecast period. With a rise in the penetration of the internet and smartphone devices across regions, vacation rental service providers are augmenting the growth of online bookings through the rising number of monthly visitors
- Asia Pacific is expected to register the fastest CAGR of 6.5% from 2022 to 2030. The growth of the market in the region is mainly attributed to the rising expenditure of consumers on traveling and accommodation. Moreover, the rising expenditure of travelers from developing countries, such as India, the Philippines, Vietnam, and Australia, is further estimated to support the market growth in the region
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As per the Turnkey blog in 2019, the industry is at roughly a 10% growth rate this decade, largely affected by travelers’ desires to stay in a home instead of a hotel. According to the TurnKey Vacation Rentals’ 2019 Consumer Travel Survey, 64% of travelers preferred staying in vacation rentals as opposed to hotels, which is up by 10% from the 2018 Consumer Travel Survey.
Additionally, the evolving trend of transformational travel surrounding wellness trips in order to restore balance and transform the mind, spirit, and body is expected to drive the market over the forecast period. According to a blog by Hospitality Net, typical holidays such as sun, sand, and sea; skiing; sightseeing; and shopping are expected to be high in demand. Furthermore, a higher preference for domestic travel compared to international travel is likely to boost the domestic vacation rental business across the globe.
In terms of accommodation type, the resort/condominium segment is estimated to be the fastest-growing segment over the forecast period. The rising popularity of tourism owing to the increasing number of travelers seeking to unwind while enjoying luxury amenities is expected to fuel the growth of the segment.
Europe led the market with a revenue share of over 30.0% in 2021. Rising travel connectivity, coupled with the rapid penetration of high-speed internet, has made even the most remote places in Europe more accessible to travelers. This is driving the need to explore new, exotic, and exciting locations across the region, thereby fuelling the market growth over the forecast period.
Vacation Rental Market Insights By Demography
Europe dominated the market with a share of over 30.0%. Germany and the U.K. are estimated to lead the market over the forecast period. The U.K. is projected to be the fastest-growing market in the region. Asia Pacific is expected to register the highest CAGR. The rising expenditure of travelers from other developing countries such as India, the Philippines, Vietnam, and Australia is further estimated to support the market growth in the region.
Industry Share Analysis By Major Players
The market is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trend of the vacation rental. Players in the market are diversifying the service offering in order to maintain market share. Some prominent players in the global vacation rental market include:
- com Pte Ltd.
- Airbnb Inc.
- Booking Holdings Inc.
- Expedia Group Inc.
- Hotelplan Holding AG
- MakeMyTrip Pvt. Ltd.
- NOVASOL AS
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Vacation Rental Market Segmentation
Grand View Research has segmented the global vacation rental market on the basis of accommodation type, booking mode, and region:
- Vacation Rental Accommodation Type Outlook (Revenue, USD Million, 2017 – 2030)
- Vacation Rental Booking Mode Outlook (Revenue, USD Million, 2017 – 2030)
- Vacation Rental Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Vacation Rental Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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