The global vacation rental market size is expected to reach USD 113.9 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.4% over the forecast period. Travelers are more inclined towards vacation rental property and homes over hotels owing to the comfort, low cost, additional privacy, kids and pet friendly nature of accommodation. Rising expenditure on travel, vacations, and accommodation among millennials is driving the market. As per the report published by Airbnb, millennials and younger generations will account for 75% of all consumers and travelers by 2025.
Low
cost compared to accommodation in hotels with all the similar amenities
available in vacation rental homes is acting as a major factor for the growth
of the market. As per the TurnKey Vacation Rentals survey, 65% of millennial
travelers ranked cost as the most important factor in choosing a vacation
rental. Moreover, consumers are more inclined towards preparing their own meal
while on vacation and having children friendly stay. As per the report of
iPropertyManagement, 71% of travelers with children preferred access to cooking
their own meals.
Increasing
supply of properties is lowering the accommodation price and is driving
consumers’ inclination towards low cost vacation rental properties over hotels.
As per Vacation Rental Marketing, the average number of Airbnb units is said to
be doubling year on year, whereas hotel supply increased by only 1.1% in 2018.
Moreover, according to CRBE, Airbnb accommodations account for 9% of the total
lodging units in the 10 largest U.S. markets and is adding units at a substantially
faster rate than the U.S. hotel industry.
In
terms of accommodation type, the resort/condominium segment is estimated to be
the fastest growing segment with a CAGR of 4.4% from 2020 to 2027. Rising
popularity of tourism owing to increasing number of travelers seeking to unwind
while enjoying luxury amenities is expected to fuel the growth of segment.
Availability of various facilities such as function rooms, barbeque pits,
games, KTV and multi-purpose rooms, clubhouses, tennis, squash and basketball
courts, and swimming pools fuels the growth of this category. As per
iPropertManagment, 12% of millennials plan to stay in a villa/estate in the
next year vs. only 6% of Boomers and 9% of Gen Xers.
Europe
dominated the market for vacation rental with a revenue-based share of 35.9% in
2019. The growth is majorly attributed to rising consumer expenditure on
glamping and booking accommodation in resort and condominium. In 2018, Marriott
International announced the launch of Homes & Villas by Marriott International
via Tribute Portfolio Homes platform. In April 2018, the program was launched
in partnership with U.K.-based property management group Hostmaker and debuted
with an inaugural 200-plus homes in London. Later in October 2018, company
expanded the Tribute Portfolio Homes portfolio, adding homes in Paris, Rome,
and Lisbon.
Full Research Report On Vacation Rental Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/vacation-rental-market
Vacation Rental
Market Report Highlights
- By
accommodation type, home is expected to reach USD 55.02 billion by 2027
- Online
booking mode was valued at USD 25.06 billion in 2019
- Asia Pacific
is expected to register a revenue-based CAGR of 5.6% from 2020 to 2027
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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, 2016 - 2027)
- Home
- Apartments
- Resort/Condominium
- Others
Vacation Rental
Booking Mode Outlook (Revenue, USD Million, 2016 - 2027)
- Online
- Offline
Vacation
Rental Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- Japan
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Africa
List of Key
Players of Vacation Rental Market
- 9flats.com Pte Ltd.
- Airbnb Inc.
- Booking Holdings Inc.
- Expedia Group Inc.
- Hotelplan Holding AG
- MakeMyTrip Pvt. Ltd.
- NOVASOL AS
- Oravel Stays Pvt. Ltd.
- TripAdvisor Inc.
- Wyndham Destinations Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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