NEW YORK, Nov. 2, 2023 /PRNewswire/ — The vacation rental market size is estimated to grow at a CAGR of 8.54%, and the size of the market is forecast to increase by USD 84.41 billion between 2022 and 2027. The market is fragmented due to the presence of diversified international and regional vendors.The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors must focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also must leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 9flats.com PTE Ltd., Accor SA, Agoda Co. Pte. Ltd., Airbnb Inc., Bennington Properties LLC, Bluefish Vacation Rentals, BoutiqueHomes, Clickstay Ltd., Elite Destination Homes, Elite LLC, Expedia Group Inc., Holidu GmbH, Hotelplan Management AG, MakeMyTrip Ltd., NOVASOL AS, Oravel Stays Ltd., Places4stay SL, TripAdvisor LLC, World Travel Holdings, and Wyndham Hotels and Resorts Inc. are among some of the major market participants. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report
Vacation Rental Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:
- 9flats.com PTE Ltd. – The company offers vacation rental services through hotels such as The Capitol Kempinski Hotel Singapore, Somerset Bencoolen Singapore, Carlton City Hotel Singapore, etc.
- Bennington Properties LLC – The company offers Sunriver vacation rentals through different properties such as Gannet 15, Grizzly 6, Rogue Lane 3, Big Sky 8, Bridge Drive 52980, etc.
- BoutiqueHomes – The company offers vacation rental services through different properties such as CASA DONA OLAVA, CASA FANTINI, VILLA ALTA VISTA, JONKMANSHOF 30, etc.
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Vacation Rental Market 2023-2027: Market Dynamics
The increasing popularity of short-term rental properties and the growing tourism industry are notably driving market growth. The rapid increase in the tourism industry globally is significantly contributing to a country’s GDP. This growth is due to the implementation of strategies from multiple governments worldwide. Furthermore, the high demand for vacation rental properties is increasing due to the increasing number of tourists. Baby boomers are also another factor in the growth of the tourism sector, as compared to long-term rental properties. Short-term rental properties bring increased returns if they are marketed properly. The advantages, such as increased comfort and affordability, attract consumers to such spaces. Hence, these factors are expected to drive the growth of the market during the forecast period.
The adoption of effective promotional strategies is the major trend shaping the vacation rental market growth. The primary factor is the market advertising strategies that various vendors adopt along with celebrity endorsements. As a result, it helps them to expand their customer base. Discounts, seasonal offers, and contests are being offered by vendors on various services. The increased internet usage is the primary factor for the increased potential of major vendors in the market. Most of the vendors have a significant online presence, that helps them to target various customers with online strategies such as social media campaigns and promotional strategies. The popularity of social networking has contributed to increased investments in these strategies. Hence, the above-mentioned factors are expected to significantly change customer perception in the vacation rental market.
Risks associated with fraudulent vacation rental houses, apartments, and homestays are the significant challenge restricting the market growth. The various misconducts such as Scams, fraudulent reviews, and unethical dealings are primary factors restricting the market. Due to this, customers mistrust some vendors. Airbnb Inc and HomeAway provide user reviews and ratings for the customers to help them find the best service. The increased percentage of risks can lead to customers changing their opinion about the service and shifting to alternative forms of lodging, such as hotels. Hence, these factors are expected to restrain the growth of the market during the forecast period.
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Vacation Rental Market 2023-2027: Segmentation
The vacation Rental Market is segmented as below:
- Managed by owners.
- Professionally managed
- North America
- Middle East and Africa
- South America
The market share growth of the managed-by-owners segment will be significant during the forecast period. The small private hotels and resort landlords who manage their own property are included in this segment. The main factor for the growth of this segment is increased personal interaction and improved customer inclination. The increased demand for premium properties, which provide transparency and better connectivity is also significantly driving the growth of the segment. Furthermore, the property owners do not take the service of property management due to their high prices. Therefore, these factors are expected to drive the growth of the segment during the forecast period.
Europe is projected to contribute 37% by 2027. The increased customer awareness towards rental vacation services and the rising tourism industry are the key factors for the growth of the market in the region. The key players in the region, such as Hotelplan Holding AG, and NOVASOL AS, and increased funding from investors are owing to the growth of the market in the region. Furthermore, major countries such as Germany, Italy, France, Spain, etc. are offering various discounts and packages to customers, which has led to an increase in tourists in the region.
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Vacation Rental Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist the vacation rental market growth during the next five years.
- Estimation of the vacation rental market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the vacation rental market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the vacation rental market, vendors
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Table of Content
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Management
7 Market Segmentation by Mode of booking
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
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