WASHINGTON, June 14, 2022 (GLOBE NEWSWIRE) -- The Global Vacation Rental Market finds that increasing expenses on vacations, accommodation, and travel is augmenting the growth of the Vacation Rental Market in recent years. However, fraudulent counterfeit players are one of the impeding factors in the growth of the Vacation Rental Market in upcoming years.
The Global Vacation Rental Market revenue is expected to reach a value USD 99.6 Billion in the year 2028.
The Global Market revenue stood at a value USD 73.9 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period; states Vantage Market Research, in a report, titled “Vacation Rental Market Size, Share & Trends Analysis Report by Accommodation Type (Home, Apartments, Resort/Condominium, Others), by Booking Mode (Online, Offline), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver:
Tourism Industry
The growing tourism industry is one of the key factors that is driving the Vacation Rental Market growth. The popularity of short-term rental properties is on the rise. Many governments have always tried to implement strategies that favour the growth of tourism industries. Short-term vacation rental properties, when marketed effectively, bring more returns than long-term rental properties. Owing to the comfort, low cost, more privacy, and kids & pet-friendly nature of the accommodation, travellers are more inclined towards vacation rental property over hotels. Low cost as compared to hotel accommodation with similar amenities drives the consumer’s inclination towards vacation rental property. For instance, according to the Turnkey Vacation Rentals 2019 survey, 64% of travellers prefer staying in vacation rentals to hotels. Hence, these are some of the factors anticipated to drive the market growth over the forecast period.
Restraint:
Fraudulent Counterfeit Players
The risks associated with fraudulent vacations, rental houses, apartments, and homestays is one of the key hurdles to the Global Vacation Rental Market growth. Though these dealings are undertaken by counterfeit players, it impacts the business operations of key market vendors as well, leading to a decline in market revenue, thereby causing hindrance in its growth.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Vacation Rental market is predicted to grow at a CAGR of roughly 5.1% during the forecast period.
- The Vacation Rental market was estimated to be worth roughly USD 73.9 Billion in 2021 and is expected to reach USD 99.6 Billion by 2028; based on primary research.
- On the basis of region, Europe is projected to dominate the worldwide Vacation Rental market.
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Segmentation of the Global Vacation Rental Market:
- Accommodation Type
- Home
- Apartments
- Resort/Condominium
- Others
- Booking Mode
- Online
- Offline
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Vacation Rental Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Holds Largest Market Share
Europe dominated the market with a share of over 30.0% in 2021. This can be attributed to online and big tour operators catching up with the increasing trend of glamping and rising expenditure on booking accommodation in resorts and condominiums. Also, presence of major players in the region is further anticipated to propel the market growth over the forecast period.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Vacation Rental Market Size, Share & Trends Analysis Report by Accommodation Type (Home, Apartments, Resort/Condominium, Others), by Booking Mode (Online, Offline), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/vacation-rental-market-201637
List of Prominent Players in the Vacation Rental Market:
- 9FLATS.com PTE LTD
- Airbnb Inc.
- Booking Holdings Inc.
- Expedia Group Inc.
- Hotel plan Holding AG
- Make My Trip Pvt. Ltd.
- Novasol AS
- Oravel Stays Pvt. Ltd.
- TripAdvisor Inc.
- Wyndham Destinations Inc.
Recent Developments:
November 2021: Booking holdings Inc. announces entering into an agreement to acquire B2B distributor of hotel rooms, Get room, from Court Square Capital partners for approximately $1.2 billion.
July 2021: Vacasa to Go Public in $4.5 Billion SPAC Merger on Heels of Vacation Rentals Surge.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Vacation Rental Market?
- How will the Vacation Rental Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Vacation Rental Market?
- What is the Vacation Rental market drivers and restrictions?
- What will be the CAGR and size of the Vacation Rental Market throughout the forecast period?
This market titled “Vacation Rental Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Accommodation Type • Home • Apartments • Resort/Condominium • Others • Booking Mode • Online • Offline • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • 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. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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