The global vacation rentals market revenue was around US$ 102.5 billion in 2022 and is estimated to reach US$ 293.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 12.4% during the forecast period from 2023 to 2031.
A vacation rental is a temporary public accommodation that is rented out to travelers as a substitute for hotels. Typically, vacation rental stays are less than 30 days. They are made up of professionally managed resorts or homes and fully furnished flats.
Market Driving Factors
Surging inclination towards vacation rental property is predicted to drive the market growth. This is because travelers are more inclined towards the vacation rental property due to the more privacy, comfort, lower price, and pet-friendly nature of the accommodation. As a result, lower prices compared to hotel accommodations with comparable amenities boost the consumers' inclination towards vacation rental property.
Growing awareness regarding services and offerings is estimated to create opportunities in the market. This is mainly due to the influence of social media and the internet is increasing consumer awareness regarding offerings and services. As a result, major key players are offering various services, amenities, and exotic places to gain market share. Thus, these offerings by major key players services are dedicated to female travelers.
Threats associated with fraudulent vacation rental houses are estimated to hamper the market.
Regional Analysis
Europe dominated the market in terms of the largest shares and is expected to maintain its dominance. This can be attributed to the surge in air connectivity, growth in intraregional travel, increase in affordable travel choices, and rise in implementation of digital platforms have led to strong tourism and travel growth in the European nations.
Asia-Pacific is estimated to dominate the market in terms of the growth rate. This is mainly owing to the major element that attracts travelers to the region is its place destinations. The latest trend of exploring untapped locations, yoga retreats, soul-searching trips, and the spread of wellness and health has created popularity across various nations including China, India, Australia, and Japan. Furthermore, locations such as Mission Hills Volcanic Mineral Springs & Spa, the Himalayan foothills of Yunnan, and the Indonesian islands are gaining immense potential. In addition, the expanding middle-class households and immediate development of rail and road networks drive the development of mid-range accommodations in this region.
Segmentation Insights
Accommodation Insight
The home segment is estimated to dominate the market in terms of the largest shares. This is mainly owing to the homes tend to have 2-5 bedrooms and bathrooms. They also regularly come with fold-out beds, making it much more viable for a bigger group to stay there comfortably for the duration of their vacation.
Price Point Insight
The mid-range segment is predicted to dominate the market in terms of revenue. This is generally owing to the value-for-money and comfortable rooms. This segment generally features larger rooms as compared to budget accommodations. The amenities and facilities offered by mid-range accommodations are a little higher as compared to economy accommodations.
Booking Type Insight
The direct booking segment is predicted to dominate the market in terms of the largest shares. This is primarily due to the ease of booking via a personal approach or through the official website. Travelers prefer booking accommodations on the spot for different reasons, such as unplanned travel, uncertainty, emergencies, or sometimes even out of choice. As a result, they also share their feedback and experience on social media platforms, which makes it easier for new audiences to get an impression earlier.
Location Type Insight
The resort area segment is estimated to dominate the highest growth rate. This is due to the comforting accommodation that provides relaxation, privacy, and recreation to its visitors and is usually situated near scenic surroundings. They are also known to provide a variety of recreational activities and facilities, namely gym, spa, and pools. As a result, resorts are relatively built on a larger spread of land and provide activities relying on the location.
Prominent Companies
Segmentation Outline
The global vacation rentals market segmentation focuses on Accommodation, Price Point, Booking Type, Location Type, End User Generation, and Region.
By Accommodation
By Price Point
By Booking Type
By Location Type
By End User Generation
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL VACATION RENTALS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: VACATION RENTALS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL VACATION RENTALS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL VACATION RENTALS MARKET, BY ACCOMMODATION
5.1 OVERVIEW
5.2 HOME
5.3 CONDOS
5.4 HOMETOWN
5.5 VILLAS
6 GLOBAL VACATION RENTALS MARKET, BY PRICE POINT
6.1 OVERVIEW
6.2 ECONOMIC
6.3 MID-RANGE
6.4 LUXURY
7 GLOBAL VACATION RENTALS MARKET, BY BOOKING TYPE
7.1 OVERVIEW
7.2 ONLINE TRAVEL AGENCY
7.3 DIRECT BOOKING
7.4 OTHERS
8 GLOBAL VACATION RENTALS MARKET, BY LOCATION TYPE
8.1 OVERVIEW
8.2 RESORT AREA
8.3 RURAL AREA
8.4 SMALL TOWN
8.5 OTHERS
9 GLOBAL VACATION RENTALS MARKET, BY END USER GENERATION
9.1 OVERVIEW
9.2 GEN Z
9.3 MILLENNIALS
9.4 GEN X
9.5 BOOMERS
10 GLOBAL VACATION RENTALS MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL VACATION RENTALS MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 YATRA ONLINE PRIVATE LIMITED
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 EXTRA HOLIDAYS
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 BOOKING.COM
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 TRIPPING.COM
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 VRBO
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 HOMESTAY.COM
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 NOVASOL AS
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8 HOMETOGO
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 AIRBNB INC.
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 ATRAVEO GMBH
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.11 MAKEMYTRIP PVT LTD
12.11.1 OVERVIEW
12.11.2 FINANCIAL PERFORMANCE
12.11.3 PRODUCT OUTLOOK
12.11.4 KEY DEVELOPMENTS
12.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.12 HOTELSCOMBINED
12.12.1 OVERVIEW
12.12.2 FINANCIAL PERFORMANCE
12.12.3 PRODUCT OUTLOOK
12.12.4 KEY DEVELOPMENTS
12.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.13 TRIPADVISOR INC.
12.13.1 OVERVIEW
12.13.2 FINANCIAL PERFORMANCE
12.13.3 PRODUCT OUTLOOK
12.13.4 KEY DEVELOPMENTS
12.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.14 9FLATS.COM
12.14.1 OVERVIEW
12.14.2 FINANCIAL PERFORMANCE
12.14.3 PRODUCT OUTLOOK
12.14.4 KEY DEVELOPMENTS
12.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.15 EXPEDIA INC.
12.15.1 OVERVIEW
12.15.2 FINANCIAL PERFORMANCE
12.15.3 PRODUCT OUTLOOK
12.15.4 KEY DEVELOPMENTS
12.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.16 HOTWIRE INC.
12.16.1 OVERVIEW
12.16.2 FINANCIAL PERFORMANCE
12.16.3 PRODUCT OUTLOOK
12.16.4 KEY DEVELOPMENTS
12.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.17 HOTELS.COM
12.17.1 OVERVIEW
12.17.2 FINANCIAL PERFORMANCE
12.17.3 PRODUCT OUTLOOK
12.17.4 KEY DEVELOPMENTS
12.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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