Boost by Various Government Initiatives to Drive the Vacation Rental Market and is Expected to Grow with a CAGR 5.1% from 2022 to 2028
As stated in our extensive report; providing insights on Key Drivers, Key Restraints, Segments (i.e., Accommodation Type, Booking Mode and Region); the Global Vacation Rental Market accounted for USD 73.9 Billion in the year 2021.
The rapid expansion of the tour and tourist industry around the world is the primary driver of the global vacation condo market. Customers' expenditure on tourism sports is rapidly increasing. The comforts and occasional expenses associated with holiday leases are driving up demand among some tourists. Furthermore, because of the convenience and affordability, the immediate family with children prefers holiday rentals. Tourists choose holiday condo homes and houses to inns because of the convenience, low cost, additional privacy, and kid and pet-friendly aspect of housing. Furthermore, vacation leases offer a wide range of high-quality, lower-cost housing options in a variety of locations, which is likely to boost demand.
Also, because of the convenience, low cost, additional privacy, and kid and pet-friendly nature of the lodging, travelers in the market are willing to pay more for closer to vacation condo assets than inns. The low cost of holiday apartment assets compared to inn lodging with comparable amenities draws customers closer. Furthermore, it has been established that when travelling with family, buyers do not overlook several elements when choosing a vacation rental for amenities and comfort. The impact of social media and the internet is increasing client awareness of products and services.
The in-residence local activities and websites for holiday condo groups have become first-rate responses from clients, according to the fundamental aspects of the Global Vacation Rental Market. Increasing demand for web-based reservation systems is expected to support market growth throughout the projection period. The consistent growth of the global keyword market can be attributed to factors such as rising disposable income and a changing lifestyle that brings contributions closer to an increased number of vacation days for people. Furthermore, social media's growing popularity has prompted a shift away from traditional commercial or advertising and marketing towards virtual advertising and marketing, which is expected to drive demand throughout the projection period. Factors along with the growing penetration of smartphones, growing desire closer to online booking, and developing situation amongst tourists might be credited for increase in the Global Vacation Rental Market.
Europe Holds major share in the market Vacation Rental and is expected to continue this trend in the forecast period. This is ascribed to big and online tour operators catching up with the growing trend of glamping. Asia Pacific is expected to grow rampantly and this growth can be majorly attributed to growing penchant the rising expenditure of consumers on travelling.
Some of the key players in the Global Vacation Rental Market include- 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. and others.
Browse the full Report - 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)