Expansion of the travel industry, changing consumer spending habits and the desire of travelers to explore and learn new things or take a break from their busy schedules drive the growth of the global vacation rental market.
PORTLAND, Oregon., September 8, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Vacation Rental Market by Accommodation (House, Condos, Hometown, Villas), By Price Tier (Economy, Mid-Range, Luxury), By Booking Type (Online Travel Agency, Direct Booking, Others), by type of location (resort area, rural area, small town, others), by end-user generation (gen Z, millennials, gen X, baby boomers): analysis of global opportunities and industry forecasts, 2022-2031 ». According to the report, the global vacation rental industry generated $91.2 billion in 2021, and should generate $315.0 billion by 2031, with a CAGR of 12.4% from 2022 to 2031.
Main determinants of growth
The expansion of the travel industry, changing consumer consumption habits, travelers’ desire to explore and learn new things or take a break from their busy schedules, and innovative concepts such as hyper-personalized hotel rooms, smart rooms, in-room reality experience through artificial intelligence is driving the growth of the global vacation rental market. However, political unrest and terrorist attacks are limiting the growth of the market. Additionally, consumers today prefer digital channels to make accommodation reservations online due to increased convenience and flexibility which presents new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has had a negative impact on the global vacation rental market, due to strict travel restrictions put in place by the governments of several countries.
- In 2020, the tourism industry suffered 11 times more losses from the pandemic compared to the global economic crisis of 2009.
The House segment to maintain its leading status throughout the forecast period
Based on accommodation, the home segment held the highest market share in 2021, accounting for more than half of the global vacation rental market, and is expected to maintain its leading status throughout the growth period. forecast. Larger homes are often available in rural areas, which can be ideal for families wishing to escape the hustle and bustle of everyday life. Additionally, many vacation homes allow visitors to bring their dogs. These factors are driving the segment. However, the villa segment is expected to show the highest CAGR of 14.4% from 2022 to 2031. Guests are assured of a high degree of security, seclusion and luxury when it comes to private villas and the increased control over their environment that they offer, boosts the installment.
The mid-range segment to maintain its leading status throughout the forecast period
Based on price, the midscale segment held the highest market share in 2021, accounting for more than two-fifths of the global vacation rental market, and is expected to maintain its leading status throughout the period. forecast. Travelers who want to save on resort fees but also want a comfortable stay with amenities, choose mid-range accommodations. Additionally, with the growth of the middle class population, the demand for mid-range housing has intensified. However, the luxury segment is expected to show the highest CAGR of 13.1% from 2022 to 2031, due to factors such as changing living standards and growth in tourism. In addition, the establishment of luxury villas on the palm-fringed beach has recently gained popularity. Social media influencers have largely propelled the trend of luxury accommodation stays.
Gen Z segment to maintain its leading position during the forecast period
Based on end-user generation, Gen Z segment accounted for the largest share in 2021, contributing about half of the global vacation rental market, and is expected to maintain its leading position during the forecast period. . Generation Z accounts for a significant portion of internet shopping and has an estimated purchasing power of over $44 billion. Additionally, designing the website with this generation in mind provides the opportunity to boost sales and gives a business more credibility and visibility. However, the Gen X segment is expected to exhibit the largest CAGR of 14.4% from 2022 to 2031. The majority of destinations chosen by this generation are domestic.
Europe maintain dominance by 2031
Based on the region, Europe held the highest market share by revenue in 2021, accounting for more than one-third of the global vacation rental market, and is expected to dominate the market during the forecast period. Increased air connectivity, growth in intra-regional travel, increase in affordable travel options, and increased implementation of digital platforms have resulted in robust growth in travel and tourism in European countries. However, the Asia Pacific the region is expected to experience the fastest CAGR of 13.4% from 2022 to 2031. Places such as the Himalayan foothills of Yunnan, Mission Hills Volcanic Mineral Springs & Spa and the Indonesian islands are gaining huge potential. The expansion of middle-class households and the rapid development of road and rail networks are fueling the development of mid-range housing in this region; thus stimulating the growth of the market.
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Major Market Players:-
- MakeMyTrip Pvt. ltd.
- Airbnb inc.
- TripAdvisor Inc.
- Additional holidays
- Expedia, Inc.
- Vrbo, Booking.com
- Combined hotels
- Hotwire, Inc.
- Yatra Online Private Limited
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