The global vacation rental market is subject to witness a substantial growth due to the
increasing preference of vacation home rentals over hotel lodging. Growing
popularity of short-term rental apartments, farmhouses, and private homes among
users is expected to drive the growth of the market over the forecast period.
Increase in the number
of rental cabins, beach houses, villas, cottages, and chalets is anticipated to
stimulate industry expansion in the upcoming years. Globally, the vacation
rental market is predicted to grow at a CAGR of 6.89%, providing numerous
opportunities for market players to invest for development of innovative
vacation rental services.
Increase in domestic as
well as international tourism worldwide was the major driving factor for market
growth in the past few years. In addition, favorable government policies and
aggressive marketing strategies adopted by industry participants are expected
to fuel market demand for vacation rentals in the upcoming years. Additionally,
increasing number of second homes as rental property that are professionally
managed is forecasted to offer new growth prospects for vacation rental market.
Shifting trend towards renting out property to generate excess of revenue by
owners is propelling market expansion in the recent years.
Increasing number of
initiatives to promote dying tourism by local governments, particularly in
coastal areas or mountain regions that have faced extreme calamities such as
tsunami and earthquakes, is estimated to favor market growth over the forecast
period. Growing market penetration via appealing e-commerce websites is projected
to drive large number of customers towards vacation rentals in upcoming years.
In addition, cost effectiveness, higher capacity to host large groups and easy
availability in comparison with hotel lodging services are fostering market
demand over the next seven years.
Get Sample Copy of this Report @
The market is broadly categorized into
six major segments based on the service type such as rental apartments,
farmhouses, private homes, rental cabins, beach houses and villas. The rental
beach houses segment is growing rapidly in the vacation rental industry with
substantial revenue generation in the last few years. Growing popularity of
rental beach houses segment is attributed to the rising tourism in coastal
areas and increasing promotional activities. The private homes segment has also
witnessed substantial growth owing to the favorable government policies to
promote tourism in the region.
The market is divided by region as
North America, Europe, Asia-Pacific, Latin America and Africa. North America
has shown major growth in recent years owing to the rise in number of tourist
each years, favorable government policies to promote tourism in the region and
presence of well-established market players.
European region is estimated to hold
major share in the vacation rental market; displaying massive growth in
forecast period. Countries such as U.K., France, Spain, Italy and Germany are
leading the European market with rising international as well as local tourism,
easy availability of vacation rentals and significant investment by leading
industry players considering potential growth opportunities in the region.
The key players in the vacation rental
market are Airbnb, Inc., The Apartment Service, Inc., At Home Abroad, Inc.,
Holiday Lettings Ltd., HomeAway Ltd., Homestay.com Ltd., iVacationRental Co.,
OnlineVacationRentals.com Ltd., Rentalo, Inc., Sea2Sky Vacation Rentals C.A.,
TripAdvisor LLC, Tripping.com Ltd., Villas International Ltd.
Browse Related Category Market
Reports @
No comments:
Post a Comment