17 April 2019 - 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.
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.
Market Segment:
The key players covered in this study
•
9Flats
•
Airbnb
•
Booking Holdings
•
Expedia
•
TripAdvisor
•
Wyndham Destinations
Market segment by Type, the product can
be split into
•
Monthly
•
Weekly
•
Nightly
Comments
Post a Comment