Vacation Rental Market to Observe Strong Development by 2028
A recent market intelligence report that is published by Data Insights Partner on the global Vacation Rental Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Vacation Rental Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Vacation Rental Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Vacation Rental Market is offered. In accordance with the report, the global Vacation Rental Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
The leasing out of a fully furnished house, apartment, resort-condominium complex which is commercially managed are known as vacation rentals. They are chartered temporarily to the tourists as a replacement to hotel accommodation. Vacation Rentals are also known as grits, cottage holidays, holiday lets, holiday homes, self-catering rentals, and villa holidays in different parts of the globe. The vacation rentals are pocket friendly and is accessible by a variety of income groups. From budget-friendly studio apartments to expensive and lavish private villas in exotic locations, vacation rentals have a lot to offer.
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Market Drivers
The convenience associated with the utilization of vacation rentals relative to hotel accommodation is primarily driving the vacation rental market. In terms of price, vacation rentals are low priced in comparison to hotels. Moreover, with a minimum-security charges and additional fees, these properties provide backyard fencing features. These properties are kids friendly since it allows the travelers having kids to cook their meals and provide additional privacy. These properties are also pet friendly which is imputing the growth of this market. Moreover, these properties are located in the exclusive regions with a million-dollar scenic beauty view which is a determining factor.
The soaring millennial and youth population and their changing lifestyle preferences is fueling the growth of this market. Now-a-days, the younger generations are more inclined to living a memory filled lives, or work while vacationing, retiring early and travelling. This factor is charging up this market.
Moreover, the penetration of internet and social media is positively influencing this market. The availability of bloggers and their blogs with regard to lifestyle blogging, travel blogging is bolstering this market. The captures of the vacation rental properties in exotic locations and landscapes are empowering the growth of this market.
A rise in solo travelling especially among the females and the rising middle-class population are increasing the base of vacationing which is augmenting the growth of this market.
Market Restraints
In some of the online platforms, vacation homes, condos, and apartment listings are forged which is disrupting the consumers trust and severely straining the growth of the vacation rental market.
The Covid-19 pandemic situation has taken a toll on travelling. Due to global lockdown for a wide range of time period the vacation rental markets are experiencing a downfall. In accordance to AirDNA, the weekly bookings in between January and March has shown a significant drop accounting to 96% drop in Beijing, 71% in Shanghai, 46% in Seoul and 41% in Rome.
The idea of vacation homes coupled with the cost associated with it is beyond the reach of the lower income groups that accounts to majority of the population which is hampering the growth of the vacation rental market.
Opportunities
Soaring urbanization and the daily stressful life owing to increasing workload at workplace is expected to increase the consumers need for vacationing which is likely to be a lucrative opportunity for this market.
The surge in vacation rental properties across the globe and its advertisement in the various social media platforms is a good scope for this market. In accordance to Vacation Rental Marketing, Airbnb units of vacation rentals are doubling annually on an average whilst the supply of hotel for accommodation has risen by 1.1% in 2018.
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Trends
At present Europe dominates the market for vacation rentals and is expected to continue its domination in the forecast period owing to the presence of some of exotic vacationing locations and the surging behavior of tour operators parallel to the soaring expenditure in the booking resorts and condominium. The Asia Pacific region is projected to be the fastest growing region for this market. such progress can be traced back to the escalating expenditure of the population in travelling and accommodation. China is a major contributor in this region. But the developing nations in Asia Pacific region is estimated to catch up because of the growing vacationing population and the presence of beautiful locations in this region. Globally, this market is expected to grow at a CAGR of 3.4%. In terms of the accommodation type, Resort/Condominium is expected to experience fastest growth. On the other hand, in terms of booking, online booking mode is projected to showcase significant growth.
Segment Covered:
This market intelligence report on the global Vacation Rental Market encompasses market segments based on accommodation type, booking mode and country.
By Accommodation Type the global Vacation Rental Market has been divided into:
q Resort/Condominium
q Apartments
q Homes
q Others
By Booking Mode the global Vacation Rental Market has been divided into:
q Offline
q Online
By country/region, the global Vacation Rental Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Golightly, Inc
q Marriott International
q Airbnb
q Booking Holdings Inc
q MakeMyTrip Pvt Ltd.
q TripAdvisor Inc
q NOVASOL AS
q Hotelplan Holding AG
q Expedia Group Inc
q Oravel Stays Pvt Ltd.
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Vacation Rental Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
Golightly, Inc
In January 2020, accommodations monitored and managed by women for women was launched by Golightly, Inc. Although, men are not prohibited from travelling with their members. This company owns property exceeding 350 around the globe.
Marriott International
In April 2019, the announcement to launch home and villas was made by Marriott International. It is an initiative based on home rentals offering 2000 superior and luxury homes in 100 locations situated in Latin America, Caribbean, Europe and US.
Airbnb
In January 2019, Gaest was acquired by Airbnb. This acquisition was aimed at the expansion of short-term business model to its business customers. The cost of this acquisition is not disclosed.
Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Vacation Rental Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Vacation Rental Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Vacation Rental caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Vacation Rental Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Vacation Rental Market
v Identification of key factors driving investment opportunities in the Vacation Rental Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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