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.
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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.
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.
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
Market segment by Application, split into
•
Private
•
Commerce
Market segment by Regions/Countries,
this report covers
•
United States
•
Europe
•
China
•
Japan
•
Southeast Asia
•
India
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