The United States is one of the major markets for vacation rentals and is the main contributor to the growth of vacation rental market share in North America. The vacation rental market has evolved periodically through different stages in the United States and is now one of the major markets for the hospitality industry in the United States.
NEWARK, DE /ACCESSWIRE/October 4, 2022/ The Global vacation rental market is expected to reach a value of US$119.0 billion by 2032, with sales growing at a moderate CAGR of 5% from 2022 to 2032. In 2022, the target market is likely to reach approximately US$74.0 billion ; fueled by prevailing travel trends like solo travel, fitness and wellness travel, etc., as well as a growing demand for personalized accommodations while travelling. The recent popularity of travel and adventure travel also complements the growth of the vacation rental market over the forecast period.
Fully furnished accommodations with various amenities managed by owners or professional management companies are categorized as vacation rentals. These rentals are alternative hotels, resorts and other accommodations. These are designed in such a way that the market caters to all types of travelers while respecting their budget.
Vacation rentals have grown in popularity around the world over the past two years and will continue to do so over the next decade, primarily due to growing interest in travel and the expansion of the travel industry. In addition to this, the growing popularity of different travel trends invites the participation of a wide range of travelers and drives the demand for vacation rental type accommodation in both developed and developing countries.
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In terms of popular trends, short-term rental properties are rapidly gaining traction and are one of the major growth drivers in the vacation rental market. Due to hectic and stressful lifestyles, many people wish to travel to various places and get away from their hectic lives. These travelers are looking for a change of environment. Therefore, there is a strong demand for short-term rental properties in the market. Vacation rentals are a suitable response to these requirements as they meet the comfort and convenience expectations of travelers within their budget.
Additionally, travel trends like solo travel and health and fitness travel are becoming increasingly popular. Fast and chaotic urban lifestyle, busy schedules, stressful environment, etc., create greater demand for health and fitness travel. The upward trend in wellness and fitness travel is rapidly making notable contributions to the tourism sector. These fitness and wellness journeys are meant to rejuvenate mind, body and spirit and often include adventurous activities. As a result, many people prefer to spend more on activities rather than accommodation, which favors budget vacation rentals. All these factors are conducive to a growth atmosphere for the vacation rental market over the period 2022-2032.
“Vacation rentals offer many benefits such as better privacy, exposure to local culture and traditions, the ability to cook, and the ability to decide their own schedule. This is fueling the growth of the vacation rental market over the forecast period,” said an IMF analyst.
Key points to remember:
- Upward travel trends could bolster the market outlook for 2022-2032.
- Favorable government initiatives in India will aid in the growth of the market in the country.
- Vacation rentals dominate the US hospitality market
- Holiday homes and apartments will register the highest demands.
- By age, the 15-25 and 26-35 will substantially contribute to the growth of the market.
- The online booking channel is very popular with travellers.
Airbnb Inc., 9flats.com Pte Ltd., Wyndham Destinations Inc., Expedia Group Inc., MakeMyTrip Pvt. Ltd., Oravel Stays Pvt. Ltd., Booking Holdings Inc., Hotelplan Holding AG, NOVASOL AS, TripAdvisor Inc., Destination Club, Tripping.com, Peer-to-Peer Property Rental, Canada Stays, and Homeaway among others are some of the major players in the holidays. rental market presented in the full version of the report.
Major players in the market are focusing on expanding facilities to meet the growing demand. These companies are also increasing their investments and engaging in mergers, partnerships and acquisitions to expand their customer base.
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Global vacation rental market by category
By accommodation types, the global vacation rental market is segmented as follows:
- Resorts / Condominiums
By booking channel, the global vacation rental market is segmented as follows:
By price range, the global vacation rental market is segmented as follows:
By booking channel, the global vacation rental market is segmented as follows:
- Online booking
- Reservation in person
- Reservation by phone
By type of tourist, the global vacation rental market is segmented as follows:
By age group, the global vacation rental market is segmented as follows:
- 15-25 years old
- 26-35 years old
- 36-45 years old
- 46-55 years old
- 66-75 years old
By region, the global vacation rental market is segmented as follows:
- North America
- Latin America
- East Asia
- South Asia
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1.1. Global Market Outlook
1.1.1. Who travels?
1.1.2. How much are they spending?
1.1.3. Direct contribution of tourism to GDP
1.1.4. Direct contribution of tourism to employment
1.2. Analysis of the evolution of tourism
1.3. MFI analysis and recommendations
2. Presentation of the market
2.1. Total expenditure (millions of US dollars) and forecast (2022-2032)
2.2. Number of vacation rental tourists (Mn) and forecast (2022-2032)
2.3. Projected annual growth in total expenditure (2022-2032)
2.4. Number of vacation rentals Tourists Annual growth projections
3. Global Tourism Industry Analysis
3.1. Overview of the tourism industry
3.1.1. Contribution of travel and tourism industry to global GDP
188.8.131.52. Professional expenses vs leisure expenses
184.108.40.206. Domestic vs Foreign
220.127.116.11. Direct, indirect and induced
3.1.2. Contribution of the travel sector to overall global employment
3.1.3. Travel and tourism growth rate
3.1.4. Foreign visitor exports as a percentage of total exports
3.1.5. Capital investment in the travel and tourism industry
3.1.6. Different components of travel and tourism
3.1.7. Global Tourism Industry Outlook
18.104.22.168. Cultural tourism
22.214.171.124. Culinary tourism
126.96.36.199. Eco/sustainable tourism
188.8.131.52. Sports tourism
184.108.40.206. Spiritual Tourism
220.127.116.11. wellness tourism
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