The global Vacation Rental Market size is expected to reach
USD 113.9 billion by 2027, according to a new report by Grand View Research,
Inc., expanding at a CAGR of 3.4% over the forecast period. Travelers are more
inclined towards vacation rental property and homes over hotels owing to the
comfort, low cost, additional privacy, kids and pet friendly nature of
accommodation. Rising expenditure on travel, vacations, and accommodation among
millennials is driving the market. As per the report published by Airbnb,
millennials and younger generations will account for 75% of all consumers and
travelers by 2025.
Low cost compared to accommodation in hotels with all the
similar amenities available in vacation rental homes is acting as a major
factor for the growth of the market. As per the TurnKey Vacation Rentals
survey, 65% of millennial travelers ranked cost as the most important factor in
choosing a vacation rental. Moreover, consumers are more inclined towards
preparing their own meal while on vacation and having children friendly stay.
As per the report of iPropertyManagement, 71% of travelers with children
preferred access to cooking their own meals.
Increasing supply of properties is lowering the
accommodation price and is driving consumers’ inclination towards low cost
vacation rental properties over hotels. As per Vacation Rental Marketing, the
average number of Airbnb units is said to be doubling year on year, whereas
hotel supply increased by only 1.1% in 2018. Moreover, according to CRBE,
Airbnb accommodations account for 9% of the total lodging units in the 10
largest U.S. markets and is adding units at a substantially faster rate than
the U.S. hotel industry.
In terms of accommodation type, the resort/condominium
segment is estimated to be the fastest growing segment with a CAGR of 4.4% from
2020 to 2027. Rising popularity of tourism owing to increasing number of
travelers seeking to unwind while enjoying luxury amenities is expected to fuel
the growth of segment. Availability of various facilities such as function
rooms, barbeque pits, games, KTV and multi-purpose rooms, clubhouses, tennis,
squash and basketball courts, and swimming pools fuels the growth of this
category. As per iPropertManagment, 12% of millennials plan to stay in a
villa/estate in the next year vs. only 6% of Boomers and 9% of Gen Xers.
Europe dominated the market for vacation rental with a
revenue-based share of 35.9% in 2019. The growth is majorly attributed to
rising consumer expenditure on glamping and booking accommodation in resort and
condominium. In 2018, Marriott International announced the launch of Homes
& Villas by Marriott International via Tribute Portfolio Homes platform. In
April 2018, the program was launched in partnership with U.K.-based property
management group Hostmaker and debuted with an inaugural 200-plus homes in
London. Later in October 2018, company expanded the Tribute Portfolio Homes
portfolio, adding homes in Paris, Rome, and Lisbon.
Request a free sample
copy or view report summary: Vacation Rental Market Report
Vacation Rental Market Report Highlights
- By accommodation type, home is expected to reach USD
55.02 billion by 2027
- Online booking mode was valued at USD 25.06 billion in
2019
- Asia Pacific is expected to register a revenue-based
CAGR of 5.6% from 2020 to 2027
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment