The vacation rental market Growth Accelerated by Demand For Flexible Accomodation Options
The vacation rental market caters to the growing need for flexible accommodation options among travelers. Vacation rentals such as private homes, villas, cabins, and apartments provide travelers an alternative to standard hotels through personalized services and amenities suited for families and groups. Key advantages include more space and independence compared to hotels.
The
global Vacation Rental Market is estimated to be valued at US$ 72588.74 Mn in
2023 and is expected to exhibit a CAGR
of 9.5% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market key trends:
The growth of the vacation
rental market size is being accelerated by the increasing demand for
flexible accommodation options. Travelers nowadays prefer alternatives to
standard hotels in order to have more independence and personalized living
spaces during vacations. Vacation rentals provide superior amenities tailored
to families and groups such as full kitchens, dedicated living areas, and more
bedrooms. Furthermore, the experience of living like a local resident in a
rented home boosts the sense of immersion into the local culture. This emerging
trend is expected to continue driving the demand in the global vacation rental
market over the forecast period.
Segment Analysis
The global vacation rental market is dominated by the residential segment.
This is because tourists prefer staying in vacation homes, villas and
apartments to experience the local vibe and culture. Furthermore, residential
properties offer more privacy and amenities as compared to hotels. Within
residential segment, apartments dominate as they provide an affordable option
to families and groups traveling together.
Key Takeaways
The global vacation rental market is expected to witness high growth over
the forecast period. Driven by factors such increasing tourism, changing
traveller preferences and availability of online rental platforms. The global
Vacation Rental Market is estimated to be valued at US$ 72588.74 Mn in 2023 and
is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030.
Regional analysis
North America accounts for the largest share in the global vacation rental
market currently. This is attributed to high number of leisure travelers and
availability of houses, villas and apartments for rent across popular tourist
destinations in the US and Canada. Europe follows North America in terms of
market share and is expected to witness steady growth between 2023-2030.
Key players
Key players operating in the vacation rental market are A2 Milk Company,
PROVILAC, Vedaaz Organics Pvt. Ltd., Vinamilk, and Freedom Foods Group.
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