The vacation rental market size was valued at USD 86.1 billion in 2023 and is expected to reach USD 128.9 billion by 2032, at a CAGR of 4.6%.
FORT COLLINS, Colo., April 21, 2024 (Globe Newswire) —
Expansion of the vacation rental industry to drive market growth.
of Vacation rental market The notable expansion is driven by growing demand from travelers for distinctive and authentic lodging experiences. Tourists are actively seeking vacation rentals that offer personalized, immersive stays that allow them to immerse themselves in local culture and explore destinations with a fresh perspective. According to the United States Travel Association, the percentage of travelers choosing vacation rentals rose from 28% in 2021 to 35% in 2022. This trend is especially evident among Millennial and Gen Z travelers, who prioritize experiential travel and value flexibility and convenience. Vacation Rental Privacy.
Technological advancements and platform enhancements have played a key role in driving the growth of the vacation rental market. Online booking platforms like Airbnb and his Vrbo have revolutionized the way travelers search, compare, and book vacation rentals around the world. These platforms introduce innovative features such as virtual tours, instant booking, and enhanced search filters to streamline the booking process and improve the overall user experience. Additionally, the integration of AI and machine learning algorithms facilitates personalized recommendations and targeted marketing, accelerating vacation rental adoption. According to the World Tourism Organization (UNWTO), 63% of global travelers will book accommodation online in 2022, highlighting the significant impact of technological advances in the industry.
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Segmentation overview:
The vacation rental market is segmented into type, reservation mode, and region.
The housing sector recorded significant growth in 2023.
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Based on market segmentation by type, the residential segment accounted for the largest market share in 2023. This can be attributed to a growing preference for spacious, private accommodation that provides a home-like experience, especially among families and people traveling in groups. Travelers are especially looking for accommodations with increased privacy and safety.
Online booking mode accounted for a significant market share in 2023.
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Based on market segmentation by booking mode, the online subsegment was the largest segment in 2023 and is expected to continue to be the fastest growing segment. The convenience, transparency, and wide range of options that online booking platforms offer have made them the preferred choice for most travelers.
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Highlights of the vacation rental market report:
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Prominent companies in the vacation rental market report include Airbnb, VRBO (Expedia Group), Booking Holdings, TripAdvisor, Vacasa, Marriott International (Homes & Villas), Sykes Holiday Cottages, Evolve Vacation Rental, Hopper, Getaway, Pacaso, Sonder, etc. there is.
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