Vacation Rental Market Key Players: 9flats.Com Pte Ltd., Airbnb Inc., Booking Holdings Inc., And Expedia Group Inc.

 Vacation Rental Industry Overview

The global vacation rental market size was valued at USD 74.64 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030. Rising expenditure on travel, vacations, and accommodation among the millennials generation is driving the market. According to Copyrise, 200,000 million global tourists are millennials and they spend around USD 180 billion on travel every year.

However, the COVID-19 pandemic has negatively impacted the growth of the market. For instance, according to AirDNA, there has been a significant drop in weekly bookings between the beginning of January and March 2020. Moreover, the number of bookings in Beijing dropped by 96%, Shanghai by 71%, Seoul by 46%, and Rome by 41%.

Gather more insights about the market drivers, restrains and growth of the Global Vacation Rental market


Travelers in the market are more inclined towards vacation rental property over hotels owing to the comfort, low cost, more privacy, and kids and pet-friendly nature of the accommodation. Low cost as compared to hotel accommodation with similar amenities drives the consumer’s inclination towards vacation rental property. For instance, according to the TurnKey Vacation Rentals 2019 survey, 64% of travelers prefer staying in vacation rentals to hotels.

Moreover, it has been observed that while traveling with family, consumers consider various factors while choosing a vacation rental for amenities and comfort. For instance, according to the report of iPropertyManagement in 2021, 71% of families traveling with children prefer to prepare their own meals, which was a likely factor in their decision to stay in a vacation rental.

Additionally, rising supply is increasing the demand and availability of vacation rentals owing to low costs compared to hotels. As per Stratos Jet Charters, Inc. statistics, there are 2.9 million hosts on Airbnb worldwide, and over 14,000 hosts are among the new additions each month in 2021. Moreover, Airbnb operates in around 220 countries, with around 100,000 cities with active Airbnb listing in 2021.

The influence of social media and the internet is increasing awareness among consumers regarding services and offerings. Key players are offering various services, exotic locations, and amenities to gain market share, and are offering services dedicatedly to female travelers. For instance, in January 2020, Golightly was launched, which is a vacation rental platform managed by women and only available for female guests, also allowing men. The company owns more than 350 properties across the globe.


Browse through Grand View Research's Homecare & Decor Industry Research Reports.

  • RV Rental Market - The global RV rental market size was valued at USD 820.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030. The rise in demand for recreational vehicles (RV) for tailgating, traveling with pets, and business activities among travelers is the major factor driving the industry’s growth.

 

  • Outdoor Furniture Market - The global outdoor furniture market size was valued at USD 44.23 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. The growth of the global industry is primarily driven by the rising need for outdoor furniture products in hotels, resorts, open spaces, and public gardens.

 

Vacation Rental Market Segmentation

Grand View Research has segmented the global vacation rental market on the basis of accommodation type, booking mode, and region:

Vacation Rental Accommodation Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Home
  • Apartments
  • Resort/Condominium
  • Others

Vacation Rental Booking Mode Outlook (Revenue, USD Million, 2017 - 2030)

  • Online
  • Offline

Vacation Rental Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • December 2021: Booking Holdings Inc. acquired Getaroom from Court Square Capital Partners for USD 1.2 billion.
  • October 2020: Tripadvisor launched two new technology solutions Spotlight and Reputation Pro for hotels.

 

Key Companies profiled:
Some prominent players in the global vacation rental market include: -

  • com Pte Ltd.
  • Airbnb Inc.
  • Booking Holdings Inc.
  • Expedia Group Inc.
  • Hotelplan Holding AG
  • MakeMyTrip Pvt. Ltd.
  • NOVASOL AS
  • Oravel Stays Pvt. Ltd.
  • TripAdvisor Inc.
  • Wyndham Destinations Inc.

 

Order a free sample PDF of the Vacation Rental Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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