Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Vacation Rental Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Vacation Rental Market. The research also emphasizes on the impact of restraints,
drivers, and macro indicators on the regional and global Vacation
Rental Market over the short as
well as long period of time. A detailed presentation of forecast, trends, and
dollar values of global Vacation Rental Market is offered. In accordance with the report, the global
Vacation Rental Market is projected to
expand by healthy CAGR over the period
of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
The
leasing out of a fully furnished house, apartment, resort-condominium complex
which is commercially managed are known as vacation rentals. They are chartered
temporarily to the tourists as a replacement to hotel accommodation. Vacation
Rentals are also known as grits, cottage holidays, holiday lets, holiday homes,
self-catering rentals, and villa holidays in different parts of the globe. The
vacation rentals are pocket friendly and is accessible by a variety of income
groups. From budget-friendly studio apartments to expensive and lavish private
villas in exotic locations, vacation rentals have a lot to offer.
Market Drivers
The
convenience associated with the utilization of vacation rentals relative to
hotel accommodation is primarily driving the vacation rental market. In terms
of price, vacation rentals are low priced in comparison to hotels. Moreover,
with a minimum-security charges and additional fees, these properties provide
backyard fencing features. These properties are kids friendly since it allows
the travelers having kids to cook their meals and provide additional privacy.
These properties are also pet friendly which is imputing the growth of this
market. Moreover, these properties are located in the exclusive regions with a
million-dollar scenic beauty view which is a determining factor.
The
soaring millennial and youth population and their changing lifestyle
preferences is fueling the growth of this market. Now-a-days, the younger
generations are more inclined to living a memory filled lives, or work while
vacationing, retiring early and travelling. This factor is charging up this
market.
Moreover,
the penetration of internet and social media is positively influencing this
market. The availability of bloggers and their blogs with regard to lifestyle
blogging, travel blogging is bolstering this market. The captures of the
vacation rental properties in exotic locations and landscapes are empowering
the growth of this market.
A
rise in solo travelling especially among the females and the rising middle-class
population are increasing the base of vacationing which is augmenting the
growth of this market.
Market Restraints
In
some of the online platforms, vacation homes, condos, and apartment listings
are forged which is disrupting the consumers trust and severely straining the
growth of the vacation rental market.
The
Covid-19 pandemic situation has taken a toll on travelling. Due to global
lockdown for a wide range of time period the vacation rental markets are
experiencing a downfall. In accordance to AirDNA, the weekly bookings in
between January and March has shown a significant drop accounting to 96% drop
in Beijing, 71% in Shanghai, 46% in Seoul and 41% in Rome.
The
idea of vacation homes coupled with the cost associated with it is beyond the
reach of the lower income groups that accounts to majority of the population
which is hampering the growth of the vacation rental market.
Opportunities
Soaring
urbanization and the daily stressful life owing to increasing workload at
workplace is expected to increase the consumers need for vacationing which is
likely to be a lucrative opportunity for this market.
The
surge in vacation rental properties across the globe and its advertisement in
the various social media platforms is a good scope for this market. In
accordance to Vacation Rental Marketing, Airbnb units of vacation rentals are
doubling annually on an average whilst the supply of hotel for accommodation
has risen by 1.1% in 2018.
Trends
At
present Europe dominates the market for vacation rentals and is expected to
continue its domination in the forecast period owing to the presence of some of
exotic vacationing locations and the surging behavior of tour operators
parallel to the soaring expenditure in the booking resorts and condominium. The
Asia Pacific region is projected to be the fastest growing region for this
market. such progress can be traced back to the escalating expenditure of the
population in travelling and accommodation. China is a major contributor in
this region. But the developing nations in Asia Pacific region is estimated to
catch up because of the growing vacationing population and the presence of
beautiful locations in this region. Globally, this market is expected to grow
at a CAGR of 3.4%. In terms of the accommodation type, Resort/Condominium is
expected to experience fastest growth. On the other hand, in terms of booking,
online booking mode is projected to showcase significant growth.
Segment Covered:
This market
intelligence report on the global Vacation Rental Market encompasses market segments based on accommodation type,
booking mode and country.
By Accommodation
Type the global Vacation Rental Market has been divided into:
q Resort/Condominium
q Apartments
q Homes
q Others
By Booking Mode the global Vacation
Rental Market has been divided into:
q Offline
q Online
By country/region,
the global Vacation Rental Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Golightly,
Inc
q Marriott
International
q Airbnb
q Booking
Holdings Inc
q MakeMyTrip
Pvt Ltd.
q TripAdvisor
Inc
q NOVASOL
AS
q Hotelplan
Holding AG
q Expedia
Group Inc
q Oravel
Stays Pvt Ltd.
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Vacation Rental Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Golightly, Inc
In January 2020,
accommodations monitored and managed by women for women was launched by
Golightly, Inc. Although, men are not prohibited from travelling with their
members. This company owns property exceeding 350 around the globe.
Marriott International
In April 2019,
the announcement to launch home and villas was made by Marriott International.
It is an initiative based on home rentals offering 2000 superior and luxury
homes in 100 locations situated in Latin America, Caribbean, Europe and
US.
Airbnb
In January 2019,
Gaest was acquired by Airbnb. This acquisition was aimed at the expansion of
short-term business model to its business customers. The cost of this
acquisition is not disclosed.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Vacation
Rental Market, size of the
market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of
forecast: 2020-2028, taking into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Vacation Rental Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Vacation Rental caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Vacation
Rental Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Vacation Rental Market
v
Identification
of key factors driving investment opportunities in the Vacation
Rental Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants