According to the report by Expert Market Research (EMR), the global vacation rentals market size reached a value of USD 90.20 billion in 2023. Aided by the desire for more personalised, flexible, and authentic travel experiences, the market is projected to further grow at a CAGR of 4.1% between 2024 and 2032 to reach a value of USD 129.49 billion by 2032.
The vacation rental market embodies the evolving preferences of modern travellers, offering a blend of authenticity, comfort, and flexibility. As the market navigates through regulatory landscapes and competitive dynamics, its growth trajectory remains promising, contributing significantly to the global tourism economy. With a focus on innovation, quality, and sustainability, the vacation rental industry is set to redefine lodging and continue its upward momentum in the years to come.
The global vacation rentals market demand has witnessed robust growth, reaching a noteworthy valuation in recent years. This growth is projected to continue at an impressive Compound Annual Growth Rate (CAGR) through the forecast period, driven by several pivotal factors.
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Firstly, the shift towards personalised and experience-driven travel has significantly contributed to the market’s expansion. Travelers increasingly seek accommodations that offer a sense of home, privacy, and immersion in local culture, which vacation rentals provide. Secondly, technological advancements and the proliferation of online platforms have streamlined the booking process, making it easier for property owners to list their spaces and for travellers to find and reserve unique stays.
According to the vacation rentals market analysis, the global pandemic has altered travel preferences, with a growing inclination towards destinations within driving distance, longer stays, and accommodations that facilitate social distancing. Vacation rentals have emerged as a preferred choice for many, catering to the demand for safe, secluded, and fully equipped lodging options.
Sustainability and eco-conscious accommodations are also gaining traction, reflecting a broader societal shift towards environmentally responsible travel. Properties that emphasise green practices, energy efficiency, and minimal ecological impact are increasingly preferred by mindful travellers.
Government initiatives aimed at promoting tourism, such as marketing campaigns and infrastructure development, indirectly pose a positive impact on the vacation rentals market outlook by increasing destination attractiveness and accessibility.
Vacation Rentals Market Segmentation
The market can be divided based on accommodation type, price range, booking mode, and region.
Market Breakup by Accommodation Type
- Home
- Apartments
- Resort/Condominium
- Others
Market Breakup by Price Range
- Economic
- Mid-Range
- Luxury
Market Breakup by Booking Mode
- Online
- Offline
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape Of Vacation Rentals Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global vacation rentals market. Some of the major players explored in the report by Expert Market Research are as follows:
- Airbnb Inc.
- Awaze A/S
- Expedia, Inc.
- Oravel Stays Limited
- 9flats PTE. Limited
- Wyndham Hotel Group, LLC
- Hotelplan Group (MTCH AG)
- Booking Holdings Inc. (HotelsCombined)
- HomeToGo GmbH
- Tripadvisor LLC
- Others
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