The short-term vacation rental global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Short-Term Vacation Rental Market, 2024The short-term vacation rental global market report 2024
Market Size –
The short-term vacation rental market size has grown strongly in recent years. It will grow from $111.08 billion in 2023 to $120.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increased travel demand, a rise in remote work, increased disposable incomes, rising disposable incomes, and a desire for escapes from city life to more rural or scenic locations.
The short-term vacation rental market size is expected to see strong growth in the next few years. It will grow to $169.75 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to continued growth in remote work, increasing demand for eco-friendly and sustainable vacation rental options, improving personalized recommendations and targeted marketing, growing preference for unique and immersive travel experiences, and the expansion of global travel networks. Major trends in the forecast period include smart home integration, the use of AI and data analytics to offer tailored recommendations and customized travel experiences, the rise of remote work and digital nomadism, the integration of virtual and augmented reality, and the expansion of specialized rentals catering to specific interests.
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Scope Of Short-Term Vacation Rental Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Short-Term Vacation Rental Market Overview
Market Drivers –
The increasing number of travelers is expected to accelerate the growth of the short-term vacation rental market moving forward. This rise in travelers is fueled by increased disposable income and a growing desire for unique and diverse experiences. Short-term vacation rentals provide travelers with personalized and cost-effective accommodations that offer local experiences and home-like amenities. For example, in May 2024, the Office for National Statistics, a UK-based national statistical institute, noted a rise in overseas visitors to the UK, with 38.0 million trips recorded in 2023 compared to 31.2 million in 2022. These visitors spent £31.1 billion, an increase of $5.91 billion (£4.6 billion) from the previous year. Conversely, UK residents took 86.2 million trips abroad, up from 71.0 million in 2022, and spent $93.07 billion (£72.4 billion), which is $17.87 billion (£13.9 billion) more than the previous year. Therefore, the increasing number of travelers will significantly boost the short-term vacation rental market.
Market Trends –
Major companies operating in the short-term rental market are developing property management solutions to enhance operational efficiency and improve guest experiences. Property management solutions refer to sophisticated software and systems that automate and streamline the management of rental properties, including booking, maintenance, and tenant communications. For instance, in January 2024, Guesty an Israel-based property management software provider company launched Guesty Lite. It is a streamlined property management solution for hosts managing 1-3 properties, offering Guesty’s top features and technology without the complexity. It enhances listing visibility on key booking channels, automates daily tasks, and provides a scalable platform to boost revenue and guest satisfaction. It offers an all-in-one solution that ensures hosts can effortlessly deliver exceptional guest experiences.
The short-term vacation rental market covered in this report is segmented –
1) By Accommodation Type: Home, Apartments, Resorts Or Condominium, Other Accommodation Types
2) By Booking Mode: Online Or Platform-Based, Offline
3) By Management: Managed By Owners, Professionally Managed
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Regional Insights –
North America was the largest region in the short-term vacation rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the short-term vacation rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Booking Holdings Inc., Expedia Group Inc., Airbnb Inc., Wyndham Destinations Inc., Agoda Company Pte. Ltd., Tripadvisor Inc., Vacasa Inc., Oravel Stays Private Limited, NOVASOL A/S, MakeMyTrip Pvt. Ltd., Hotelplan Management AG, Evolve Vacation Rental Network Inc., Hopper Inc., Holidu GmbH, Vacation Rental Pros Property Management LLC, HomeToGo GmbH, Atraveo GmbH, 9flats.com PTE Ltd., Housewise Services Pvt. Ltd., Homestay Technologies Ltd., Casiola WorldWide LLC, Homely Stays Pte. Ltd., StayBeyond Ltd
Table of Contents
1. Executive Summary
2. Short-Term Vacation Rental Market Report Structure
3. Short-Term Vacation Rental Market Trends And Strategies
4. Short-Term Vacation Rental Market – Macro Economic Scenario
5. Global Short-Term Vacation Rental Market Size and Growth
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32. Global Short-Term Vacation Rental Market Competitive Benchmarking
33. Global Short-Term Vacation Rental Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Short-Term Vacation Rental Market
35. Short-Term Vacation Rental Market Future Outlook and Potential Analysis
36. Appendix
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