Short-Term Vacation Rental Market to Reach $377 Billion by 2034, Driven by Budget-Friendly Accommodations and Technological Advancements | Future Market Insights, Inc.
Thursday, December 14, 2023
According to projections, key players in the short-term vacation rental industry are capitalizing on advancements in online booking platforms, virtual tours, property management software, and augmented reality to elevate guest experiences, streamline operations, and drive revenue growth. Embark on a deeper exploration to gain comprehensive global insights into this dynamic market.
NEWARK, Del., Dec. 6, 2023 /PRNewswire/ -- The global short-term vacation rental market value is expected to rise from US$ 1,35,258.3 million in 2024 to US$ 3,77,191.2 million by 2034. This growth is expected to be driven by an excellent CAGR of 10.80% over the next decade.
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To access in-depth market analysis updates, historical data (2019 to 2023), and projected market size (2024 to 2034), request your complimentary sample PDF report today.
An increasing inclination toward budget-friendly accommodations favors the short-term vacation rental industry. Additionally, there is an emerging trend of staycations, especially among working professionals, who seek leisure time during their vacation.
Key players are launching innovative solutions and services to improve guests' experience and streamline operations for property owners. Common technological solutions used by operators to enhance the booking experience include online booking platforms, virtual tours, property management software, and augmented reality (AR). By leveraging these advancements, operators are boosting their guest experience, fueling revenue growth, and increasing booking rates.
Affordability and comfort associated with short-term rental properties are attracting customers for this type of accommodation. Additionally, consumer expectations are ever-growing, and optimized sites are meeting the rising demand for real-time bookings via the latest technologies. Additionally, players are offering immediate reservation options, which boosts service differentiation.
"Market participants are investing in new technologies and properties to attract customers to their sites. Key players are projected to find significant opportunities in India and China to expand their reach and gain higher profits. To capture the emerging opportunities, players are optimizing their sites to lower bounce rates," says Ronak Shah (Associate Vice President at Future Market Insights).
Key Takeaways from the Short-term Vacation Rental Market Report
-- The United States short-term vacation rental market is anticipated to
register a CAGR of 5.9% through 2034. The lower growth rate than its
counterparts suggests lower growth opportunities for short-term rental
businesses to flourish.
-- The Germany market is projected to expand at a CAGR of 9.20% through
2034. The market is expected to attract significant players over the
next ten years.
-- The short-term vacation rental market in India is anticipated to explode
over the upcoming decade. The market is estimated to record a CAGR of
15.70% through 2034.
-- In China, the CAGR for the market is expected to be 14.60% through 2034,
whereas in Australia, the CAGR is estimated to be 9.70% through 2034.
-- Based on accommodation type, the resorts segment is anticipated to
account for a share of 40.40% in 2024.
-- Based on booking mode, the online segment is expected to acquire a share
of 59.40% in 2024.
Planning For Success in the Competitive Short-term Vacation Rental Market
The short-term vacation rental market is characterized by the presence of limited established players and new entrants. Various players are raising their focus on emerging trends of short-term vacation rentals. Additionally, industry players are differentiating their service offerings to uplift their industry share. Mentioned below are the latest developments in the short-term vacation rental market:
-- In May 2023, MakeMyTrip Pvt. Ltd., which is a short-term vacation rental
firm, announced that it collaborated with Microsoft over the
introduction of voice-assisted booking. The company boosted its access
to travel planning by launching voice-assisted booking in Indian
languages. Microsoft Azure OpenAI Service and Azure Cognitive Services
were used to offer a technology stack that provides personalized travel
recommendations. The partnership aims to make travel planning more
inclusive.
-- In January 2023, Interhome Group, which is an entirely owned subsidiary
of Hotelplan Group, expanded its market reach to Denmark via a strategic
relationship with a Danish vacation rental broker, Sol og Strand. The
latter offers 6,000+ vacation flats and homes.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
About the Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
Explore FMI's Extensive Coverage in the Travel and Tourism Domain:
-- The global vacation rentals market is estimated at US$ 74.8 billion in
2023 and is projected to reach US$ 132.7 billion by 2033, at a CAGR of
5.9% from 2023 to 2033. - Review and Request the Sample.
-- The global vacation rental website market is poised to experience
significant growth, with a valuation of US$ 1,482.6 Million in 2022.
Driven by a robust CAGR of 12.1%, the market is projected to reach a
value of US$ 4,640.2 Million by 2032. - Review and Request the Sample.
-- The poshtels market is estimated at US$ 200.0 million in 2023 and is
projected to reach US$ 358.17 million by 2033, at a CAGR of 6.0% from
2023 to 2033. - Review and Request the Sample.
-- The global tourism industry and big data analytics market, valued at US$
225.4 billion in 2023, is projected to witness significant growth,
reaching a value of US$ 486.6 billion by 2033, driven by a robust
compound annual growth rate (CAGR) of 8% from 2023 to 2033. - Review and
Request the Sample.
-- The Colombia agro-tourism market is expected to witness significant
growth in the coming years. In 2022, the market value was estimated at
US$ 3.7 billion, and it is projected to reach US$ 4.1 billion in 2023.
By 2033, the market is anticipated to reach a value of US$ 7.2 billion,
driven by a steady compound annual growth rate (CAGR) of 6.2% from 2023
to 2033. - Review and Request the Sample.
-- Egypt's faith-based tourism market is on track for significant growth,
with a market value of US$ 1.2 billion in 2022 and a projected value of
US$ 3.67 billion by 2033. This growth is expected to be driven by a
compound annual growth rate (CAGR) of 10.7% from 2023 to 2033. - Review
and Request the Sample.
-- The incentive tourism market is expected to flourish at an average CAGR
of 5.8% between 2023 and 2033. The market is expected to hold a market
share of US$ 13.69 billion by 2033, while the market is likely to reach
a value of US$ 7.79 billion in 2023. - Review and Request the Sample.
-- The global mountain and ski resorts market is poised for significant
expansion, valued at US$ 15.8 billion in 2023 and projected to reach a
staggering US$ 50.4 billion by 2033. This remarkable growth is
anticipated by a robust compound annual growth rate (CAGR) of 12.3% from
2023 to 2033. - Review and Request the Sample.
-- The India faith based tourism market size is estimated at US$ 1,025.57
million in 2023 at a CAGR of 16.2% from 2023 to 2033. Indian faith-based
tourism market share in its parent market is about 6%-11%. - Review and
Request the Sample.
-- Japan's outbound tourism landscape is poised for significant growth over
the next decade, with a projected CAGR of 27.1%. The ecosystem value is
expected to surge from US$ 5,271.0 million in 2023 to US$ 57,856.2
million by 2033. This remarkable expansion is fueled by a robust
outbound tourism revenue stream, valued at US$ 3,670.0 million at the
end of 2022. - Review and Request the Sample.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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