PUBLISHER: Grand View Research | PRODUCT CODE: 1512033
PUBLISHER: Grand View Research | PRODUCT CODE: 1512033
The global vacation rental market size is expected to reach USD 119.0 billion by 2030, expanding at a CAGR of 3.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Owing to the comfort, low cost, privacy, and kids & pet-friendly nature of accommodation, travelers are more inclined toward vacation rental property and homes over hotels.
Moreover, vacation rentals offer a variety of high-quality, affordable accommodation options at several destinations, which is likely to drive the growth of the market. As per the Turnkey blog in 2019, the industry is at roughly a 10% growth rate this decade, largely affected by travelers' desires to stay in a home instead of a hotel. According to the TurnKey Vacation Rentals' 2019 Consumer Travel Survey, 64% of travelers preferred staying in vacation rentals as opposed to hotels, which is up by 10% from the 2018 Consumer Travel Survey.
Additionally, the evolving trend of transformational travel surrounding wellness trips in order to restore balance and transform the mind and body is expected to drive the market over the forecast period. According to a blog by Hospitality Net, typical holidays such as sun, sand, and sea; skiing; sightseeing; and shopping are expected to be high in demand. Furthermore, a higher preference for domestic travel compared to international travel is likely to boost the domestic vacation rental business across the globe.
Europe region witnessed dominance in the vacation rental market with a revenue share of 34.8% in 2021. Rising travel connectivity, coupled with rapid penetration of high-speed internet, has made even the most remote places in Europe more accessible to travelers. This is driving the need to explore new, exotic, and exciting locations across the region, thereby fueling the market growth over the forecast period.