Global Vacation Rental Market 2015-2019
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Technavio’s market research analyst believes that the global vacation rental market will reach $169.7 billion by 2019. The key regions where global vacation rental adoption is highest are Europe and North America, wherein the awareness of the concept of a vacation rental is widespread.
The entry of new technologically oriented start-ups and higher interest in vacation rentals among travelers is one of the reasons for market growth. Travelers are more inclined to using business intelligence software and data mining tools to harness their data to improve their decision-making. Also, price optimization by utilizing revenue management software is gaining popularity in the market.
What is vacation rental and why is it important?
A vacation rental is an alternative lodging option that involves the short-term rental of myriad properties, such as apartments, farm stays, private homes, cabins, beach houses, villas, cottages, or chalets, to travelers and tourists. These dwelling units are offered on a nightly, weekly, or a monthly basis, although the dominant practice in the market is renting it out weekly. They are also commonly referred to as holiday lettings, tourist rentals, bed and breakfast, homestay, and gites.
The vacation rental business is becoming more complex and necessitates the micro-management of processes to improve competitiveness. Spotting this opportunity, several companies that provide tailored services have entered the market. This market trend will continue, and will become even more important in the next five years. It can increase the rental income for hosts and provide a stress-free travel experience for renters, improving the overall environment of the market.
Geographical segmentation of global vacation rental market
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Europe accounted for the largest share of the market in 2014. The presence of several large, established players and increasing funding from high-profile investors is driving up market potential and accelerating its shift to the mainstream category. The promotion of the concept of renting out a vacation rental home on social and digital platforms is expected to play a key role in attracting these new customers.
In regions such as APAC, a large number of houses are lying vacant, and the affiliation for vacation rentals is growing, demonstrating that the market has the resources and can contribute substantially to its growth.
Factors driving global vacation rental market
Rise of sharing economy
Expansion of online distribution
This market research report provides a number of factors contributing to the adoption and opportunities in the global vacation rental market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Factors challenging global vacation rental market
Lack of proper regulations
Stalled conversion of lead to transaction
These are only a few of the challenges covered in this market research report. The full version of this market analysis provides a more comprehensive list and a discussion on each of the challenges faced by the global vacation rental market.
Vendor landscape of global vacation rental market
The market is moderately fragmented with large- and small-sized players and the competition among these players is intense. However, as international players increase their footprint in the market with their huge infrastructure and reach, regional vendors find it difficult to compete in terms of quality and technology. The competitive environment in this market is likely to intensify further with an increase in product/service extensions, and technological innovations. Vendors are adopting various mobile and social strategies and working toward incorporating an impressive experience.
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