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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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.
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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.
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