Enhanced marketing strategies and increase in awareness about timeshare ownership offers remunerative opportunities for the expansion of the global vacation ownership (timeshare) market.
NEW CASTLE, Del., Aug. 30, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Vacation Ownership (Timeshare) Market by Type (Fixed Week, Floating Week and Point-based Week), Tour Type (Domestic and International), and Tourist Type (Independent Traveler and Tour Group): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the vacation ownership (Timeshare) industry market was valued at $12.2 billion in 2023, and is estimated to reach $25.1 billion by 2032, growing at a CAGR of 7.9% from 2024 to 2032.
Prime determinants of growth
The global vacation ownership (timeshare) market is experiencing growth due to several factors such as increase in disposable income to afford luxury vacations, rise in demand for flexible vacation options, and modern consumers increasingly prioritizing experiences over possessions. However, rise in regulatory complexities and compliance with consumer protection hinders the market growth.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2032 |
|
Base Year |
2023 |
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Market Size in 2023 |
$12.2 billion |
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Market Size in 2032 |
$25.1 billion |
|
CAGR |
7.9 % |
|
No. of Pages in Report |
219 |
|
Segments Covered |
Type, Tour Type, Tourist Type, and Region |
|
Drivers |
Increase in disposable income to afford luxury vacations |
|
Rise in demand for flexible vacation options |
|
|
Modern consumers increasingly prioritize experiences over possessions |
|
|
Opportunities |
Enhanced marketing strategies and increased awareness about timeshare ownership |
|
Restraint |
Rise in regulatory complexities and compliance with consumer protection |
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The fixed week segment held the highest market share in 2023.
By type, the fixed week segment held the highest market share in 2023, accounting for more than half of the global vacation ownership (timeshare) market revenue and is likely to retain its dominance during the forecast period, owing to the growing demand for premium and high-demand weeks, such as holidays or peak seasons, which offer owners greater flexibility and value in their vacation ownership. In addition, there is a trend towards greater customization and exchange options within fixed-week timeshare programs, allowing owners to swap their designated weeks for alternative dates or locations within the same resort or through exchange networks.
The domestic segment held the highest market share in 2023.
By tour type, the domestic segment held the highest market share in 2023, accounting for more than half of the global vacation ownership (timeshare) market revenue and is likely to retain its dominance during the forecast period, owing to the growing demand for domestic destinations among timeshare owners. This trend reflects a shift towards prioritizing convenience, accessibility, and familiarity in vacation planning, particularly in the wake of global events such as the COVID-19 pandemic, which have highlighted the importance of domestic travel and local exploration.
The tour group segment held the highest market share in 2023.
By tourist type, the tour group segment held the highest market share in 2023, accounting for nearly one-third of the global vacation ownership (timeshare) market revenue and is likely to retain its dominance during the forecast period, owing to the growing popularity of tour group packages offered by timeshare developers and resort operators. These packages often include guided tours, excursions, and cultural experiences tailored to the interests of timeshare owners, providing a convenient and immersive way to explore new destinations and make the most of their vacation ownership.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global vacation ownership (timeshare) market revenue and is expected to retain its dominance in terms of revenue during the forecast period, owing to rise in interest and adoption of timeshare ownership among consumers in Asia-Pacific countries. As disposable incomes rise and travel becomes more accessible to a growing middle class, there is a growing appetite for vacation ownership as a way to secure future holidays and access premium accommodations in desirable destinations.
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Major Industry Players
- Bluegreen Vacations Unlimited, Inc.
- The Walt Disney Company
- Hilton Grand Vacations Inc.
- InterContinental Hotels Group
- Hyatt Corporation
- Marriott International, Inc.
- Vidanta
- Westgate Resorts, Inc.
- Wyndham Destinations
- The Boca Raton
The report provides a detailed analysis of these key players in the global vacation ownership (timeshare) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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