The global vacation rental market is currently valued at more than USD 144 billion and is expected to surpass USD 193 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global vacation rental market from 2017-2021. This new market research report discusses the major drivers and key emerging trends and offers a competitive study of key vendors such as Airbnb, HomeAway, TripAdvisor, Wimdu, 9flats, Wyndham Worldwide, and World Travel Holdings.
According to Abhay Sinha, a lead analyst at Technavio, “Vacation planning has largely shifted online with travelers scouring websites and blogs for deciding on the destination, the itinerary, and booking transport and accommodation.”
Even though vacation rentals have been around for quite a while, growing Internet penetration has unlocked a higher potential for growth and provided a global scope. The chances of growth are amplified by the online platform as this brings about improved accessibility, facilitates user-generated content, and enables the utilization of social potential, apart from just providing information to travelers.
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Proliferation of vacation rental business services
Companies that specialize in marketing vacation rentals across online sites provide specially designed general liability insurance for vacation rental providers, optimize listings and profiles, bookings and scheduling, household goods restocking, and check-in services among others. For instance, Pillow, a technology-based hospitality service, offers the management of the vacation rental property in terms of keeping it clean, providing customer service, taking care of maintenance and guest turnover for a 15% commission of the rental income.
New entrants from related industries
Due to the immense growth opportunities in the market space and stiff competition from the traditional lodging industry, several vendors from the related travel and accommodation industries are increasingly adopting the sharing economy model. For instance, in 2014, Hyatt Hotels invested in the market by backing onefinestay, a provider of high-end vacation rental apartments and homes in New York, Los Angeles, London, and Paris.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This industry analysis also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Vacation Rentals Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Motorcycle Rental Market 2016-2020
- Global Adventure Tourism Market 2016-2020
- Global Travel Insurance Market 2016-2020
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