As per the report published by FMI, the global vacation rental website market is expected to reach US$ 1,482.6 Mn in 2022. In 2032, its value is expected to reach US$ 4,640.2 Mn, registering at a promising CAGR of 12.1%.
Millennials are spending more on travel, vacations, and accommodations, driving the growth of the travel market. It is estimated that 200,000 million global tourists are millennials, who spend roughly US$ 180 billion each year on travel.
Vacation rental properties are more cost-effective than hotels with similar amenities, which is one of the factors driving customer interest in them. The TurnKey Vacation Rentals 2019 survey found that 64% of travelers preferred to stay in vacation rental homes over hotels. According to Airbnb statistics, there are currently 2.9 Million hosts on its platform, and over 14,000 new hosts join every month. In addition to the 220 countries where Airbnb operates, there are over 100,000 cities with active Airbnb listings as of 2021.
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There has been a significant increase in consumer awareness of services and offerings due to social media and the internet. A variety of services and exotic locations are being offered by key players to gain market share, as well as services specifically tailored to female travelers. A platform called Golightly began operating in January 2020.
There is also an option for male guests to rent from this platform, which is run by women and exclusively available for female guests. Over 350 properties are owned by the company worldwide.
Key Takeaways from the Vacation Rental Website Market
- The global autonomous drone platform market is projected to reach US$ 4640.2 Million by 2032.
- The market registered a CAGR of 12.1% between 2022 and 2032.
- The growth of the market is attributed to instant booking together with an easy online payment structure.
- The market growth is hindered by a low conversion of leads to bookings due to the risk of fraudulent vacation rentals.
- Based on country, the U.S. is one of the most influential markets for vacation rental websites and contributes greatly to the growth of the North American market share.
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Competition Landscape in the Vacation Rental Website Market
Several vendors compete for market share by deploying organic and inorganic growth strategies for vacation rental websites, which are highly fragmented. There has been an increase in the level of competition in the market. Due to this, vendors are adopting various growth strategies, such as promotional activities and advertisements, in order to increase the visibility of their products.
It has also been observed that some vendors are adopting inorganic growth strategies such as mergers and acquisitions to remain competitive in the market. According to estimates, more than 60 percent of new businesses aim to improve profitability by improving hospitality, attracting new clients, and making data-driven decisions.
BookingSync, CiiRUS, Kigo Inc., Virtual Resort Manager, LiveRez, OwnerRez, 365Villas, and Convoyant9flats Pvt Limited are some of the key players in the vacation rental websites market.
Recent Developments in the Vacation Rental Website Market
- In December 2021, Booking Holdings Inc. acquired Getaroom from Court Square Capital Partners for USD 1.2 billion. The company intends to increase the value of its pipeline as a result of this acquisition.
- In October 2020, TripAdvisor announced the launch of two revolutionary technology solutions for hotels, Spotlight and Reputation Pro.
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Vacation Rental Website by Category
By Property Type, the Vacation Rental Website Market is Segmented as:
- House/Apartment
- Hotel/Hostel
- Other
By End User, the Vacation Rental Website Market is Segmented as:
- Vacation Rental Agency
- Vacation Rental Owners
- Property Managers
By Region, the Vacation Rental Website is Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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