The Vacation Ownership market is expected at US$ 11.2 Billion in 2022 and is projected to reach US$ 32 Billion by 2032, at a CAGR of 7.30 % from 2022 to 2032.
In the forecast period, there will be fast progress and a greater push for the Vacation Ownership market. Vacation ownership also known as timeshare, offers the opportunity to share the ownership of vacation accommodation generally resorts or cooperatives in popular domestic or international tourist destinations.
The vacation accommodation is shared by several owners, and each of them has a period the right to use in a year. Owners may reserve a specific resort apartment or the entire resort for a predetermined amount of time.
The most lucrative industry is timeshare lodging since the owner has exclusive use of the property for a set period, usually a few weeks during a particular season. Major international hotels have also entered this market and are creating a wide variety of options in various locations to take advantage of the rising popularity of timeshare accommodations.
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Key takeaways
- The vacation ownership market will be rising due to the fast-growing urbanization and economic growth are some of the reasons.
- Based on the tour type, the point-based vacation ownership will remain high over the forecast period due to flexibility in decision making and the availability of greater benefits.
- In terms of tour type, the package travelers are estimated to account for the relatively highest value share in the Global incentive tourism market.
- By booking channel, the online booking section is expected to hold a major share in the market because it is more convenient and flexible for everyone.
- Companies and travelers prefer online booking rather than opting for personal booking as online booking is feasible and even the tour operators give discounts on booking online.
- In terms of a tourist type, the package travelers are estimated to account for the relatively highest value share in the Global incentive tourism market
- In terms of age group, demand in the 26-35 segment will continue fast traction through 2032.
“Global Vacation Ownership market will rise in the forecast period as the number of companies providing timeshare is rising.” – FMI Analyst said.
Impact of COVID-19 on Vacation Ownership Market
The COVID-19 outbreak has affected economies and trades in various countries due to lockdowns restrictions, travel bans, and business shutdowns. The overall global marketplace breakdown due to COVID-19 is also affecting the growth of the market due to the shutting down of factories, obstacles in the supply chain, and the decline in the world economy.
The vacation ownership market has incorporated emergency health care measures and restrictions enforced on social movements around the world. Beaches and resorts are empty, people’s movements are stopped, and traveling between territories is strictly controlled. The COVID-19 lockdown around the world has imposed a negative impact on the livelihood of people and the world economy as well.
Who is winning?
Leading players in the Vacation Ownership Market are focusing on promotional strategies and advertising popular tourist destinations in various regions to improve sales in the market.
Major players present in the Vacation Ownership Market are Wyndham, Marriott Vacations Worldwide, Hilton Grand Vacations, Hyatt, Diamond Resorts, Bluegreen Vacations, and Disney Vacation Club.
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Vacation Ownership Market by Category
By Type, Vacation Ownership Market is segmented as:
- Fixed week
- Floating week
- Points-based system.
By Tour Type, Vacation Ownership Market is segmented as:
- Domestic
- International
By Tourist Type, Vacation Ownership Market is segmented as:
- Independent Traveler
- Tour Group
- Package Traveler
By Booking Channel, Vacation Ownership Market is segmented as:
- Phone Booking
- Online Booking
- In-Person Booking
By Consumer Orientation, Vacation Ownership Market is segmented as:
- Men
- Women
- Children
By Age Group, Vacation Ownership Market is segmented as:
- 15-25 years
- 26-35 Years
- 36-45 Years
- 46-55 Years
By Region, Vacation Ownership Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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