Rising Popularity of Transformational Travel and Vacation Homes Boosting the Global Short-Term Rental Market

Dublin, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The "Short-term Rental Market - Global Short-term Rental Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Accommodation Type Coverage, By Booking Mode Coverage, By Geographic Coverage and Leading Companies)" report has been added to ResearchAndMarkets.com's offering.

The global short-term rental market is set for substantial expansion, with a projected Compound Annual Growth Rate (CAGR) of 20% between 2023 and 2030. By the end of 2030, the market valuation is estimated to reach approximately US$15 billion, marking significant growth from the US$10 billion recorded in 2022.

Key Report Findings

Key findings from the report include:

  • The global short-term rental market is poised to grow at a significant rate, with a CAGR of approximately 20% between 2023 and 2030.
  • The demand for short-term rentals is increasing due to the rising popularity of transformational travel.
  • Home rentals remain a popular choice in the short-term rental market.
  • The online booking mode category held the highest short-term rental market revenue share in 2022.
  • North America is expected to maintain its lead, while the Asia Pacific short-term rental market is anticipated to experience the strongest growth by 2030.

Growth Drivers

The growth of the short-term rental market is driven by several factors, including:

  • Increasing Interest in Renting Vacation Homes: Modern travelers, particularly millennials and Gen Z, seek authentic and unique travel experiences. Vacation rental homes, such as charming cottages, luxurious villas, or unique accommodations like treehouses or yurts, cater to this desire for novelty and adventure.
  • Popularity of Transformational Travel: The short-term rental market is expected to expand due to the growing trend of wellness vacations focused on rejuvenating the mind, body, and soul.

Overview of Key Segments

Key segments in the short-term rental market include:

  • Home Remains Dominant Accommodation Type: Homes are expected to dominate the global short-term rental market, offering greater privacy and space compared to apartments.
  • Online Booking Category to Experience Strong Demand: The online booking mode segment is expected to witness rapid growth, driven by technology simplifying the short-term rental industry.

Growth Opportunities Across Regions

  • North America Maintains Dominance: North America is expected to lead the short-term rental market, driven by consumers' growing preference for vacation rental properties over traditional hotels.
  • Asia Pacific to Showcase the Fastest Growth: Asia Pacific is predicted to exhibit significant growth, driven by increased government initiatives, medical tourism, research activities, and a growing demand for high-quality healthcare in the region.

Competitive Landscape Analysis

Key players engaged in the short-term rental market include:

  • Airbnb
  • Booking Holdings Inc.
  • Expedia Group
  • Vrbo
  • TripAdvisor
  • Agoda
  • Ctrip.com International Ltd.
  • HomeToGo
  • Vacasa
  • TurnKey Vacation Rentals
  • Sonder
  • Plum Guide

Key Topics Covered:

1. Executive Summary

2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Short-Term Rental Market Outlook, 2018 - 2030

4. North America Short-Term Rental Market Outlook, 2018 - 2030

5. Europe Short-Term Rental Market Outlook, 2018 - 2030

6. Asia Pacific Short-Term Rental Market Outlook, 2018 - 2030

7. Latin America Short-Term Rental Market Outlook, 2018 - 2030

8. Middle East & Africa Short-Term Rental Market Outlook, 2018 - 2030

9. Competitive Landscape

10. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/9tk2b2

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