LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global vacation rental market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The research study by Technavio on the global vacation rental market for 2017-2021 provides detailed industry analysis based on management (professionally managed and managed by owner) and geography (Europe, North America, APAC, Latin America, and MEA).
| The global vacation rental market size is expected to reach USD 193.89 billion by 2021. Europe will be the leading regional segment, generating the highest revenue and maximum incremental growth through the forecast period. |
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Technavio analysts highlight the following three key factors that are contributing to the growth of the global vacation rental market:
- Rise of sharing economy
- Expansion of online distribution
- Increased investments in vacation rental homes
Rise of sharing economy
Abhay Sinha, one of the lead analysts at Technavio, talks about sharing economy saying, “A sharing economy refers to an ecosystem where collaborative consumption of resources takes place. This model is adopted into a variety of sectors from hospitality to transport, and is witnessing tremendous growth,”
Sharing economy provides environmental, economic, and community benefits by enhancing the use of available resources. Customers thrive in such environments, and many millennials are open to this style of accommodation. With increasing acceptance of this type of accommodation and benefits it provides, the revenues of the enterprises following this model will rise exponentially.
Expansion of online distribution
Vacation planning has largely shifted online with a majority of the travelers relying on various forums on the internet to decide on the destination, the itinerary, and booking transport and accommodation. Thus, increased internet penetration has unlocked a higher potential for growth and global exposure to vacation home rentals. Additionally, these online forums also provide services such as professional photography, trust and safety management, and security provisions, which has fueled tremendous growth in the market.
Increased investments in vacation rental homes
“Vacation rental homes are drawing increased investments to ensure higher profits from rental homes by improving their features and adopt better marketing strategies. Additionally, the number of investors purchasing single-family homes to use them as vacation rentals are increasing, thereby driving market growth,” says Abhay.
Many homeowners are turning second homes into vacation home rentals to supplement their incomes. Additionally, the proliferation of online vacation rental platforms has provided residential property owners the ability to connect with a larger customer base. A combination of these factors is responsible for the increasing investments into vacation rental homes, leading to increased revenue generation.
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