LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global vacation rental market to post a CAGR of close to 7% during the forecast period, according to their latest market research report.
Instant bookings is one of the major trends being witnessed in the global vacation rental market 2018-2022. Such booking processes are associated with minimal or zero wait time. Online vacation rental sites facilitate real-time booking. This value-addition will improve the convenience of booking vacation rentals, leading to increased customer satisfaction. Many existing market vendors have invested in the autoresponder technology which saves time and money. This technology enables automated responses to inquiry emails and repetitive inquiries which helps to create a unique user experience.
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According to Technavio analysts, one of the key factors contributing to the growth of the global vacation rental market is the growing tourism industry and the increasing popularity of short-term rental properties:
Global vacation rental market: Growing tourism industry
The growth of the global tourism industry significantly contributes to the growth of the global vacation rental market. Government bodies support and facilitate the tourism industry as the tourism industry contributes significantly to the GDP of a country. According to studies it has been found that baby boomers have been contributing to the growth of the travel and tourism industry. The introduction of web-based listing sites and increase in the number of online bookings has also led to the growth of the vacation rental market.
According to a senior analyst at Technavio, “The growth of the tourism industry and an increase in the number of domestic and international travelers has positively impacted the demand for vacation rental properties.”
Global vacation rental market: Segmentation and analysis
This global vacation rental market research report provides market segmentation by management (owners and professionally managed), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
EMEA held the largest share of the market in 2017, accounting for over 52%, followed by the Americas and APAC respectively. Although APAC held the smallest share of the market, it is projected to witness the maximum increase in its market share while the other two regions will see a small decrease in their market shares over the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market sizing
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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