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.|
Request a sample report: http://www.technavio.com/request-a-sample?report=56443
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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.
Browse Related Reports:
- Global Motorcycle Rental Market 2016-2020
- Global Adventure Tourism Market 2016-2020
- Global Travel Insurance Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like lab equipment, health and wellness, and outdoor gear. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.