Vacation Rental Market by Management and Geography - Forecast and Analysis 2020-2024
Global Vacation Rental Market: About this market
Technavio’s vacation rental market analysis considers sales from managed by owners and professionally managed management. Our report also provides a detailed analysis of the market in APAC, Europe, MEA, North America, and South America. In 2019, the owner’s management segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increased personal interaction and minimal booking fees will play a significant role in the managed by owners’ segment to maintain its market position. Also, our global vacation rental market report looks at factors such as the growing tourism industry and the increasing popularity of short-term rental properties, technological advances, and strategic partnerships. However, risks associated with fraudulent vacation rental houses, apartments, and homestays, stringent government regulations, and inconsistent service quality may hamper the growth of the vacation rental industry over the forecast period.
Global Vacation Rental Market: Overview
Vendors are increasingly focusing on enhancing their booking portals in terms of design and investing in various technologies to secure and streamline their business operations. The rising popularity of automated vacation rental spaces has also encouraged property owners to invest in Bluetooth smart locks, smart fire alarms, burglar alarms, and other devices. This has led the market players to invest in business intelligence software and data mining tools to improve their decision-making strategies. This increasing investments in smart safety devices and alert technologies will lead to the expansion of the global vacation rental market at a CAGR of almost 7% during the forecast period.
Adoption of effective promotional strategies
The rising popularity of social networking has also encouraged market players to make significant investments in social media campaigns and promotional strategies. Social media campaigns help market vendors to track customer feedback and reviews, understand the latest trends and interests, and create new offerings to enhance consumer experiences. Hence, the effective implementation of promotional strategies through social media platforms is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global vacation rental market during the forecast period 2020-2024, click here.
With the presence of several major players, the global vacation rental market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading vacation rental vendors, that include 9flats.com Pte Ltd., Airbnb Inc., Booking Holdings Inc., Expedia Group Inc., Hotelplan Holding AG, MakeMyTrip Pvt. Ltd., NOVASOL AS, Oravel Stays Pvt. Ltd., TripAdvisor Inc., and Wyndham Destinations Inc.
Also, the vacation rental market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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