Vacation Rental Platforms Market Size, Share, Growth, and Industry Growth by Material (Cloud, Web-Based Platform, On-premise, Installed, Mobile) By Application (Rental Property Businesses and Independent Owner), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Vacation Rental Platforms Market REPORT OVERVIEW

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The global vacation rental platforms market size was USD 340.2 million in 2022 and market is projected to touch USD 1365.7 million by 2031, exhibiting a CAGR of 16.7% during the forecast period.

Vacation rental platforms or software are used by property owners of apartments, houses, and condos. The software is used to manage the reservations and marketing of the respective properties for vacations. The properties are alternatives to hotels.

Growing demand for vacation and comfortable stays is predicated to surge market growth. Increased need for tourists and high adoption of the service among millennials is predicated to expand market progress. Further, growing social media influence and rapid awareness about the effective services and offerings. These factors are estimated to surge market growth over the forecast period. The key players offer exotic locations, several services, and amenities that are anticipated to surge market growth. In addition, the availability of the properties at a lower cost. The properties are more beneficial compared to hotels. Such advantages of the product are predicated to propel market progress. Terrorism risk and uncertainty are anticipated to hamper the market growth. 

COVID-19 Impact: Lockdown Restrictions and Travel Ban to Restrict Market Growth

Due to outbreak of COVID-19 pandemic has posed a severe to the global vacation rental industry. Lockdown restrictions and ban on travel hampered market growth. Further, lower demand for tourism ensures safety of population to restrict market progress. Closure of transportation industry and lack of supply and chain disruption to minimize market growth.

LATEST TRENDS

"Consumer Inclination towards Vacation Rental Properties to Fuel Market Growth"

Increased consumer inclination towards vacation rental properties is anticipated to surge market progress. The properties are cost-effective, coupled with amenities. Further, it offers comfort and privacy. These advantages of the service are anticipated to expand market growth. Increased demand for family or friend vacations is projected to fuel market growth. Change in consumer preference and high demand for natural or adventure vacation is estimated to propel vacation rental platforms market growth in the upcoming years.

Vacation Rental Platforms Market SEGMENTATION

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• By Type

Based on type, the market is divided into cloud, web-based platform, on premise, installed, mobile.

Web-based platform is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into rental property businesses and independent owner.

Rental property businesses are expected to be the leading part of application segmentation.

DRIVING FACTORS

"Increased Demand for Tourism and Vacation Trips to Incite Market Growth"

Increased need for tourism and vacation trips among millennials is estimated to surge market growth. Grow in air connectivity coupled with affordable travel options is projected to upsurge market progress. Increase in implementation of digital platforms and growth in intraregional travel. These factors are expected to positively impact market growth. A growing trend to explore untapped locations are anticipated to accelerate market growth. Further, the rapid development of rail and road networks are predicated to foster market growth Increased need for tourist and high adoption of the service among millennials is predicated to expand market progress. Further, growing social media influence and rapid awareness about effective services and offerings. These factors are estimated to surge market growth over the forecast period. The key players offer exotic locations, several services, and amenities that are anticipated to surge vacation rental platforms market growth.

"Rising Expenditure on Travel and High Spending Capacity to Stimulate Growth"

Increased expenditure on travel and the high spending capacity of consumers is estimated to aid market growth. High consumer preference towards spending on experiencing several amenities such as games, swimming pools, tennis, barbeque pits, and clubhouse. These advantages of the equipment are estimated to fuel market growth. The high need for a rural travel destination is a major market driver. The properties offer 2-5 bedrooms and bathrooms, which is anticipated to foster market growth. High investment by key players to renovate and make the property as luxurious as hotels. The locations are ideal for family and friends' vacations. Further, the increased need for destination marriage among millennials is predicated to upsurge vacation rental platforms market growth over the forecast period. 

RESTRAINING FACTORS 

"High Terrorism Attacks and Uncertainty to Hinder Market Growth "

Terrorism risk and uncertainty are anticipated to hamper market growth. Also, fluctuation of tickets and location prices is predicted to hinder the market growth.

Vacation Rental Platforms Market REGIONAL INSIGHTS

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"Increased Air Connectivity and Growth in Tourism in Europe to Drive Market Share "

Europe is expected to hold the highest vacation rental platforms market share owing to an increase in air connectivity. Growing demand for vacation and comfortable stays is predicated to surge market growth. Increased need for tourists and high adoption of the service among millennials is predicated on expanding market progress. Further, growing social media influence and rapid awareness about effective services and offerings. These factors are estimated to surge market growth over the forecast period. The key players offer exotic locations, several services, and amenities that are anticipated to surge market growth. In addition, the availability of the properties at a lower cost. These factors are estimated to fuel market growth.

Asia Pacific is projected to witness high growth owing to the rapid development of roads and rail networks. An increase in the implementation of digital platforms is predicted to propel m market growth. Consumer spending preferences in the region to accelerate vacation rental platforms market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Kigo (Spain)
• BookingSync (France)
• CiiRUS (U.S.)
• Beyond (Australia)
• iGMS (formerly AirGMS) (Canada)
• LiveRez (U.S.)
• OwnerRez (U.S.)
• Rental Network Software (U.S.)
• Hostaway (Finland)
• Streamline (U.S.)
• Lodgify (Spain)
• Escapia (U.S.)
• Guesty (Israel)
• 365Villas (U.K.)
• Virtual Resort Manager (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.