Several variables influence the vacation rental market, most notably the developing tourist sector and rising consumer expenditure on travel and lodging. Tourism contributes significantly to a country's GDP, and various governments are developing initiatives to boost global tourism. This growth in worldwide tourism, along with the expanding baby boomer generation, has resulted in a significant surge in both domestic and foreign travel, strengthening the market for vacation rental homes. Political crises and terrorism are also anticipated to stymie worldwide vacation rental industry expansion. Consumers' declining discretionary income is predicted to stifle growth in the worldwide vacation rental sector throughout the projection period.
According to Coherent Market Insights, the global Vacation Rental Market size was valued at USD 65,465.4 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.3% from 2022 to 2030.
Key Competitors in the Vacation Rental Industry:
1. 9flats.com Pte Ltd.
Founded in 2010, headquartered in Singapore. Provider of a peer-to-peer rental marketplace intended to offer private apartments as an alternative to hotels. The company's marketplace provides an online portal where members can rent private places worldwide or let their own place for some extra income, thereby enabling users to send a booking request to the host and get a reply within a day.
2. Expedia Group Inc.
Expedia Group, Inc. operates as an online travel company in the United States and internationally. Expedia Group, Inc. was founded in 1996 and is headquartered in Seattle, Washington.
3. NOVASOL A/S
Founded in 1968. Provider of holiday rental services based in Denmark. The company offers holiday cottages, holiday homes, holiday apartments, holiday villas and other holiday packages services, enabling clients to get services at an affordable rate.
4. Booking Holdings Inc.
Booking Holdings Inc. provides travel and restaurant online reservation and related services worldwide. The company was founded in 1997 and is headquartered in Norwalk, Connecticut.
5. MakeMyTrip Pvt. Ltd.
MakeMyTrip Limited, an online travel company, sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam, and Indonesia. The company operates through three segments: Air Ticketing, Hotels and Packages, and Bus Ticketing. MakeMyTrip Limited was incorporated in 2000 and is based in Gurugram, India.
6. Wyndham Destinations Inc.
Wyndham Hotels & Resorts, Inc. operates as a hotel franchisor worldwide. It operates through Hotel Franchising and Hotel Management segments. The Hotel Franchising segment licenses its lodging brands and provides related services to third-party hotel owners and others. The company was incorporated in 2017 and is headquartered in Parsippany, New Jersey.
7. Tripadvisor Inc.
TripAdvisor, Inc. operates as an online travel company, primarily engages in the provision of travel guidance products and services worldwide. The company operates in three segments: Tripadvisor Core, Viator, and TheFork. TripAdvisor, Inc. was founded in 2000 and is headquartered in Needham, Massachusetts.
8. Airbnb
Airbnb, Inc., together with its subsidiaries, operates a platform that enables hosts to offer stays and experiences to guests worldwide. The company's marketplace model connects hosts and guests online or through mobile devices to book spaces and experiences. It primarily offers private rooms, primary homes, or vacation homes. Airbnb, Inc. was founded in 2007 and is headquartered in San Francisco, California.
9. Oravel Stays Pvt. Ltd.
Oravel Stays Limited, doing business as OYORooms, operates a travel and hospitality software. The Company develops a platform which provides an affordable and trusted accommodation that guests can book instantly. OYORooms serves customers worldwide. The company was founded in 2012, headquartered in Haryana, India.
*Definition- Vacation rental houses are an excellent way to experience a location as if you were a resident. These are frequently found in residential areas, far from the main tourist attractions and hotel districts. They are sometimes even near a beach. Numerous firms, like Royal Shell, provide holiday rental homes. These vacation accommodations are ideal for families and groups of friends.
