The adoption of short-term rental platforms is expected to grow at a CAGR of 19.1%. The market for short-term rental platforms is expected to grow from US$ 4,503.2 million in 2022 to US$ 25,829.9 million by 2032.
Due to new integrated apps and software, the short-term rental platform industry is extremely profitable and has been rapidly expanding in recent years. Short-term rentals and their numerous advantages are gaining popularity in the global market. Government investments in connectivity and infrastructure development, particularly in developing countries, are boosting market growth in the short-term rental platform market.
The rise in popularity of short-term rentals, which allow travelers to book local stays for their vacation, workcation, or even digital nomad life, has been one of the most important trends in this space. It means that those who provide vacation rentals will have more customers to cater to, as well as increased market competition.
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Key Takeaways from the Market Study
North America is likely to capture the highest market share of 24.6%. The United States is the leading country in rental services, and it is significantly contributing to the growth of North America’s short-term rental platform share.
China would grow at the highest rate in the Asia-Pacific with a CAGR of 11.3% owing to the growing initiatives led by authorities to promote the tourist industry to generate revenue, create jobs, and promote the region’s overall development.
With a 44.8% market share, the web-based short-term rental segment dominates the short-term platform rental market. Due to technological advancements, many rental companies have adopted an online mode of communication to reach out to customers.
The travel and tourism industries account for approximately 10% of global GDP and jobs, according to the World Travel & Tourism Council, with the short-term accommodations segment representing a rapidly growing share of this market. These are enormous economic domains that are undergoing significant transformations.
As the vacation rental industry grows, Lodgify, a travel tech startup, has just raised €30 million for its vacation rental software. The travel industry has had a year of impressive and sustained growth, demonstrating the tenacity of travel tech innovators and startups in recent years.
Competitive Landscape
The presence of a few established players as well as new entrants distinguishes the market. Many major players are focusing more on the expanding vacation rental trend. To maintain market share, market participants are diversifying their service offerings. Strategic partnerships, mergers and acquisitions, and R&D activities can help these companies expand their market footprint.
Some of the Key Players Operating in Short-Term Rental Platform Market Include:
The short-term rental platform market boasts a lineup of leading key players including 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. These companies have revolutionized the way people find and book accommodations, shaping the landscape of travel and hospitality.
Latest Developments in the Short-Term Rental Platform Market
Meredith Lodging planned to expand into the Mount Hood region in June 2022 by acquiring Mt Hood Vacation Rentals.
Hotels in Latin America will band together in June 2022 to launch their own online booking platform and tools.
Booking Holdings Inc. purchased Getaroom from Court Square Capital Partners for USD 1.2 billion in December 2021. The brand hopes to increase the value of its pipeline through this acquisition.
Tripadvisor will launch two new hotel technology solutions, Spotlight and Reputation Pro, in October 2020. Both want to improve their hospitality businesses by increasing traveler trust, attracting new customers, and making data-driven decisions to increase profitability.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Short-term rental platform market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
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