Global short-term rental market projected to reach $341.9 billion by 2033, driven by rising tourism and unique experiences
From GlobeNewswire: 2024-12-11 09:06:00
Global Short Term Rental Market is projected to reach USD 131.4 billion by 2024 and grow to USD 341.9 billion by 2033, with a CAGR of 11.2%. Short-term rentals offer temporary housing for tourists and business persons, driven by rising tourism and demand for personalized travel experiences. The US Short-Term Rental Market is expected to reach USD 42.1 billion by 2024 and USD 103.5 billion by 2033 at a CAGR of 10.5%, fueled by unique travel experiences and technological advancements. North America is predicted to dominate the global short-term rental market, with a revenue share of 38.1% by 2024, driven by cultural shifts and technological innovation in the region.
The home segment leads the short-term rental market, accounting for 47.2% of revenue in 2024, offering diverse accommodation options for travelers seeking unique and immersive experiences. Short-term rentals provide a personalized, convenient, and cost-effective alternative to traditional hotel stays, appealing to travelers looking to live like locals. The rise of extended stays and a focus on sustainability are key trends shaping the market.
Drivers of market growth include the popularity of corporate travel and adventure travel, as well as homeowners seeking revenue opportunities through short-term rentals. Regulatory restrictions and increased competition pose challenges to market expansion, while opportunities lie in the preference for online booking among younger travelers and the emergence of specialty rental platforms targeting specific demographics.
North America is poised to dominate the global short-term rental market, with a revenue share of 38.1% in 2024, supported by major players like Airbnb and HomeAway. The region’s acceptance of the sharing economy and technological advancements have contributed to the market’s growth, making it a hub for innovative short-term rental services.
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