Short-term Rental Market - Global Short-term Rental Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Accommodation Type Coverage, By Booking Mode Coverage, By Geographic Coverage and Leading Companies)

Short-term Rental Market - Global Short-term Rental Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Accommodation Type Coverage, By Booking Mode Coverage, By Geographic Coverage and Leading Companies)

The global short-term rental market is poised for significant expansion, with a projected CAGR of 20% between 2023 and 2030. By the end of 2030, the market valuation is estimated to reach approximately US$15 billion, marking substantial growth from the US$10 billion recorded in 2022.

The short-term rental market encompasses a sector of the real estate market where residences such as apartments, homes, or vacation homes are rented out temporarily for short durations. Short-term rentals typically span days, weeks, or a few months, in contrast to traditional long-term rentals, which typically involve lease agreements of six months or longer. The demand for alternative lodging is on the rise due to increasing global tourism and travel. Short-term rentals offer diverse possibilities, from cozy apartments in bustling cities to luxurious villas in picturesque locations, catering to travelers seeking unique and authentic experiences.

Key Report Findings
• The global short-term rental market is poised to grow at a significant rate, with a CAGR of approximately 20% between 2023 and 2030.
• The demand for short-term rentals is increasing due to the rising popularity of transformational travel.
• Home rentals remain a popular choice in the short-term rental market.
• The online booking mode category held the highest short-term rental market revenue share in 2022.
• North America is expected to maintain its lead, while the Asia Pacific short-term rental market is anticipated to experience the strongest growth by 2030.

Growth Drivers
Increasing Interest in Renting Vacation Homes: The short-term rental market is growing primarily due to consumers' increasing preference for vacation rental homes. Modern travelers, particularly millennials and Gen Z, seek authentic and unique travel experiences. Vacation rental homes, such as charming cottages, luxurious villas, or unique accommodations like treehouses or yurts, cater to this desire for novelty and adventure.

Popularity of Transformational Travel: The short-term rental market is expected to expand due to the growing trend of wellness vacations focused on rejuvenating the mind, body, and soul. Popular travel activities, including skiing, sightseeing, and beach vacations, are expected to be in high demand.

Overview of Key Segments
Home Remains Dominant Accommodation Type: Homes are expected to dominate the global short-term rental market, offering greater privacy and space compared to apartments. They range from cozy cottages to spacious single-family homes, providing travelers with a wide range of options to suit their preferences.

Online Booking Category to Experience Strong Demand: The online booking mode segment is expected to witness rapid growth, driven by technology simplifying the short-term rental industry. Online booking offers convenience, flexibility, and cost-effectiveness, catering to travelers seeking precise access to accommodations and amenities.

Growth Opportunities Across Regions
North America Maintains Dominance: North America is expected to lead the short-term rental market, driven by consumers' growing preference for vacation rental properties over traditional hotels. Vacation rental homes provide a wide range of lodging options, appealing to travelers looking for unique experiences.

Asia Pacific to Showcase the Fastest Growth: Asia Pacific is predicted to exhibit significant growth, driven by increased government initiatives, medical tourism, research activities, and a growing demand for high-quality healthcare in the region. Market expansion is also anticipated to be supported by strategic approvals and agreements between significant market players to promote brain health devices in this area.

Competitive Landscape Analysis
Key players engaged in marketing, research, and development of brain health products include Philips Group, GE Healthcare, Medtronic Plc, Siemens Healthineers, Integra Lifesciences, Bioserenity, Neuroelectrics, Cognionics Inc., Advanced Brain Monitoring, Inc., Edwards Lifesciences Corporation, Neurosoft, Masimo Corporation, and Natus Medical Inc.

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