Technavio's latest market research report on the vacation rental market in Europeprovides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the vacation rental market in Europe from 2018-2022. (Graphic: Business Wire)
According to Technavio analysts, the vacation rental market in Europe will grow at a CAGR of over 8% during the forecast period. The increase in the number of tourists across Europe is a major factor driving the market's growth.
Tourism is the third largest socio-economic activity in the European Union (EU) and makes a significant contribution to the EU's gross national product and employment. France, Spain, Italy, the UK, and Germany are the top tourist destinations in Europe.
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In this report, Technavio highlights the growth of smart cities as one of the key emerging trends driving the vacation rental market in Europe:
Improved booking process
Instant bookings are a new norm in the vacation rental market in Europe, as customers worldwide get gratification to book their vacation instantly without waiting. Online vacation rental sites are upgrading their technology to enable customers to book properties in real time, without having to wait for confirmation. This value-addition will improve the convenience of booking a vacation rental and therefore improve customer satisfaction. Instant bookings have become a key differentiator among vacation rental players.
According to a senior analyst at Technavio, "One of the major reasons for the major vacation rental player, Airbnb, to introduce instant bookings was the effort to combat discrimination while booking on its online platform. Instant bookings made it more difficult for the hosts to discriminate the guests based on gender identity, race, disability, national origin, or age. This policy was in direct response to issues and incidents of discrimination that were reported on the online platform."
The autoresponder technology is also an upcoming system to save time and money by responding to potential guests immediately. It enables auto responses to inquiry emails, emails instant quotes, provides online booking options, and takes care of repetitive inquiries among others. This is expected to create a better user-experience and create an efficient platform for booking.
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Vacation rental market in Europe segmentation
This market research report segments the vacation rental market in Europe by management based on professionally managed and managed by owners. This report also presents a geographical analysis based on Spain, France, Italy, the UK, Germany, and others.
In 2017, Spain had the largest market share of close to 12% among the major countries in the vacation rental market in Europe. Spain was followed by France, Italy, the UK, and Germany. The other countries totally accounted for 51% of market share in vacation rental market in Europe. There has been growth in the tourism sector across Europe, which has led to an increase in demand for vacation rentals.
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