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Online Home Rental Services Market by Type and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41097
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The online home rental services market share is expected to increase by USD 14.24 billion from 2019 to 2024, at a CAGR of 13%. This online home rental services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The online home rental services market report also offers information on several market vendors, including 9flats.com Pte Ltd., Airbnb Inc., Booking Holdings Inc., CoStar Group Inc., Expedia Group Inc., Lodgis SAS, Oravel Stays Pvt. Ltd., Upad Ltd., Wyndham Destinations Inc., and Zillow Group Inc. among others. Furthermore, this report extensively covers online home rental services market segmentation by type (flats, semi detached house, and detached house) and geography (APAC, Europe, MEA, North America, and South America).

What will the Online Home Rental Services Market Size be During the Forecast Period?

Online Home Rental Services Market Size

Download the Free Report Sample to Unlock the Online Home Rental Services Market Size for the Forecast Period and Other Important Statistics

 

Online Home Rental Services Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growth in the demand for rented homes is notably driving the online home rental services market growth, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the online home rental services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Online Home Rental Services Market Driver

One of the key factors driving growth in the online home rental services market is the growth in the demand for the rented homes. An increase in the population of metropolitan cities owing to the growth in economic activities, such as manufacturing, trade, and jobs, has increased the migration between the cities in different countries worldwide. An increase in the number of migrants to metropolitan cities has raised the demand for rented homes. The market is also driven by the emergence of a generation of people who prefer to rent homes. In 2019, young millennials or people in the age group of 25-35 years in India accounted for roughly 20% of the customers of privately rented houses. Around 36% of home renters were older millennials in the age group of 35-35 years. As the number of houses is less, it increases the demand for rented homes, driving the global online home rental services market during the forecast period.

Key Online Home Rental Services Market Trend

The growth in the demand for small innovative home structures is a online home rental services market trend that is expected to have a positive impact in the coming years. As housing prices and rental rates in densely populated metropolitan cities such as New York, Beijing, Shanghai, Hong Kong, and Tokyo are surging, the demand for alternative home designs such as capsule apartments, box-apartments, and 20-square-foot coffin apartments is on the rise. Hong Kong houses more than 7 million people, especially in the form of tinier houses such as cage homes, coffin apartments, and micro-apartments. The heavy demand for properties and subsequent shortage in housing has led to its unaffordability by consumers. The growing demand for such small home structures will drive the demand for the global online home rental services market during the forecast period. The acceptability of the concept of the vacation rental marketplace will further strengthen the growth of the market during the forecast period. For instance, vendors such as Airbnb, HomeAway, and Vacations Rentals by Owner (VRBO) offer a platform to the house owner to rent his/her home for a definite period of time when they are out of town. Such innovative ideas and business models will drive the growth of the market during the forecast period. 

Key Online Home Rental Services Market Challenge

 

The government policies for promoting housing will be a major challenge for the online home rental services market during the forecast period. Various government policies regarding the promotion of affordable housing schemes for the citizens is posing a challenge to the vendors operating in the market. Affordable housing initiatives provided by the governments of countries such as China, India, Brazil, South Africa, Australia, the UK, and Canada will increase the number of homebuyers, thereby restricting the demand for rented houses. The Government of India initiative scheme named as Housing for All will promote the home building by 2022. Moreover, the National Affordable Housing Agreement (NAHH) in Australia is aimed at promoting the supply of new housing and improving housing. Under this agreement, the National Partnership Agreement on Homelessness (NPAH) and the National Affordable Housing Specific Purpose Payment (NAHSSP) will provide around $1.5 billion to the territory and state governments during 2018-2019 for improving the supply of housing.

This online home rental services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global online home rental services market as a part of the global leisure products industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the online home rental services market during the forecast period.

Who are the Major Online Home Rental Services Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • 9flats.com Pte Ltd.
  • Airbnb Inc.
  • Booking Holdings Inc.
  • CoStar Group Inc.
  • Expedia Group Inc.
  • Lodgis SAS
  • Oravel Stays Pvt. Ltd.
  • Upad Ltd.
  • Wyndham Destinations Inc.
  • Zillow Group Inc.

 

This statistical study of the online home rental services market encompasses successful business strategies deployed by the key vendors. The online home rental services market is fragmented and the vendors are deploying growth strategies such as focusing on differentiating themselves from other competitors based on a wide variety of offerings, quality, price point, and attractive discount offers to compete in the market.

Product Insights and News

  • Airbnb Inc. - The company provides home rental services across the world through its app, online portal and website.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The online home rental services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Online Home Rental Services Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the online home rental services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the leisure products industry includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Online Home Rental Services Market?

Online Home Rental Services Market Market segmentation by region

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38% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for online home rental services in North America. Market growth in this region will be slower than the growth of the market in the South American, MEA, and APAC regions.

The accelerating economic activities such as manufacturing, trade, and an increase in the migration from the different states in the US to metropolitan cities will facilitate the online home rental services market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Online Home Rental Services Market?

Online Home Rental Services Market Segmentation

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The online home rental services market share growth by the flats segment will be significant during the forecast period. The rise in demand for flats from the growing millennial population and the growth of the urban population across the world will drive the demand for housing structures. The growth in the urban population has led to a high density of population in cities, which leads to less area for home construction. This trend is driving the demand for flats globally.

This report provides an accurate prediction of the contribution of all the segments to the growth of the online home rental services market size and actionable market insights on post COVID-19 impact on each segment.

 

Online Home Rental Services Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Decelerate at a CAGR of 13%

Market growth 2020-2024

$ 14.24 billion

Market structure

Fragmented

YoY growth (%)

16.76

Regional analysis

APAC, Europe, MEA, North America, and South America

Performing market contribution

North America at 38%

Key consumer countries

The US and Canada

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

9flats.com Pte Ltd., Airbnb Inc., Booking Holdings Inc., CoStar Group Inc., Expedia Group Inc., Lodgis SAS, Oravel Stays Pvt. Ltd., Upad Ltd., Wyndham Destinations Inc., and Zillow Group Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Online Home Rental Services Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive online home rental services market growth during the next five years
  • Precise estimation of the online home rental services market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the online home rental services industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of online home rental services market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Type

  • Market segments
  • Comparison by Type placement
  • Flats - Market size and forecast 2019-2024
  • Semi detached house - Market size and forecast 2019-2024
  • Detached house - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • APAC - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 9flats.com Pte Ltd.
  • Airbnb Inc.
  • Booking Holdings Inc.
  • CoStar Group Inc.
  • Expedia Group Inc.
  • Lodgis SAS
  • Oravel Stays Pvt. Ltd.
  • Upad Ltd.
  • Wyndham Destinations Inc.
  • Zillow Group Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Online Home Rental Services market growth will increase by $14.24 billion during 2019-2024.
The online home rental services market is expected to grow at a CAGR of 12.83% during 2019-2024.
Technavio has segmented the online home rental services market by type (Flats, Semi detached house, and Detached house) and geographic (North America, Europe, APAC, South America, and MEA).
9flats.com Pte Ltd., Airbnb Inc., Booking Holdings Inc., CoStar Group Inc., Expedia Group Inc., Lodgis SAS, Oravel Stays Pvt. Ltd., Upad Ltd., Wyndham Destinations Inc., Zillow Group Inc. are a few of the key vendors in the online home rental services market.
North America will register the highest growth rate of 38.48% among the other regions. Therefore, the online home rental services market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the online home rental services market growth are:
  • High real estate prices making home ownership an unaffordable option
The online home rental services market vendors should focus on grabbing business opportunities from the flats segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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