The vacation ownership market size has grown strongly in recent years, projected to increase from $17.51 billion in 2023 to $19.03 billion in 2024, at a compound annual growth rate (CAGR) of 8.7%. This growth during the historic period can be attributed to increasing awareness of the benefits associated with vacation ownership, the rise of millennial travelers, the growing number of vacation ownership resorts, the rising popularity of fractional ownership, and increasing leisure time. Looking ahead, the vacation ownership market size is expected to reach $26.66 billion in 2028, with a CAGR of 8.8%. The anticipated growth during the forecast period is linked to rising disposable income, a growing middle-class population, an expanding travel and tourism industry, an increasing demand for luxurious and comfortable vacation experiences, and ongoing urbanization. Major trends expected to shape the forecast period include advancements in technology, a consumer shift toward experiential travel, the availability of financing options, collaboration between the hospitality and real estate industries, and the development of new business models.
Global Vacation Ownership Market Key Driver
The growth of international tourism is expected to propel the vacation ownership market in the coming years. International tourism refers to travel undertaken by individuals to countries other than their own for leisure, business, or other purposes, encompassing the complete experience from planning and journey to activities and services enjoyed while abroad. This increase in international tourism is primarily driven by improved global connectivity, higher disposable incomes, and a growing interest in diverse cultural experiences. Vacation ownership plays a crucial role in international tourism, providing travelers with a cost-effective and flexible means to secure high-quality accommodations in sought-after destinations, ensuring a consistent and enjoyable experience abroad. In May 2023, a report published by the United Nations World Tourism Organization indicated that international tourist arrivals surged to 80% of pre-pandemic levels in the first quarter of 2023, totaling around 235 million travelers, a more than twofold increase compared to the same period in 2022. Furthermore, revised figures for 2022 revealed that over 960 million international tourists traveled abroad, reflecting a recovery of 66% of pre-pandemic levels. Thus, the increasing international tourism is driving the growth of the vacation ownership market, significantly influencing market dynamics from 2023 to 2028.
Get A Free Sample Of The Vacation Ownership Market Report
Global Vacation Ownership Market Segments
The vacation ownership market covered in this report is segmented –
1) By Type: Fixed Week, Floating Week, Points-Based System
2) By Tour Type: Domestic, International
3) By Booking Channel: Phone Booking, Online Booking, In-Person Booking
4) By Application: Private, Group
By Geography:The regions covered in the vacation ownership market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the vacation ownership market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Vacation Ownership Industry Players
Marriott International Inc. , Accor Vacation Club, Hilton Grand Vacations Inc. , InterContinental Hotels Group (IHG), Travel + Leisure Co., Wyndham Hotels & Resorts Inc., Grupo Vidanta, Westgate Resorts, Bluegreen Vacations LLC, The Ritz-Carlton, RCI (Resort Condominiums International), Vistana Signature Experiences Inc., Diamond Resorts International Inc., Holiday Inn Club Vacations Inc., Interval International, Inc., Central Florida Investments Inc., Grand Pacific Resorts Inc., Welk Resort Group, Shell Vacations LLC, HV Global Management Corp., Silverleaf Resorts Inc., Disney Vacation Club, Karma Resorts Pte Ltd., Four Seasons Residence Club, Sierra Corp.
Purchase The Global Vacation Ownership Market Report Directly And Get A Swift Delivery
Vacation Ownership Market Overview
Vacation ownership is a model of vacation property ownership where multiple individuals share ownership of a property, typically a resort or vacation home. Every owner is entitled to use the property for a certain amount of time each year. Vacation ownership aims to provide a cost-effective way for people to enjoy high-quality vacation experiences annually, without the full burden of owning a vacation property outright.
Vacation Ownership Global Market Report 2023 provides data on the global vacation ownership market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vacation ownership market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
