Vacation Rentals - Africa | Statista Market Forecast

The projected revenue for the Vacation Rentals market in Africa is expected to reach US$4.67bn by 2024.
The market is anticipated to grow at a CAGR of 8.83% between 2024 and 2029, resulting in a projected market volume of US$7.14bn by 2029.
The number of users is expected to increase to 160.00m users in the same year.
Currently, the user penetration rate is at 8.3% in 2024, and it is expected to reach 11.0% by 2029.
The average revenue per user (ARPU) is expected to remain stable at US$43.12.
By 2029, 73% of the total revenue in the Vacation Rentals market is expected to come from online sales.
In the global market comparison, United States is projected to generate the highest revenue in the Vacation Rentals market, with a projected revenue of US$20bn in 2024.
Growing interest in eco-tourism and cultural experiences has led to an increase in demand for vacation rentals in countries like Tanzania and Morocco.

Definition:

The Vacation Rentals market comprises of private accommodation bookings. This includes private holiday homes and houses, e.g., HomeAway, as well as short-term rental of private rooms or flats via portals such as Airbnb, in travel agencies or by telephone.

Additional Information:

The main performance indicators of the Vacation Rentals market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues. Users represent the aggregated number of guests. Each user is only counted once per year.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

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Short-term rental of private rooms or flats via portals such as Airbnb or telephone

Hotels and professionally-run accommodation such as guest houses

The Vacation Rentals market in Africa is experiencing a surge in popularity, driven by a growing interest in unique travel experiences and a desire for more authentic stays.

Customer preferences: Travelers in Africa are increasingly seeking personalized and immersive experiences, opting for vacation rentals that offer a home-like environment and a chance to connect with local culture. This shift in preferences is fueled by the desire to explore off-the-beaten-path destinations and engage with the local community.

Trends in the market: In countries like South Africa and Kenya, there is a noticeable trend towards eco-friendly and sustainable vacation rentals, reflecting a global movement towards responsible tourism. These properties often emphasize environmental conservation and offer guests the opportunity to participate in eco-friendly practices during their stay.

Local special circumstances: Countries like Morocco and Egypt are witnessing a rise in demand for vacation rentals that showcase traditional architecture and design elements. Travelers are drawn to properties that offer a glimpse into the rich cultural heritage of these regions, providing a unique and memorable accommodation experience.

Underlying macroeconomic factors: The growth of the Vacation Rentals market in Africa is also influenced by the increasing availability of online booking platforms and the rise of digital payment solutions. This has made it easier for property owners to list their rentals and for travelers to discover and book accommodations, driving overall market expansion.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of vacation rentals.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

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