Vacation Ownership Market by Type
Technological advancements and industry innovations are driving changes in the market dynamics.
PORTLAND, OR, UNITED STATES, September 5, 2024 /
EINPresswire.com/ -- Allied Market Research published a new report, titled, "The
Vacation Ownership Market by Type Reach USD 25.1 Billion by 2032 Globally." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global vacation ownership market was valued at $12.2 billion in 2023, and is projected to reach $25.1 billion by 2032, growing at a CAGR of 7.9% from 2024 to 2032.
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The global vacation ownership (timeshare) market is experiencing growth due to several factors such as increase in disposable income to afford luxury vacations, rise in demand for flexible vacation options, and modern consumers increasingly prioritizing experiences over possessions. However, rise in regulatory complexities and compliance with consumer protection hinders the market growth.
The vacation ownership market is segmented into type, tour type, tourist type, and region. On the basis of type, the market is divided into fixed week, floating week, and point-based week. On the basis of tour type, the market is divided into domestic and international. On the basis of tourist type, the market is divided into independent travelers and tour groups. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By type, the fixed week segment held the highest market share in 2023, accounting for more than half of the global vacation ownership (timeshare) market revenue and is likely to retain its dominance during the forecast period, owing to the growing demand for premium and high-demand weeks, such as holidays or peak seasons, which offer owners greater flexibility and value in their vacation ownership. In addition, there is a trend towards greater customization and exchange options within fixed-week timeshare programs, allowing owners to swap their designated weeks for alternative dates or locations within the same resort or through exchange networks.
By tour type, the domestic segment held the highest market share in 2023, accounting for more than half of the global vacation ownership (timeshare) market revenue and is likely to retain its dominance during the forecast period, owing to the growing demand for domestic destinations among timeshare owners. This trend reflects a shift towards prioritizing convenience, accessibility, and familiarity in vacation planning, particularly in the wake of global events such as the COVID-19 pandemic, which have highlighted the importance of domestic travel and local exploration.
By tourist type, the tour group segment held the highest market share in 2023, accounting for nearly one-third of the global vacation ownership (timeshare) market revenue and is likely to retain its dominance during the forecast period, owing to the growing popularity of tour group packages offered by timeshare developers and resort operators. These packages often include guided tours, excursions, and cultural experiences tailored to the interests of timeshare owners, providing a convenient and immersive way to explore new destinations and make the most of their vacation ownership.
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Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global vacation ownership (timeshare) market revenue and is expected to retain its dominance in terms of revenue during the forecast period, owing to rise in interest and adoption of timeshare ownership among consumers in Asia-Pacific countries. As disposable incomes rise and travel becomes more accessible to a growing middle class, there is a growing appetite for vacation ownership as a way to secure future holidays and access premium accommodations in desirable destinations.
The major players operating in the vacation ownership market include Bluegreen Vacations Unlimited, Inc., The Walt Disney Company, Hilton Grand Vacations Inc., InterContinental Hotels Group, Hyatt Corporation, Marriott International, Inc., Vidanta, Westgate Resorts, Inc., Wyndham Destinations, and The Boca Raton
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Recent Key Strategies and Developments
● In January 2024, Hilton Grand Vacations Inc. officially completed its acquisition of Bluegreen Vacations. The all-cash transaction, which is valued at approximately $1.5 billion, expands HGV's offerings, consumer and retail mining to position HGV as the leading provider in the vacation ownership experience industry.
● In April 2024, Global holiday vacation ownership company, Holiday Inn Club Vacations Incorporated, unveiled its achievement of 12 American Resort Development Association (ARDA) awards. These accolades included the prestigious ARDA Circle of Excellence (ACE) award, which marked the highest levels of professional excellence.
● In January 2024, Travel + Leisure Company, a leading membership and leisure travel organization, revealed an agreement to buy the vacation ownership division of global hospitality leader Accor in exchange for a U.S. deal of $48.4 million.
● In May 2024, ARDA’s announced its monthly AIF Leisure Ownership Sentiment Index, reflecting the ongoing optimism among timeshare owners in the first quarter of 2024 for travel. The index provides a monthly overview of timeshare owners’ sentiment and expected future actions.
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