NEW YORK—According to an Azoth Analytics’ research report, the global vacation ownership (timeshare) market is projected to display a robust growth represented by a CAGR of 7.05% during 2018-2023.
The report, “Global Vacation Ownership (Timeshare) Market: Analysis By Type (Travel Clubs, Fractional), By End Users (Private, Group), By Region, By Country (2019 Edition): Opportunities and Forecast (2013-2023) – By Region (North America, Central & South America, Caribbean, EMEA, Asia-Pacific), By Country (U.S., Canada, Mexico, Aruba, Jamaica, United Kingdom, Germany, Dubai, China, India, Australia),” finds that the point-based vacation ownership market segment is expected to witness growth at a noteworthy rate in the forecast period on account of increasing adoption of vacation ownership due to the rising traction among the millennial population; flexibility in decision-making; and availability of enhanced benefits, such as access to VIP weekends, selection of club locations, luxury accommodations, etc. The demand of shared vacation ownership among private users is anticipated to witness propelling growth in the forecast period due to a gamut of factors, such as increasing importance placed on family togetherness coupled with rising family tourism.
During 2018-2023, the market is anticipated to grow at an increased rate due to the evolving consumer vacation preferences, upsurge in international tourism arrivals, growing high-net-worth population and increasing consolidation of market players across the globe.
Among the regions, North America accounts for the largest regional share in the global market in 2018. Key factors driving the robust growth rate of the region include the increasing trend of social sharing; the escalation of leisure travel by consumers in recent years; and the rise in health and wellness travel across the region.