A vacancy is generated in the valence band when electrons travel from the conduction band (the outer shell from which electrons most readily escape from or are received by the atom) to the valence band (the shell outside of the closed shells that are partially or totally filled with electrons). A hole is what is left behind. It is a transporter of positive charge.
The polarity of the hole is the exact opposite of the electron's, yet their magnitudes are equal.
In other words, a hole is an area in an atom where there isn't an electron. In the same way that an electron is a physical particle, a hole is not, but it can move from atom to atom in a semiconductor material.
In semiconductor materials, holes and electrons are the two different forms of charge carriers that drive current.
In contrast to electron charge carriers, holes move from positive to negative in the direction of flow.
In N-type semiconductors, electrons make up the bulk of the charge carriers, whereas holes dominate in P-type semiconductors.