Press release
Driving Vacation Market 2024: Global Trends, Key Segments, and Industry Growth
Driving Vacation Market Trends
The new report published by The Business Research Company, titled Driving Vacation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the driving vacation market size has grown rapidly in recent years. It will grow from $138.26 billion in 2023 to $159.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The driving vacation market size is expected to see rapid growth in the next few years. It will grow to $287.78 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%.
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What Is Driving The Growth Of The Global Driving Vacation Market?
Surge in Traveler Numbers To Drive the Driving Vacation Market
The increase in the number of travelers is expected to propel the growth of the driving vacation market going forward. Travelers are people who move from one location to another, usually for leisure, work, or other reasons. The rise in travelers is due to better access to travel services, an expanding middle class with more disposable income, and an option of online travel planning and booking convenience. Driving vacations allow travelers to explore destinations freely, enjoy beautiful scenery, and immerse themselves in local cultures, often cheaper than other travel options. For instance, in February 2024, according to the International Trade Administration, a US-based government resource, the overall number of international visitors to the United States is expected to rise to 77.7 million in 2024, an increase of 10.4 million, or 15.4%, from the 67.3 million visitors recorded in 2023. Therefore, the increased number of travelers will drive the driving vacation market.
What Is The Key Trend In The Global Driving Vacation Market?
Group Trip Vehicle Rental Services Enhance Travel Convenience
Major companies operating in the driving vacation market are offering group trip vehicle rental services to enhance user travel convenience. Group trip vehicle rental services provide spacious and comfortable transport options, such as minibusses and tempo travelers, tailored to accommodate large groups for various events and outings. For instance, in June 2024, Savaari Car Rentals, an India-based car rental company, launched Tempo Traveller and Minibus Rental Services. It is ideal for group travel with more than eight people. These vehicles offer spacious seating, ample legroom, sufficient aisle space, and generous boot capacity, enhancing the travel experience. It includes options such as a 12-seater or 16-seater equipped with luxurious amenities. These services cater to various travel needs, such as family trips, road trips, picnics, spiritual pilgrimages, and corporate events.
How Is The Global Driving Vacation Market Segmented?
The driving vacation market covered in this report is segmented -
1) By Tour Type: Customized Road Tour, Fixed Departure Tour
2) By Traveler Type: Solo, Group, Other Traveler Types
3) By Mode Of Booking: Online Travel Agency, Direct Travel Agents
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How Is The Competitive Landscape Of The Global Driving Vacation Market?
Major companies operating in the driving vacation market are American Express, Enterprise Holdings Inc., Avis Rent A Car System LLC, Hertz Global Holdings Inc., Sixt SE, Alamo Group, Tripadvisor LLC, Audley Travel, Kayak Inc., Road Bear RV, SOTC Travel Limited, TourRadar, Roadtrippers LLC, WEXAS TRAVEL, Jucy Group Ltd, Scott Dunn Ltd., Adventures Overland, Auto Europe, Travelscape LLC, Wild Frontiers Adventure Travel, Triumph Expeditions Pvt Limited
Contents Of The Global Driving Vacation Market
1. Executive Summary
2. Driving Vacation Market Report Structure
3. Driving Vacation Market Trends And Strategies
4. Driving Vacation Market - Macro Economic Scenario
5. Driving Vacation Market Size And Growth
…..
27. Driving Vacation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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