Press release
Comprehensive Driving Vacation Market share Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Driving Vacation Market share
The market size of driving vacations has been expanding at a swift pace over recent years. We anticipate it will surge from $159.93 billion in 2024 to $185.65 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.1%. Factors such as the growth in car ownership, the development of road infrastructure, the increase in disposable income, the expansion of leisure travel, the acceptance of road-trip culture, and improved economic stability have contributed to this historical period's growth.
Anticipated to witness a swift expansion in the upcoming years, the market size for driving vacations is projected to surge to $332.63 billion by 2029, with a compound annual growth rate (CAGR) of 15.7%. The projected growth during the forecast period is linked with the advancements in electric vehicle technology, the development of autonomous driving, increased environmental awareness, remote work opportunities, and a shift in focus towards personalized travel experiences. Emergent trends during the forecast period include a growing fondness for sustainable travel, the use of road trip apps, burgeoning interest in unique and personalized experiences, the rising inclination for flexible and spontaneous trip planning, along with the adoption of wellness activities.
What Are the Key Drivers Behind the Growth of the Driving Vacation Market?
The uptick in the quantity of travelers is touted to boost the expansion of the driving vacation market in the future. Individuals that transition from one place to another, usually for leisure activities, work, or differing motives, are identified as travelers. This surge in traveler count can be attributed to enhanced reach to travel amenities, a widening middle class population having augmented disposable income and the availability of online travel organization and booking services. Driving vacations enable travelers to freely discover locations, relish the captivating scenery, and delve into local traditions, usually proving less costly than alternative travel modes. For example, in February 2024, as per the data by the International Trade Administration, a resource of the U.S. government, the total number of international tourists visiting the United States is anticipated to escalate to 77.7 million in 2024, a growth of 10.4 million, or 15.4%, in comparison to the 67.3 million visitors logged in 2023. Thus, the amplified number of travelers is set to fuel the growth of the driving vacation market.
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Which Key Market Leaders Are Driving Driving Vacation Industry Growth?
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
What Are the Emerging Trends in the Driving Vacation Industry?
Leading businesses in the driving vacation market are introducing group trip vehicle rental services to improve the ease of travel for their users. These services offer roomy and cozy transport options, such as minibusses and pace travelers, customized to house large parties for several events and excursions. For example, Savaari Car Rentals, a car rental company based in India, unveiled its Tempo Traveler and Minibus Rental Services in June 2024. These services are perfect for group travel consisting of more than eight individuals. The vehicles deliver roomy seating, plenty of legroom, suitable aisle space, and liberal boot capacity, hence enhancing the traveling experience. These services provide options like a 12-seater or 16-seater outfitted with lavish facilities. They meet a wide range of travel requirements, including family trips, road trips, picnics, spiritual journeys, and corporate events.
What Are the Main Segments in the Driving Vacation Market?
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
Subsegments:
1) By Customized Road Tour: Self-Drive Customized Tours, Guided Customized Road Trips, Luxury Road Trips, Themed Road Trips, Family Road Trips
2) By Fixed Departure Tour: Group Road Trips, Scheduled Road Tours, Pre-planned Itinerary Tours, Luxury Fixed Departure Tours, Adventure Fixed Departure Tours
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Which Geographic Area Leads the Driving Vacation Market?
North America was the largest region in the driving vacation market in 2023. The regions covered in the driving vacation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Driving Vacation Global Market Report?
- Market Size Analysis: Analyze the Driving Vacation Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Driving Vacation Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Driving Vacation Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Driving Vacation Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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