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Surge in Traveler Numbers To Drive the Driving Vacation Market Emerges as a Core Driver of the Driving Vacation Market in 2025
Driving Vacation
What Is the Expected CAGR for the Driving Vacation Market Through 2025?
The scale of the driving holiday market has seen rapid expansion in the past few years. This is set to continue, with expected growth from $159.93 billion in 2024 to $185.65 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.1%. This growth during the historical period can be credited to factors such as an uptick in car ownership, development of road infrastructure, increased disposable income, growing interest in leisure travel, heightened popularity of the road trip trend, and improving economic stability.
What's the Projected Size of the Global Driving Vacation Market by 2029?
The market size for driving vacations is forecasted to witness significant growth in the coming years, escalating to a value of $332.63 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 15.7%. This predicted growth during the forecast period is largely due to developments in electric vehicle technologies, enhanced autonomous driving features, increasing eco-awareness, the rise in remote working prospects, and a heightened emphasis on tailored travel experiences. Key emerging trends during the forecast period encompass a surge in sustainable travel, the use of road trip planning applications, increased fascination for exclusive and bespoke experiences, a desire for pliable and impromptu journey preparations, and a preference for wellness-oriented activities.
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Top Growth Drivers in the Driving Vacation Industry: What's Accelerating the Market?
The driving vacation market is anticipated to expand due to the surge in travelers. This category includes those who commute from one place to another, primarily for leisure, work or other purposes. Better accessibility to travel services, a growing middle class having more disposable income, and the option of making travel plans and bookings online are some of the reasons for this increase in travelers. Driving vacations offer travelers the freedom to explore various destinations, appreciate picturesque landscapes, and intensely experience local cultures, generally at a lower cost compared to other modes of travel. For instance, the International Trade Administration, a governmental resource based in the US, projected in February 2024 that there would be a rise in foreign visitors to the United States, reaching 77.7 million in 2024. This is an increase of 10.4 million or 15.4%, up from the 67.3 million visitors reported in 2023. Consequently, the escalated number of travelers is set to boost the driving vacation market.
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What Trends Will Shape the Driving Vacation Market Through 2029 and Beyond?
Key players in the driving vacation market are introducing group journey vehicle rental offerings to increase travel ease for users. Travelers in large groups can enjoy spacious and comfy transportation options like minibusses and tempo travelers, custom-made for numerous events and excursions, thanks to these services. An example is the launch of Tempo Traveler and Minibus Rental Services in June 2024 by Savaari Car Rentals, a car rental company located in India. Perfect for group travel comprising more than eight individuals, these vehicles boast spacious seating, ample leg stretching room, sufficient aisle area, and a large capacity for luggage, significantly improving the journey. Options available include a 12-seat or 16-seat vehicle, complete with plush features. These services are suitable for a variety of travel necessities, including family vacations, road expeditions, leisurely picnics, religious pilgrimages, and business functions.
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 Top Companies are Driving Growth in the 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
Which Regions Will Dominate the Driving Vacation Market Through 2029?
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.
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