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Surge in Traveler Numbers To Drive the Driving Vacation Market: Powering Innovation and Expansion in the Driving Vacation Market by 2025
Driving Vacation
What Is the Expected CAGR for the Driving Vacation Market Through 2025?
The market size for driving vacations has seen a swift expansion in the past few years. The projection for growth is from $159.93 billion in 2024 up to $184.84 billion in 2025, which means a compound annual growth rate (CAGR) of 15.6%. The surge during the historic period is tied to factors such as the increase in car possession, expansion of road systems, disposable income rise, leisure travel growth, the appeal of road trip lifestyle, and the enhancement of economic stability.
What's the Projected Size of the Global Driving Vacation Market by 2029?
The market size for driving vacations is projected to experience swift expansion in the forthcoming years. The sector is forecasted to reach $330.42 billion by 2029, boasting a compound annual growth rate (CAGR) of 15.6%. Factors contributing to this projected uptick include the evolution of electric vehicle technologies, the enlargement of self-driving facilities, growing ecological consciousness, expansion of remote job availability, and an enhanced focus on customized travel experiences. Noteworthy up-and-coming trends comprise the growing inclination towards sustainable travel, usage of road trip applications, increased demand for unique and personally tailored experiences, a preference for adaptable and impromptu travel planning, and a rising interest in adopting wellness activities.
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Top Growth Drivers in the Driving Vacation Industry: What's Accelerating the Market?
The driving vacation market is projected to expand due to an expected surge in the number of travelers. These individuals typically travel for leisure, work, or various other reasons, and their growing number is a result of easier access to travel services, a growing middle class with increased disposable income, and the convenience of online travel planning and booking. Driving vacations offer travelers the freedom to explore destinations at their own pace, experience stunning landscapes, and absorb different cultures, usually at a lower cost compared to other traveling methods. For example, the International Trade Administration, a US-based government body, projected in February 2024 that the total number of international visitors to the US is likely to climb to 77.7 million in 2024, a growth of 10.4 million, or 15.4%, from the 67.3 million visitors in 2023. Hence, the augmentation in the number of travelers is anticipated to propel the driving vacation market.
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What Are the Key Trends Driving Driving Vacation Market Growth?
Leading firms in the driving holiday sector are introducing group journey vehicle lease services, heightening the convenience of travelers. These services offer roomy and comfortable means of transport like minibusses and tempo travelers, personalized to suit large groups attending different events or trips. For example, in June 2024, Savaari Car Rentals, a company based in India, rolled out Tempo Traveler and Minibus Rental Services. These are perfect for groups of more than eight individuals, providing plenty of seating space, generous legroom, adequate aisle room, and substantial luggage capacity, thus elevating the travel experience. The vehicles come with 12 or 16 seats and luxurious amenities. They serve a range of travel needs, from family vacations, road trips, outdoor parties, religious journeys to corporate 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 2024. 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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