The driving vacation market size has grown significantly in recent years, with expectations to expand from $138.26 billion in 2023 to $159.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The historical growth is attributed to increased car ownership, expanded road networks, rising disposable incomes, the growth of leisure travel, the popularity of road trip culture, and improved economic stability. The market for driving vacations is forecasted to see substantial growth, anticipated to reach $287.78 billion in 2028 at a CAGR of 15.8%. This projected growth is driven by advances in electric vehicle technology, the expansion of autonomous driving capabilities, heightened environmental consciousness, increased remote work opportunities, and a growing focus on personalized travel experiences. Key trends during the forecast period include a rising interest in sustainable travel, the adoption of road trip applications, growing enthusiasm for unique and personalized experiences, demand for flexible trip planning, and an increase in wellness activities.
Major Driver In The Driving Vacation Market
The driving vacation market is anticipated to grow due to the increasing number of travelers. Enhanced access to travel services, rising disposable incomes, and the convenience of online booking make driving vacations an attractive option. These vacations offer flexibility, the chance for scenic exploration, and immersion in local cultures, often at a lower cost compared to other travel alternatives. The International Trade Administration forecasts that international visitors to the United States will increase to 77.7 million in 2024, marking a 15.4% rise from 67.3 million in 2023, further stimulating the driving vacation market, which is expected to reach $19.5 billion in 2023, $21.7 billion in 2024, and $27.4 billion by 2028.
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Driving Vacation Market Competitive Landscape
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
Key Driving Vacation Market Trend
Major companies in the driving vacation market are enhancing user travel convenience by offering group trip vehicle rental services. These services provide spacious and comfortable transportation options, such as minibusses and tempo travelers, specifically designed to accommodate large groups for various events and outings. For example, in June 2024, Savaari Car Rentals, an India-based car rental company, launched its Tempo Traveller and Minibus Rental Services, ideal for groups larger than eight people. These vehicles feature spacious seating, ample legroom, sufficient aisle space, and generous boot capacity to enhance the travel experience. Options include a 12-seater or 16-seater, both equipped with luxurious amenities, catering to diverse travel needs like family trips, road trips, picnics, spiritual pilgrimages, and corporate events.
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Global Driving Vacation Market Segmentation
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
By Geography:The regions covered in the driving vacation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the driving vacation market in 2023.
The Driving Vacation Global Market Report 2024 furnishes information about the global driving vacation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
