Driving Vacation Market to Reach $513.3 Billion, Globally, by 2031 at 15.7% CAGR: Allied Market Research

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Jan 12, 2023, 07:58 ET

Rise in consumer disposable income, increase in preference for personalized travel packages, and rise in demand for unique holiday experience drive the growth of the global driving vacation market.

PORTLAND, Ore., Jan. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Driving Vacation Market by Tour Type (Customized Road Tour, Fixed Departure Tour), by Traveler type (Solo, Group, Others), by Mode of booking (Online travel agency, Direct travel agents): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global driving vacation industry generated $121.2 billion in 2021, and is anticipated to generate $513.3 billion by 2031, witnessing a CAGR of 15.7% from 2022 to 2031.

Prime determinants of growth

Rise in consumer disposable income, increase in preference for personalized travel packages, and rise in demand for unique holiday experience drive the growth of the global driving vacation market. However, surge in number of crime rates, such as kidnaping, pickpocket, robbery, terrorist attack, and others restrict the market growth. Moreover, growth of the tourism industry present new opportunities in the coming years.

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Covid-19 Scenario:

The outbreak of the Covid-19 pandemic had a negative impact on the global driving vacation market, owing to stringent travel restrictions during the lockdown.
However, the market has a huge scope to gather growth in the post-pandemic.

The customized road tour segment to maintain its leadership status throughout the forecast period

Based on tour type, the customized road tour segment held the highest market share in 2021, accounting for nearly three-fourths of the global driving vacation market, and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 15.7% from 2022 to 2031. Travelers are choosing unique and exotic vacation destinations to get away from their hectic daily schedules and gain valuable experiences. Private, quiet, serene, and exotic locations are important factors that people consider when deciding where to travel. People are more interested in learning about and understanding their local culture, so they actively seek out culturally and traditionally intriguing locations. As a result, the growth of the driving vacation market through the customized tour segment is favored.

The group segment to maintain its leadership status throughout the forecast period

Based on traveler type, the group segment held the highest market share in 2021, accounting for more than two-fifths of the global driving vacation market, and is estimated to maintain its leadership status throughout the forecast period. The segment includes friend circles, corporate groups, office colleagues, summer camps, school camps, and clubs. Participation in adventure activities has a significant impact on the personality of an individual and other leadership skills, which is one of the main reasons why group driving vacations are gaining popularity in corporations and schools. However, the solo segment is projected to manifest the highest CAGR of 15.9% from 2022 to 2031, due to benefits such as the ability of travelers to tailor their entire travel experience to their preferences. The inclusion of personalized and private vacations for solo travelers pave the way for growth of the solo travel segment.

The direct travel segment to maintain its lead position during the forecast period

Based on mode of booking, the direct travel segment accounted for the largest share in 2021, contributing to nearly two-thirds of the global driving vacation market, and is projected to maintain its lead position during the forecast period. Direct bookings are popular with last-minute passengers or in cases of emergency such as a delayed flight or train, severe weather, and so on. However, the online travel segment is expected to portray the largest CAGR of 16.1% from 2022 to 2031. An increase in the number of travelers over the last few decades has made traveling more complex than before. In such cases, travel agencies serve as helpful navigators. Furthermore, the online travel agency uses social media platforms to promote online booking offers. The various marketing strategies offered by online travel agencies, such as promo codes, gift cards, and loyalty programs, encourage travelers to book vehicles and accommodations through online sources.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global driving vacation market, and is likely to dominate the market during the forecast period, owing to a large consumer base and presence of a high number of companies offering driving vacation services. However, the LAMEA region is expected to witness the fastest CAGR of 16.5% from 2022 to 2031, owing to the growing affluent population and an increasing affinity of people towards travel and vacation in the region. Moreover, increase in social media exposure has further supplemented travelling from LAMEA.

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Leading Market Players: -

Alamo
Adventures overland,
TourRadar,
Expedia Group Inc.,
JTB AMERICAS, LTD,
SCOTT DUNN LTD,
SOTC travel,
THOMAS COOK INDIA LTD,
travelsphere,
wexas travel management,
Triumph expedition Pvt. Ltd,
Undiscovered mountains,
AMERICAN EXPRESS TRAVEL,
World travel Inc,
BUTTERFIELD & ROBINSON,
The hertz corporation,
travel leaders group,
PRICELINE (BOOKING HOLDINGS INC.),
Wild frontiers travel.com,
Audley Travel

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