According to a new report published by Allied Market Research, titled, “Driving Vacation Market,” The driving vacation market size was valued at $121.2 billion in 2021, and is estimated to reach $513.3 billion by 2031, growing at a CAGR of 15.7% from 2022 to 2031.
Driving vacation is known as a road trip in which traveler visit different location for pleasure and explore new destinations. Growth in support from governments for infrastructural development in travel and tourism destinations and government policies and incentives for encouraging state tourism are expected to drive growth of the driving vacation market.
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For instance, various domestic events were organized for the publicity and promotion by the ministry of tourism. U.S. using current stakeholder systems and procedures to improve biometric entrance or departure systems and facilitate data exchange while employing existing airport and airline infrastructure. It makes advantage of the current IT infrastructure and passenger data. Thus, technological advancement and its application in tour and tourism is likely to support for the growth of the product market during forecast period.
In addition, knowledge of people about various trends impacting the travel industry has increased as a result of an increase in their exposure to various social media platforms. Customers are increasingly choosing travel-related services and goods based on recommendations from those who have visited or stayed there before. They also refer to evaluations and analysis provided on different social networking websites. The growth of the online travel business, which in turn supports the growth of driving vacations, is further fueled by quick and efficient flight and hotel bookings, activity bookings, an increase in customer trust in online payment, and the opportunity to compare numerous accessible adventure travel options.
According to driving vacation market analysis, on the basis of traveler type, the group segment was valued at $50,450.2 million in 2021, and is expected to grow to $2,07,780.5 million by 2031 at a compound annual growth rate of 15.38%. Participation in adventure activities has a significant impact on the personality of an individual, which is one of the main reasons why group driving vacations are gaining popularity in friends and individuals.
On the basis of mode of bookings, the direct travel agency segment was the highest contributor to the market with $76,460.9 million by 2031, at a CAGR of 15.49% during the forecast period.
According to driving vacation market opportunities, region-wise, Asia-Pacific has been gaining a significant share in global driving vacation market and is expected to increase its share throughout the driving vacation market forecast period. Asia-Pacific is one of the fastest growing regions in the driving vacation market. The presence of a sizable millennial population, along with rising disposable income and improving infrastructure related to travel and tourism, has led to significant growth in the market share of driving vacations from the Asia-Pacific region.
The major players in the driving vacation industry that have been analyzed in this report include Alamo, Adventures overland, American Express Travel, Expedia group Inc., The hertz corporation, JTB Americas ltd., Priceline (booking holding Inc., Scott Dunn ltd., SOTC travel, Thomas Cook India Pvt. Ltd, Tourradar, Travel leader group, Travelsphere, Triumph Expedition Pvt. Ltd., Undiscovered mountains, Wexas Travel Management, World travel Inc., Butterfield & Robinson, Wild frontiers travel and Audley travel.
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Key Benefits For Stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the driving vacation market analysis from 2021 to 2031 to identify the prevailing driving vacation market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the driving vacation market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global driving vacation market trends, key players, market segments, application areas, and market growth strategies.
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