Caravanning Market Growth & Trends
The global caravanning market size is anticipated to reach USD 66.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.6% from 2022 to 2030. The growing interest of younger generation towards caravanning is a prominent factor fueling the market growth. Apart from renting caravans, there are a large number of young people purchasing caravans.
Demand for caravanning is on the rise as more and more travelers look for freedom and convenience during their trip. Also, the cost-effective nature of caravanning as compared to the traditional vacationing is further contributing to its increased popularity. Recreational Vehicle Industry Association (RVIA) stated in their article dated 2018 that caravanning can save up to 64% costs for a four-person travel party, while it can save up to 53% for a two-person travel party.
The COVID-19 has negatively impacted the market. As lockdowns and strict travel restrictions were implemented by governments across the world amid the pandemic, the tourism industry came to a halt. The same was reflected upon the demand for caravanning which slumped amid the outbreak. The suspension of international flights halted the entry of international tourists and the caravanning demand from international travelers doomed.
However, as the stringent lockdowns have been removed, the demand for caravanning has again picked up pace. The phase after the pandemic is witnessing an increased influx of millennials and Gen Zers towards caravanning. Apart from the increased demand in the domestic caravan market after normalcy, the number of international tourists have been resurging again, with the number of total international tourists increasing by nearly three times in the first quarter of 2022, compared to Q1 2021. This has elevated the demand for caravanning greatly from the international tourists.
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Caravanning Market Report
Caravanning Market Report Highlights
- The domestic segment is expected to register the fastest of CAGR of 14.1% over the forecast period of 2022 to 2030
- Towable caravan type is expected to contribute a majority of the share to become the largest division in the global revenue in 2021. Towable segment is the fastest growing segment for caravan type. The segment is growing steadily owing to the towable caravans being more convenient, as they can be unhitched after the traveler has reached its location
- The 55 and above age group segment accounted for the largest revenue share of 45.9% in 2021. A large number of retired people, especially in the developed regions like North America and Europe, go for vacations in caravans. The growing number of retirees is contributing to the growth of this segment
- European region had the largest market share of 49.2% in 2021. The large market share of the region is attributed to its high disposable income and the huge popularity of tourism. Consumers in Europe spend high on vacationing which translated to higher spending on caravanning as well, as caravanning is widely popular in the region
