The global camping and caravanning market is expected to grow primarily due to the rapid advancements in technology for recreational vehicles. Age sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, May 3, 2023 /PRNewswire/ -- Global Camping and Caravanning Market Forecast Analysis:
As per the report published by Research Dive, the global camping and caravanning market is expected to register a revenue of $87,653.5 million by 2031 at a CAGR of 7.7% during the forecast period 2022-2031.
Segments of the Camping and Caravanning Market
The report has divided the camping and caravanning market into the following segments:
- Destination Type: state or national park campgrounds, privately owned campgrounds, public or privately owned land other than a campground, backcountry, national forest or wilderness areas, parking lots, and others
- Privately Owned Campgrounds - Most dominant in 2021
The favorable government policies in developed and emerging countries to increase tourism in remote areas are offering a major potential for privately held camping companies, which is expected to boost the growth of this sub-segment during the forecast period. - Type of Camper: car camping, RV camping, backpacking, and others
- RV Camping - Highest market share in 2021
Recreational vehicles are gaining traction due to their user-friendly features and the introduction of sophisticated technologies built into such vehicles. This is expected to augment the growth rate of this sub-segment in the 2022-2031 timeframe. - Consumer Orientation: adult male, adult female, and kids
- Adult Male - Most profitable in 2021
The growth of this sub-segment is mainly because adult males are more likely to travel to places that are adventurous and have wildlife. - Age: 6-12 yrs, 13-17 yrs, 18-24 yrs, 25-44 yrs, and 45 + yrs
- 18-24 yrs - Most lucrative in 2021
The growth of this sub-segment is mainly because 18-24-year-olds are more likely to camp and caravan in developed and developing remote regions. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America - Significant market share in 2021
The increasing acceptance of camping and caravanning technology in the RV camping segment, as well as enormous investments by tourism authorities in this region to boost the travel sector, are predicted to propel the market in the forecast period.
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Dynamics of the Global Camping and Caravanning Market
Rising disposable income and significant funding from tourism alliances to enhance the tourism sector are expected to make the camping and caravanning market a highly profitable one in the forecast period. Additionally, sales of recreational vehicles are rising globally, primarily due to the need for road trips as a method to avoid quarantine and offer a reliable and personalized mode of transportation, which is predicted to propel the market forward. However, the tourism authorities have implemented strict regulations and standards for sustainable and environmentally responsible camping activities, which might become a restraint in the growth of the market.
The introduction of extremely advanced technologies incorporated into leisure vehicles is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the introduction of advanced technology and energy efficiency, mostly geometric, in camping pods, sea lander caravans, two-story caravans, and other types are expected to propel the camping and caravanning market forward in the coming period.
COVID-19 Impact on the Global Camping and Caravanning Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe, and the subsequent lockdowns adversely impacted industrial processes across all sectors. The camping and caravanning market, too, was negatively impacted due to the pandemic. Manufacturing and supply of recreational vehicles were considerably hampered due to supply chain complexity, shortage in the availability of essential vehicle components and parts, currency volatility, and other concerns. In addition, the market's growth has been impeded by the postponement or cancellation of tourism construction projects as a result of stringent lockdowns and travel restrictions. These factors significantly hindered the market growth amidst the pandemic.
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Key Players of the Global Camping and Caravanning Market
The major players of the market include
- European Camping Group
- Discovery Parks Private Limited
- Parkdean Holidays Limited
- Kampgrounds of America Inc.
- Equity Lifestyle Properties
- Sun Communities
- The Camping and Caravanning Club
- Bourne Leisure
- Drayton Manor
- Altmark.de.
- La Bella Vista
These players are working on developing strategies such as product development, merger and acquisitions, partnerships, and collaborations to sustain the market growth.
For instance, in July 2022, outdoor product retailer, REI Co-op, in collaboration with Airstream, Inc., an American travel trailer manufacturer, announced the launch of its "Basecamp" brand of RVs and trailers, which have modern amenities and a streamlined look. This brand is being launched with an aim to curb carbon emissions and provide sustainable options to customers.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Camping and Caravanning Market:
- Why Camping and Caravanning are Becoming More Popular than Ever
- Rising Sales of Recreational Vehicles Expected to Bolster the Growth of the Global Camping and Caravanning Market by 2031
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