Top Emerging Trends Of Caravanning Market Progress Forecast 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on August 21st, 2023

San Francisco, 21 August 2023: The ReportCaravanning MarketSize, Share & Trends Analysis Report By Traveler Type (Domestic, International), By Caravan Type (Towable, Motorized), By Travelers’ Age Group (Below, 30 - 54, 55 & Above), By Region, And Segment Forecasts, 2022 – 2030

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.

The cost-effectiveness and convenience of caravanning over the traditional way of vacationing is one of the prominent factors why travelers are increasingly preferring caravanning. The COVID-19 pandemic led to huge economic loss to the tourism industry and its impact on the market was no different. Lockdowns limited people inside their homes and travel was restricted amid the strict COVID-19 restrictions. As the flights were halted, the number of international tourists slumped sharply and hence the demand for caravanning declined.

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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

After a major setback in the year 2020, the demand for caravanning has been slowly rising up again, and is expected to surpass its pre-pandemic market value in 2023. As majority of people around the world have been vaccinated, and travel restrictions have been eased, people are now less hesitant to travel and are undertaking large number of trips globally. According to UN World Tourism Organization, the number of international arrivals worldwide nearly tripled in the first quarter of 2022 (Q1 2022) as compared to Q1 2021. As per the data, there were around 41 million international arrivals in Q1 2021 which rose to 117 million in Q2 2022.

Caravanning Market Report Scope

List of Key Players of Caravanning Market

• Bourne Leisure Holdings Limited
• Internacional Palamos
• Kampgrounds Of America, Inc.
• Selectcamp
• Parkdean Resorts
• Vacansoliel
• Pierre & Vacances
• HIPcamp