New York, USA, April 17, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global camping and caravanning market is projected to generate a revenue of $87,653.5 million, growing at a CAGR of 7.7% during the estimated timeframe from 2022-2031.
As per our analysts, the increasing sales of recreational vehicles, owing to the increasing sales of recreational vehicles due to rising demand for road trips as a personal and reliable way of travel, is expected to augment the growth of the camping and caravanning market over the analysis period. Moreover, the rising introduction of advanced technologies embedded in leisure vehicles is expected to create massive growth opportunities for the market during the estimated timeframe. However, the stringent tourism guidelines may impede the growth of the market over the forecast period.
Segments of the Camping and Caravanning Market
The report has divided the market into segments based on destination type, type of camper, consumer orientation, age, and region.
Destination Type: Privately Owned Campgrounds Sub-Segment to be Most Profitable
The privately owned campgrounds sub-segment registered the highest share of the market in 2021 and is expected to rise at a significant growth during the analysis timeframe. This is mainly due to the increasing focus of private travel companies on expanding their destinations’ reach and exploring new wildlife and advantageous sites. In addition, the growing supportive government policies to boost the tourism industry in developed and developing nations are expected to foster the growth of the camping and caravanning market’s sub-segment over the forecast period.
Type of Camper: RV Camping Sub-Segment to be Most Productive
The RV camping sub-segment accounted for the biggest revenue in 2021. This is mainly because of the user-friendly functionalities of recreational vehicles. Moreover, the increasing focus on smoothening the supply chain of recreational vehicles by automobile manufacturers to boost their sales is expected to propel the growth of the market sub-segment during the analysis timeframe.
Consumer Orientation: Adult Male Sub-Segment to be Most Beneficial
The adult male sub-segment generated the largest share of the market in 2021 and is expected to grow at the highest CAGR during the forecast period. The increasing interest of adult males in outdoor recreational activities is predicted to bolster the growth of the camping and caravanning market sub-segment over the estimated period.
Age: 18-24 Sub-Segment to be Most Lucrative
The 18-24 sub-segment held the maximum share of the market in 2021 and is expected to grow at a greater rate during the forecast timeframe. This is mainly due to the increasing interest of this age group in purchasing RV vehicles and exploring new destinations. Furthermore, the increasing inclination of this age group toward camping and caravanning across developed and developing remote regions is predicted to fuel the growth of the market sub-segment during the analysis period.
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Region: North America to Hold the Largest Share of the Market
The North America region of the camping and caravanning market is expected to hold the highest share of the market during the forecast period. This is mainly due to the increasing demand for camping and caravanning in this region due to the rising focus on achieving low-carbon mobility. Moreover, the increasing investments made by tourism authorities to enhance the travel sector and the growing disposable income of consumers in this region are expected to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Camping and Caravanning Market
The outbreak of the Covid-19 pandemic has caused several uncertainties across various businesses. It has also negatively impacted the camping and caravanning market. The outbreak of the Covid-19 pandemic has lowered the demand for camping and caravanning owing to the lack of investment made by major market players in exploring new camping destinations. Moreover, the nationwide lockdown, unavailability of sufficient accommodation and services, and complexities in the supply chain have further declined the growth of the market throughout the crisis.
Key Players of the Camping and Caravanning Market
The major players of the market include
- Sun Communities
- Equity Lifestyle Properties
- Bourne Leisure
- Parkdean Holidays Limited
- The Camping and Caravanning Club
- Parkdean Holidays Limited
- Drayton Manor
- Kampgrounds Of America Inc.
- La Bella Vista
- European Camping Group
- Altmark.de.
- Discovery Parks Private Limited
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in November 2022, The Camping and Caravanning Club, a United Kingdom not-for-profit organization, announced its partnership with Allcamps and Eurocamp, a leading British holiday company. With this partnership, the companies aimed to bring new horizons for their customers by providing attractive discounts for traveling star campsites across nine countries.
Further, the report also presents other important aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
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
