Caravans Market size was valued at USD 50 Billion in 2023 and is likely to exceed USD 91 Billion by the end of 2036, expanding at over 8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of caravans is evaluated at USD 62 Billion.
The reason behind the growth is the latest government initiatives to increase the tourism sector globally. 2020 has expanded by 3% to 4%, according to the most recent International Tourism Organization Confidence Index, which indicates cautious optimism, whereas, 47% of participants think tourism will do better in 2019 and 43% think it will perform at the same level.
Growth Drivers
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8% |
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Base Year Market Size (2023) |
USD 50 Billion |
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Forecast Year Market Size (2036) |
USD 91 Billion |
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Regional Scope |
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Type (Conventional Caravans, Tent Trailers, Pop-Top, Camper Trailers, Fifth Wheelers)
Fifth wheelers segment is poised to capture over 40% caravans market share by 2036. The segment’s expansion will be propelled by the increasing use of fifth-wheeler recreational vehicles because they are easy to arrange for owners as they consist of auto-leveling and split-level planning which raise privacy. According to International Trade Association’s report with 374,246 units shipped, RV shipments increased by about 5% over the previous year.
Additionally, the fifth wheel connection is lightweight, which increases fuel economy. This is anticipated to drive increasing purchases of fifth-wheel couplings, along with the introduction of government regulations to limit vehicle emissions.
End-Use (B2B\Fleet Owner, B2C\Individual)
By 2036, B2B\Fleet owner segment is expected to hold more than 70% caravans market share. This segment will have significant growth due to the rising number of caravan rental services presented across the world. Different forms of accommodation, such as motorhomes, campervans, caravans, and trailers, are available to suit the needs and interests of different types of travelers.
The immense cost of recreational vehicles and caravans compels consumers to rent these caravans. For instance, Allstar Coaches LLC, a U.S.-based company recently launched its luxury caravans and offering them rental services.
Price (Standard, Luxury)
In caravans market, standard segment is predicted to account for around 75% revenue share by 2036 owing to the huge expansion of the tourism sector globally. Because of the expansion of the tourism sector, the sales of motorhomes, caravans, and campers will increase massively.
As per our survey, there is an anticipated 18% rise in tourist visits in 2024 compared to the previous year, 2023. About 1.55 billion foreign visitors are calculated a considerable increase over the previous year.
Our in-depth analysis of the global caravans market includes the following segments:
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Type |
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Price |
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End-Use |
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Application |
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Traveler |
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Caravan |
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Traveler’s Age Group |
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Fuel |
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North American Market Statistics
North America region in caravans market is projected to dominate over 40% revenue share by 2036. The region’s caravan sector is blooming since a large number of consumers are interested in owning a caravan for traveling. According to the International Trade Administration, more and more customers are growing old enough to wish to vacation and camp in recreational vehicles.
Although historically the largest group of buyers has been middle-class consumers between the ages of 55 and 64, customers between the ages of 35 and 54 now make up the majority of buyers. In the US, more than 9 million families own an RV.
The U.S. will account for a massive expansion of the caravans industry because of the country’s economic growth due to the increasing export of caravans. RV exports from the US reached USD 1.2 billion in 2020. Travel trailers and other towable RV types made up the majority of exports (74%). Trailers accounted for 26% of exports.
The industry for caravans has grown in Canada massively during the forecast period because of the rising import of caravans. Moreover, the International Trade Administration (ITA) anticipates more than 90% of American RV exports go to Canada these days.
APAC Market Analysis
Asia Pacific region in caravans market size is estimated to reach USD 23.50 Billion by 2036 because of the emerging markets of caravan in developing countries like China and Korea. Intending to expand exports to China, Korea, and Japan, ITA awarded RVIA a second consecutive three-year Market Development Cooperator Program (MDCP) contract in 2020. The market of recreational vehicles is expanding massively in this region.
The caravans market has expanded in China as a result of the country's government initiatives to boost travel and create laws specifically for RVs and campgrounds. Recent data from a Chinese travel website indicates that in the previous year, over 70% of reservations for picturesque locations came from surrounding areas, and over 80% of reservations for goods like hotels, tickets, and entertainment were made one to two days before the trip.
The Korean caravans development mainly lies in the several campsites that are currently in existence in Korea. In fact, due to the increasing number of campers who were drawn to outdoor activity during the COVID-19 epidemic, the total number of camping sites in South Korea reached a record high of around 3,600 in the third quarter of 2023.
The Japanese government’s rising investment in tourism will help in increasing the caravans sector in this country. Furthermore, the federal government provides the Japan National Tourism Organization with an operational expenditures subsidy of JPY 6.5 billion (USD 4 Million) to carry out initiatives, which includes encouraging tourism to Japan.
To appeal to tech-savvy consumers, major companies in the caravans market business are constantly upgrading caravans and motorhomes by adding cutting-edge technologies, energy-efficient features, and smart home automation. Some of the key players in the industry are:
Author Credits: Saima Khursheed
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