PUBLISHER: Grand View Research | PRODUCT CODE: 1588692
PUBLISHER: Grand View Research | PRODUCT CODE: 1588692
The global caravanning market size is anticipated to reach USD 56.09 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.6% from 2025 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.