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Caravans Market size to cross $30 Bn by 2032
- Published Date: February 6, 2023
Caravans Market size is expected to exceed USD 30 billion by 2032, according to the recent research report by Global Market Insights Inc.
Diverse investments by the public and private sectors in highway infrastructure would favor the caravan industry growth across North America. The increasing number of camping sites and a robust trend of caravanning among a large portion of the population has accelerated vehicle sales in the region. For instance, in June 2022, Cortes Campers, a U.S.-based maker of small caravan trailers, received orders worth $385,000 from a dealer in Michigan. The order will increase demand for first-time caravan purchasers looking to purchase a molded fiberglass caravan in the state of Michigan.
Easy handling and mobility feature of tent trailers
The caravans market share from the tent trailer segment is expected to record 8% CAGR from 2023 to 2032. Tent trailers are steadily gaining popularity as they can be used on many campsites where caravans are not permitted. Due to their compact size and lighter weight, tent trailers make for very easy handling on the road. They can usually be towed by small cars and mid-sized passenger vehicles and offer high fuel efficiency to the vehicle compared to other trailer options.
Rising disposable income to drive sales of luxury caravan
The industry from the luxury price segment recorded over 150 thousand shipment units in 2022. The sales of luxurious caravans are likely to bolster due to the rising purchase of high-end goods in European countries. Most of the regional consumers prefer comfortable & luxurious lifestyles and look for caravans that meet these requirements. High per capita disposable incomes and the availability of simple financing options should favor the purchase of luxury caravans.
Growing tourism sector to fuel the demand for B2C caravan hiring services
Caravans market from the B2C sector valued at USD 20 billion in 2022. The demand for caravans is driven by the shift in customer preferences from traditional vacation packages to road trips. It is anticipated that the adoption of caravans and motorhomes would rise due to the growing tourism sector and the gripping trend of traveling during vacations with families. According to a report by Skift, a leading travel company, in 2022, city vacations across America increased to 65% compared to 34% in 2021. International family vacation rates have also increased from 19% in 2021 to nearly 38% in 2022.
Browse key industry insights spread across 320 pages with 403 market data tables and 26 figures & charts from the report, “Caravans Market Size By Type (Conventional Caravans, Tent Trailer, Pop-Top, Pop-Out, Camper Trailer, Fifth Wheeler), By Price (Standard, Luxury), By End-use (B2B/Fleet Owner, B2C/Individual), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Rental caravan services gaining grip in Europe
The European industry is poised to witness 4% growth between 2023 and 2032. The trend of renting a caravan is gaining popularity in the region as it is a much more affordable and convenient option over staying in motels and offers many different convenient features. Huge investment in the development of caravan parks will support vehicle demand. Integration of digitized and advanced automotive technologies into caravans will further fuel the regional caravans market growth.
Partnerships and mergers among caravan manufacturers
Some major companies competing in the global caravans market scenario are Thor Industries, Winnebago Industries, Forest River Inc., and REV Recreation Group . Majority of these companies operate in North America due to the presence of a sizable consumer base. These companies are taking part in R&D activities and business alliance to create lightweight raw materials to reduce the overall weight and improve fuel-efficiency of caravans.
For example, in June 2022, Blue Ox, a Nebraska-based company that is renowned for its high-performance weight distribution hitches, joined forces with Airstream Inc. to manufacture two Airstream-specific versions of its popular weight distribution products, namely the SwayPro and TrackPro models. The collaboration will provide a wide range of instructional materials about the advantages of weight distribution and sway prevention technology.