Recreational Vehicle Parks And Campgrounds - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

Recreational Vehicle Parks And Campgrounds - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The Recreational Vehicle Parks And Campgrounds Market size is estimated at USD 26.31 billion in 2024, and is expected to reach USD 33.09 billion by 2029, growing at a CAGR of 4.69% during the forecast period (2024-2029).

The COVID-19 issue had a significant impact on the tourism industry worldwide. In the first half of 2020, this temporarily stopped the market's sales of recreational vehicles. The market's sluggish recovery and consumers' preference for camping over hotels, however, could spur market expansion during the anticipated timeframe. The market is anticipated to be in focus for the foreseeable future due to the significant proliferation of rental services in emerging nations.

The rise in active campers is contributing to the demand for RVs. The use of RVs for business purposes is expanding. Peer-to-peer rental services are predicted to become more popular among millennials, who use them more frequently. Also, the rising popularity of road trips as a break from daily life may boost market expansion. Recreational vehicle use has increased significantly worldwide since the shutdown, particularly in North America and Europe.

North America will probably dominate the market. Also, it can develop during the projection period due to the rapidly increasing number of regional campgrounds and recreational parks.

Recreational Vehicle Parks And Campgrounds Market Trends

Operating Overnight Recreational Camps Segment Booming the Market

The United States, Canada, Japan, China, and Europe are expected to be the segment's primary drivers, according to an estimated 3.4% CAGR. By the end of the analysis period, these regional markets, with a market value of more than USD 6 billion in 2022, were expected to grow to USD 7.1 billion in 2023. China is expected to continue to be one of these regional marketplaces with the strongest growth rates. The abundance of campgrounds with various amenities, such as fishing, whitewater rafting, hiking, and naturally beautiful scenery, presents a burgeoning business opportunity. Specialized sports facilities, including golf courses, tennis courts, health spas, and fine dining establishments, are provided at luxury RV resorts, which benefits market income.

Substantial Growth is Expected in North America

Recreational vehicle parks and campgrounds are popular in North America. Almost 11% of households in America own an RV, making it very common. In the US, almost 1 million households spend their entire time in recreational vehicles. The ability to travel for 20-60% less money is what makes RVs so popular with millennials. Almost 600,000 people are employed by the recreational vehicle parks, which makes a total USD 114 billion economic contribution to the US. The North American market for recreational vehicle parks will experience revenue growth over the coming years, led by the United States. In the years to come, the market for recreational vehicles in Canada could potentially experience significant expansion. On the other hand, through the end of 2024, the United States is expected to hold more than 80% of this regional market.

Recreational Vehicle Parks And Campgrounds Industry Overview

Intense competition exists in the global recreational vehicle parks and campgrounds market due to numerous producers who sell goods that immediately compete with one another regarding product attributes. Businesses are implementing partnerships, mergers, and acquisitions to grow their market share. Major players include Alaskan Anglers RV Park, Banyan Tree Al Wadi, Bourne Leisure Holdings Limited, Camping Flamboyant, and Camping Pod Lasem.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support