According to a study by The Business Research Company entitled “Camping and Caravanning The Global Market report 2021,” the world’s caravanning and camping market is expected to grow from $39.85 billion at the end of 2020 to $45.07 billion this year. This is at a compound annual growth rate (CAGR) of 13.1 percent.
The increase is because of the businesses rearranging their operations and recuperating from the COVID-19 effects that had previously resulted in strict containment measures including remote working, social distancing, and the closing of commercial operations, which resulted in operational issues. The market is predicted to grow to $56.6 billion in 2025 with an annual rate of 6 percent.
North America was the largest region in the global market for caravanning and camping, with 40 percent of the market in 2020. Western Europe was the second-largest, which accounted for 27 percent of the world market. Africa was the smallest region of the market for camping and caravanning.
The millennial population is driving the caravanning and camping market. Generation Y, also known as millennials, were born between the years 1980 and 2004. The millennials are projected to outnumber baby boomers by nearly 22 million by the year 2030. A significant portion of this group is interested in adventure sports, camping, and exploring nature. Based on the North American Camping Report, gen x-ers and millennials accounted for about three-quarters of all camping enthusiasts, with millennials representing 40 percent. This trend is likely to continue throughout the coming years, which will be driving the camping and caravanning market.
The COVID-19 outbreak has resulted in an enormous restriction on the caravanning and camping market as governments worldwide have imposed restrictions on international and domestic travel, reducing the necessity for services provided by these businesses.
Governments worldwide have taken steps to stop the spread of COVID-19, which led to a decrease in economic activity, with some countries being placed in lockdown. However, it is anticipated that the caravanning and camping market will rebound from the disruption over the forecast timeframe since it is a “black swan incident that is not connected to fundamental weakness or ongoing issues in the marketplace or the global economy.”
A growing awareness of sustainability is prompting campers to engage in eco-friendly camping. This includes using reusable utensils and cutlery, and natural mosquito repellents. Solar-powered lamps and chargers, refillable water bottles, environmentally-friendly camping tents, sleeping bags, and other camping gear. For example, The Big Island, located in Hawaii, is a well-known green farm that promotes sustainable living.
The countries included in the global camping and caravanning market include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The regions covered by the global camping and caravanning market include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.