The Millennial population is driving the camping and caravanning market, according to a press release from The Business Research Company.
Millennials, known as generation Y, are young adults born between 1980 and 2004. By 2020, millennials are expected to take 320 million international trips. Millennials are predicted to outnumber baby boomers by almost 22 million by 2030. A large proportion of this population is showing interest in camping, adventure activities and nature exploration. According to the North American Camping Report, Millennials and Gen Xers accounted for around three-quarters of all campers, with Millennials accounting for 40%. This trend is expected to continue in the forecast period driving the camping and caravanning market, the release states.
The global camping and caravanning market size is expected to grow from $39.85 billion in 2020 to $45.07 billion in 2021 at a compound annual growth rate (CAGR) of 13.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $56.6 billion in 2025 at a CAGR of 6%.
The camping and caravanning market consists of sales of camping and caravanning services and related goods in sites to accommodate campers and their equipment, including tents, tent trailers, travel trailers, and RVs by entities (organizations, sole traders or partnerships) that operate sites to accommodate campers and their equipment, including tents, tent trailers, travel trailers and RVs. These establishments may provide access to facilities, such as washrooms, laundry rooms, recreation halls, playgrounds, stores and snack bars. This camping and caravanning industry comprises establishments primarily engaged in operating overnight recreational camps, such as children’s camps, family vacation camps, hunting and fishing camps, and outdoor adventure retreats, that offer trail riding, white water rafting, hiking and similar activities. These establishments provide accommodation facilities, such as cabins and fixed campsites, and other amenities, such as food services, recreational facilities and equipment, and organized recreational activities. The camping and caravanning market is segmented into RV parks and campgrounds and recreational and vacation camps.
North America is the largest region in the global camping and caravanning market, accounting for 40% of the market in 2020. Western Europe is the second-largest region accounting for 27% of the global market. Africa is the smallest region in the global camping and caravanning market.