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Caravans Market Analysis
- Report ID: GMI5420
- Published Date: Jan 2023
- Report Format: PDF
Caravans Market Analysis
Caravans market from the fifth wheeler vehicle segment is expected to record global sales of more than 140 thousand units by 2032. Fifth-wheel recreational vehicles (RVs) are easy to set up for owners as they have auto-leveling systems and split-level designs which enhance privacy. The increasing demand for these caravans would compel many manufacturers to work on new product launches. For instance, in July 2022, ATC, an industry-leading manufacturer of trailers and RVs, announced the launch of its 2023 toy hauler models, namely the Pl? ™ 500 Series and 700 Series. The new models are loaded with new design details and advanced technology that enhance comfort and usability.
Caravans market value from the B2B/Fleet owner segment is anticipated to reach around USD 5 billion by 2032. This growth is attributed to the increasing number of caravan rental services offered globally. The high cost of buying new caravans, like a travel trailer or a motorhome, has encouraged consumers to choose to opt for rental services. For example, RecNation, a leading owner and operator of specialized RVs announced the launch of RecNation Rental. This will facilitate RecNation customers to rent out their vehicles and earn additional income.
Caravans market size from the standard price segment is predicted to observe nearly 5% growth rate between 2023 and 2032. The rising trend toward staycations and the expansive growth in the tourism sector following the elimination of COVID-19 limitations will fuel the sales of standard caravans across the region. Motorhomes, caravans, and campers are among the leisure vehicles whose use has steadily increased in recent years. To illustrate, data from the Europe Caravan Federation reports that more than 260,000 new recreational vehicles were registered in the region in the year 2021. While the demand for motor caravans and caravans remained high in 2022.
Asia Pacific held over 5% share of the global caravans market in 2022. The presence of inexpensive labor and low-cost raw materials will contribute to regional industry expansion. A steady rise in the adoption of RVs is luring international companies to set up manufacturing operations in the region. The recreational vehicles sector is booming in China due to the growing culture of motorhomes. As per the China Automobile Dealers Association, Beijing and Suzhou saw sales of nearly 500 RVs in 2021. The sales of RVs were also high across developed provinces like Jiangsu, Shandong, and Zhejiang.
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Caravans Market Scope
