Caravans Market Regional Analysis:
North American Market Insights
North America industry is anticipated to account for largest revenue share of 40% by 2035. The region's caravan sector is blooming since a large number of consumers are interested in owning a caravan for traveling. According to the International Trade Administration, more and more customers are growing old enough to wish to vacation and camp in recreational vehicles.
Although historically the largest group of buyers has been middle-class consumers between the ages of 55 and 64, customers between the ages of 35 and 54 now make up the majority of buyers. In the US, more than 9 million families own an RV.
The U.S. will account for a massive expansion of the caravans industry because of the country's economic growth due to the increasing export of caravans. RV exports from the US reached USD 1.2 billion in 2020. Travel trailers and other towable RV types made up the majority of exports (74%). Trailers accounted for 26% of exports.
The industry for caravans has grown in Canada massively during the forecast period because of the rising import of caravans. Moreover, the International Trade Administration (ITA) anticipates more than 90% of American RV exports go to Canada these days.
APAC Market Insights
Asia Pacific region in caravans market size is estimated to witness lucrative CAGR till 2035 because of the emerging markets of caravan in developing countries like China and Korea. Intending to expand exports to China, Korea, and Japan, ITA awarded RVIA a second consecutive three-year Market Development Cooperator Program (MDCP) contract in 2020. The market of recreational vehicles is expanding massively in this region.
The caravans market has expanded in China as a result of the country's government initiatives to boost travel and create laws specifically for RVs and campgrounds. Recent data from a Chinese travel website indicates that in the previous year, over 70% of reservations for picturesque locations came from surrounding areas, and over 80% of reservations for goods like hotels, tickets, and entertainment were made one to two days before the trip.
The Korean caravans development mainly lies in the several campsites that are currently in existence in Korea. In fact, due to the increasing number of campers who were drawn to outdoor activity during the COVID-19 epidemic, the total number of camping sites in South Korea reached a record high of around 3,600 in the third quarter of 2023.
The Japanese government's rising investment in tourism will help in increasing the caravans sector in this country. Furthermore, the federal government provides the Japan National Tourism Organization with an operational expenditures subsidy of JPY 6.5 billion (USD 4 Million) to carry out initiatives, which includes encouraging tourism to Japan.
