Market Trends of Recreational Vehicle Parks And Campgrounds Industry
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.
