CARAVAN MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Caravan & Motorhome Market Analysis:

The Caravan and Motorhome Market is anticipated to experience growth from USD 56.66 billion in 2023 to USD 81.95 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 7.66% during the forecast period (2023–2028).

The COVID-19 pandemic has resulted in an upsurge in demand for recreational vehicles. As lockdown measures are lifted worldwide, people are increasingly inclined towards camping for leisure. This trend has been observed by several RV sellers and rental companies, who are now focusing on developing new products. For instance,

In May 2022, REE Automotive Ltd announced its plans to install cloud-based robotic assembly lines in its European Integration Center in Coventry, United Kingdom, starting with its European Integration Center. The first assembly line commenced operations in the second half of 2022. To cater to customer demand in Europe, it will initially concentrate on the P7 electric platform for commercial vehicles such as walk-in delivery vans, buses, and recreational vehicles.

Customers are opting for recreational vehicles due to the rise in travel activities and cost savings compared to other modes of transportation. The ability of an RV to be easily customized is also driving RV technological advancements at a rapid pace. The smart home system in RVs is a crucial factor in customers’ decision-making process. Companies are also developing new products in response to the increased travel and camping activities. For instance,

In September 2022, at the Caravan Salon in Düsseldorf, MAN Truck & Bus and caravan and motorhome manufacturer Affinity unveiled the “Affinity M.” It is based on the MAN TGE, which has been modified to provide the best camping experience possible. Affinity is the Polish division of KABE AB, a Swedish caravan and motorhome manufacturer.

Motorhomes are gaining popularity worldwide, particularly in Europe. The increasing number of high-net-worth individuals (HNWI), coupled with the availability of ample RV parking, is driving its adoption in North America and Europe.

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