According to a report available on Radiant Insights, Inc.; the caravan park market is likely to expand progressively by 2025.
Factors such as rise in sale of recreational vehicles (RVs), growth in baby boomer population, rising popularity of glamping, and growing level of per capita income can drive the market during the forecast period (2018 to 2025).
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The caravan sites provide facility for people with recreational vehicle to park their vehicle or stay overnight. Resurgence of interest in camping and outdoor pursuits are considered as key drivers for the market as consumers need to escape from their home surroundings and spend some time in natural settings that provides relaxation.
Growing demand for eco, adventure, wildlife, which involves visiting and staying in remote areas, forests, deserts and riversides is expected to drive the market in the coming years. The market has wide scope to attract different demographics including young single customer to families, and old age population. Growing development of luxury campsites to provide a range of modern facilities to higher disposable consumers is on the rise. These sites can provide several facilities such as washrooms, laundry rooms, playgrounds, recreation halls, exercise equipment, golf Courses, restaurants are among the others. For instance, Wood Leisure Holiday Parks has recently introduced a New Hot Tub Caravan Holiday Homes for couples and families. This new holiday homes claim a spacious open plan central lounge, well-equipped kitchen/dining area, a state-of-the-art secluded hot tub, and outdoor furniture to enjoy some al fresco dining and relaxation. This facility can be available in in 2 and 3-bedroom options and provides sleeping space up to six people.
However, requirement of high initial capital, compliance with local regulatory policies, negotiation of long-term leases is some of the challenges in the market.
Worldwide caravan park market can be segmented on the basis of type, application, and region.
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Based on type, the market can be categorized into docking type and comprehensive type. As per application, the market can be divided into short-term tourism and long stay.
Geographically, the market can be divided into United States, Southeast Asia, Europe, China, Japan, India, and Central and South America.
In Europe, new sites are built with adhering environmentally friendly standards along with new facilities. the region is likely to grow on account of growing development in countries such as the U.K, France, and Germany. In terms of price competitiveness, Ireland performs reasonably well during the high-season. Tourists from North America and Europe, which make up traditional caravan and motorhome rental markets, recommenced holidaying in Australia as it became more affordable. Strong inbound tourist numbers from the United States, Germany and France have helped drive industry revenue growth over the past five years.
Key players operating in the market include Brighton Caravan Park, Agnes Water Beach Holidays, Wyndham Caravan Park, Sunshine Coast, and Wyndham Caravan Park. The market is extremely competitive and new players are likely to face entry barriers due to requirement of high capital to build new site. New company need many caravans and motorhomes to complete potential demand. Players in the market are expected to make tie-up with key suppliers and repairers of caravans and motorhomes or need to hire workers that are skilled in repairing and maintaining relevant vehicles.
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