RV Market Expected to Exceed $87 Billion by 2028

With an influx of over 10 million new campers over the last calendar year, it’d be remiss to overlook the impact technology has had on camping and the industry as a whole.

Growing steadily since 2017, more than half of all campers claim access to wifi and cell phone service plays a significant role in the length of their stay. Not too surprisingly, first-time campers and couples with children are more likely to camp more frequently if they have access to wifi.

Campers that claim access to technology has a significant impact on their camping trips state that they are able to spend up to nine more days camping. Wifi access specifically accounts for six additional camper nights, and that number has more than doubled since the beginning of 2018.

So with technological advances, more premium camping options, and more people camping than ever before, where is this market headed?

In 2021, the market was valued at $55.9 billion, a slight increase from 2020’s valuation of $55.28 billion.

That increase is expected to carry over year after year and get stringer as the global market size for the RV industry is expected to exceed $87 billion by 2028.

This projected growth has investors salivating at the idea of buying an RV park, but what are the driving factors behind this growth?

Well, with an increase of over 6 million camping households last year, camping has never been more popular, according to the Kampgrounds of America 2021 North American Camping Report. 

A driving force behind this rapid growth is that many people are starting to use RVs for their personal residences. More and more people are ditching their rents or mortgages to become full-time RVers, embracing both the freedom and convenience it gives them.

There is also a rising demand for recreational vehicles for tailgating, traveling with pets, and business activities. These factors may also propel industry growth.

Lastly, the rising demand for comfortable travel & accommodation is expected to nurture the demand for RVs.

Read More