DUBLIN–(BUSINESS WIRE)–The “RV Rental Market Size, Share & Trends Analysis Report By Product (Motorhomes, Conventional Travel Trailer, Campervans, Fifth-wheel Trailer), By End-user, By Booking Mode, By Region, And Segment Forecasts, 2022 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global RV rental market size is expected to reach USD 1.55 billion by 2030, expanding at a CAGR of 7.4% over the forecast period. The growth of the global recreational vehicle (RV) rental market is primarily driven by rising consumer interest in camping using RV vehicles, the development of the global camping and glamping industry, and increased participation in outdoor recreational activities.
During the contextual environment of COVID-19, RV rental companies and operators witnessed a slight decline in demand and bookings. Since the government’s COVID-19-related restrictions were eased, demand for RVs has increased to the point that RV dealers, particularly in the United States. Bookings for RV rentals have increased as a result of numerous states beginning to lift stay-at-home orders. However, some of the companies in the market such as Outdoorsy, Inc. witnessed high demand for RV rental booking during COVID-19.
According to a blog published by Outdoorsy, Inc., total RV rental booking in San Diego doubled in 2020 as compared to 2019. In the coming years, the market is expected to witness high growth for RV rental services as most people are planning their holidays and vacations while avoiding public transportation.
Over the years, internet usage across the globe has grown at an exponential rate on account of high-speed internet availability at affordable prices. To offer customers a simple and hassle-free experience, RV rental companies have been pushed to change their business models from brick-and-mortar structures to online business models. Online platforms have given travelers access to various recreational vehicle rental groups, private owners, and independent dealers.
Key RV rental companies operating in the global market are taking major initiatives to attract travelers and offer peer-to-peer rental services. For instance, in May 2021 Outdoorsy, Inc., an online RV rental company integrated a new feature that facilitates booking using PayPal Pay in 4 offerings and Roamly’s Travel Insurance coverage.
Travelers now have the option to reserve their rental and pay for it over time using Pay in 4 from PayPal, which will enable them to experience the affordability of renting an RV, campervan, or trailer on Outdoorsy’s platform.
Additionally, market participants are launching their RV rental platforms to make recreational vehicles more accessible and available while also lowering the rental prices of RVs. For instance, in April 2021, Camping World Holdings, Inc. announced the launch of a Peer-to-Peer RV Rental marketplace, named Camping World RV Rentals. The Company’s dedication to investing in technology within the RV and outdoor industries to increase customer accessibility to RVing is further expanded by the rental marketplace.
RV Rental Market Report Highlights
- Motorhomes were valued at USD 256.7 million in 2021 and are expected to reach USD 461.1 million by 2030. Owing to various features such as insurance, low fuel cost, secure payments, and ventilation control offered at low prices are favoring the segment growth
- Group segment is expected to witness substantial growth over the forecast period with a CAGR of 8.3% from 2022 to 2030. An increase in penetration of group traveling among millennials and Gen Z is propelling the market growth
- Online booking mode segment is expected to witness a substantial CAGR of 7.8% from 2022 to 2030. Increasing internet penetration among the middle-class population, coupled with the rising use of smartphones and similar devices, is the key factor driving the popularity of online booking modes in the recreational vehicle rental industry
- The Asia Pacific regional segment was valued a USD 170.6 million in 2021 and is expected to register a CAGR of 9.1% over the forecast period. The growth in the region is majorly attributed to the increasing outdoor recreational activities, especially in developing countries including India and China
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Recreational Vehicle Rental Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Recreational Vehicle Rental Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2021 & 2030
5.3. Conventional Travel Trailer
5.5. Fifth-Wheel Trailer
Chapter 6. Recreational Vehicle Rental Market: End-user Estimates & Trend Analysis
6.1. End-user Movement Analysis & Market Share, 2021 & 2030
6.2. Couple Travel
6.3. Family Trip
Chapter 7. Recreational Vehicle Rental Market: Booking Mode Estimates & Trend Analysis
7.1. Booking Mode Movement Analysis & Market Share, 2021 & 2030
Chapter 8. Recreational Vehicle Rental Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Analysis
Chapter 10. Company Profiles
- Cruise America
- Apollo Rv Holidays
- El Monte Rv
- Fuji Cars Japan
- Usa Rv Rental
- Rv Share
- Camper Travel
For more information about this report visit https://www.researchandmarkets.com/r/azx7k3
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