RV Rental Market is Expected to Accumulate a Value of US$ 1.1 Billion by Registering a CAGR of 3.7% in the Forecast Period 2023 to 2031 - TMR Report

WILMINGTON, DE / ACCESSWIRE / April 7, 2023 / Transparency Market Research Inc. - The global RV rental market was valued at US$ 770.0 Mn in 2022 and is expected to reach US$ 1.1 Bn by 2031, expanding at a CAGR of 3.7% during the forecast period between 2023 and 2031. Increase in camping & hiking activities and growth of the tourism industry are anticipated to propel the market from 2023 to 2031.

Globally, and particularly in the industrialized regions of North America and Europe, spending on leisure activities such as travel and camping is steadily rising. This is due to surge in the number of HNWIs (high-net-worth individuals) and increase in per capita income, which is expected to fuel market development.

Recreational vehicle (RV) rental demand is expected to rise in the near future due to high cost of ownership and maintenance. Travel trailer rental operators and camper van rental firms are transitioning from brick-and-mortar shops to online business platforms in keeping with the recent market trends in the RV rental industry. This provides customers a hassle-free experience. Moreover, companies are forming strategic alliances to expand product offerings.

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During the COVID-19 pandemic, market demand for RVs increased dramatically as people tried to avoid using shared transportation to minimize the likelihood of disease spread. A family vacation in a rented RV allows for isolation and adherence to COVID-19 standards.

Families that do not want to deal with the inconvenience of a costly, high-maintenance RV purchase can enjoy a unique camping holiday by renting one. Rise in popularity of RV rentals is largely due to widespread usage of the Internet.

Market Snapshot:

Key Findings of Market Report

• In terms of type, the motorized RV segment is anticipated to dominate the global market in 2022. This can be ascribed to increase in demand for locally made motorized RVs. Surge in popularity as well as usage of motorized RVs has coincided with dearth of campsites in several countries, including China.
• Consequently, the China National Tourism Administration (CNTA) and ten other government ministries and agencies have begun to promote RV travel and "self-driving" travel. Hence, the Government of China is promoting private-public cooperation. It encourages private investments to hasten the construction of campsites.

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Global RV Rental Market: Growth Drivers

• Individuals are ready to increase investment in outdoor excursions, particularly in the post pandemic era. Surge in hiking and camping activities has resulted from higher demand for travel, which, in turn, is driving demand for motorhome and camper rentals.
• According to recent market trends, the RV rental industry is likely to witness steady rise in usage of recreational vehicles with electric motor systems across the world. This is expected to accelerate industry growth in the near future.
• The Industry Research Study estimates that the number of foreign visitors to Europe and the Americas has grown by over 4% and 6%, respectively. Moreover, tourism in South Asia and East Asia has grown by about 7% and 8%, respectively. Southeast Asia has witnessed growth of about 10%.
• Expansion of global tourism has fueled demand for RV rentals, which offers attractive business opportunities to industry players. Long distance trips can be made in comfort and style with recreational vehicles. The global market is expected to be driven by rise in per capita income and consumer awareness about recreational vehicles.

Global RV Rental Market: Regional Landscape

• North America accounted for significant share of the global RV rental market in 2022. The market in the region is driven by growing preference for short vacations, outdoor leisure, and picnics. Several well-known companies in the U.S. offer RV rental services. This is accelerating the expansion of the RV rental market in the U.S.
• The market in Asia Pacific witnessed strong growth in 2022. Demand for outdoor recreation, particularly camping, in the region is driven by increase in disposable income of the middle class. This, in turn, is expected to increase demand for RV rentals in Asia Pacific. People from developing countries, such as India and China, are traveling to rural areas in the quest for new experiences. This presents lucrative opportunities to companies in the RV rental industry.

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Global RV Rental Market: Key Players

• Just Go Motorhome Hire
• The Hertz Corporation
• Apollo RV Holidays
• RV Rental Connection
• Indie Campers
• El Monte RV

Global RV Rental Market: Segmentation

Type

• Motorized RVs
• Towable RVs

Supplier Type

• Peer-to-peer RV Rental
• Fleet RV Rental
• Dealership RV Rental

Size

• Large (Capacity of 7 or More)
• Standard (Capacity of 5-6)
• Compact (Capacity of 3)
• Adventure (Capacity of 4)

Rental Type

• One-way
• Long Term Housing
• Factory One-way Specials

End-user

• Couple Travel
• Family Trip
• Others

Booking Mode

• Online
• Offline

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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