Market Size of Australia Recreational Vehicle Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Recreational Vehicle Rental Market Analysis
Australia's recreational vehicle rental market was valued at USD 121.71 million, and it is expected to grow to USD 209.75 million over the period of five years, registering a CAGR of about 11.5% during the forecast period.
- The rising demand for road trips as a getaway from quarantine is expected to lead to significant market growth. The post-lockdown period is likely to witness an increase in the number of first-time buyers. An increase in consumer interest in recreational vehicle campaigns to explore the countryside with recreational vehicles is a key factor driving demand for recreational vehicles, which, in turn, is expected to result in substantial market growth.
- Over the long term, the rising youth population and the development of the tourism industry across the country are anticipated to boost the market. Furthermore, an increase in the number of campgrounds and a rising adoption rate of motorhomes by the younger generation, along with technological improvements in vehicles, are factors expected to augment market demand.
- However, underdeveloped infrastructure in some states poses a challenge for key players. Nevertheless, the incorporation of advanced technology to reduce carbon emissions, improve the fuel efficiency of motorhomes, and install portable solar panels for motorhomes are the major areas of innovation for companies to invest in.
- The caravan and camping industry remained a significant driver of Australia's tourism economy and industrial sectors in 2021. While the larger tourist business was impacted by international border closures and worldwide travel restrictions, the caravan and camping visitor economy significantly rebounded during the pandemic, generating 12.6 million visits and AUD 7.4 billion (USD 5.328 billion) in visitor expenditure. This propelled the trailer and camping industry to become Australia's largest provider of holiday accommodation.
- The rising demand for rental services and van conversions, especially the various options being explored to expand the customer base for class C motorhomes, is likely to offer new opportunities for players in the market.
