Market Insights Mobility Travel & Tourism

Camping - Panama

Panama

The Camping market in Panama is expected to generate a revenue of US$0.79m in 2024.
Moreover, it is projected to exhibit a Compound Annual Growth Rate (CAGR 2024-2029) of 6.26%, which will result in a market volume of US$1.07m by 2029.
The number of users in this market is estimated to reach 14.83k users by 2029.
User penetration, which is currently at 0.2% in 2024, is expected to decrease to 0.3% by 2029.
The Average Revenue Per User (ARPU) is expected to be US$73.37.
By 2029, online sales are expected to contribute 59% of the total revenue in the Camping market.
It is noteworthy that United States will continue to be the top revenue-generating country with a projected revenue of US$25,810m in 2024, as compared to other countries in the global comparison.
Camping enthusiasts in Panama are increasingly seeking out eco-friendly campsites that offer a unique blend of adventure and sustainability.

Key regions: Singapore, United Kingdom, Indonesia, India, Vietnam

Market

Region

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Currency

Analyst Opinion

The Camping market in Panama is experiencing a surge in popularity, with more people turning to outdoor activities for leisure and recreation.

Customer preferences: Panamanian customers are increasingly drawn to camping as a way to connect with nature and escape the hustle and bustle of urban life. The desire for unique and memorable experiences drives them to seek out camping opportunities in diverse natural settings, from tropical rainforests to picturesque beaches. Additionally, there is a growing interest in sustainable and eco-friendly camping practices among environmentally-conscious consumers.

Trends in the market: One notable trend in the Camping market in Panama is the rise of glamping, a luxurious form of camping that offers high-end amenities and accommodations in natural surroundings. This trend caters to customers looking for a blend of comfort and outdoor adventure. Another trend is the increasing popularity of family-friendly camping sites and activities, reflecting the importance of family bonding and shared experiences among Panamanian consumers.

Local special circumstances: Panama's rich biodiversity and stunning landscapes provide a unique backdrop for camping enthusiasts. The country's strategic location between North and South America also attracts international tourists looking to explore its natural beauty. Local businesses are capitalizing on these special circumstances by offering diverse camping experiences that showcase Panama's ecological wonders and cultural heritage.

Underlying macroeconomic factors: The growth of the Camping market in Panama can be attributed to several macroeconomic factors, including a thriving tourism industry driven by infrastructure development and government initiatives to promote eco-tourism. The increasing disposable income and changing lifestyle preferences of Panamanian consumers also play a role in driving the demand for camping experiences. Moreover, the global trend towards experiential travel and outdoor adventures has influenced the camping market in Panama, encouraging innovation and diversification in the offerings available to customers.

Methodology

Data coverage:

Data refers to enterprises (B2C). Figures are based on camping nights, prices, average length of stay, and camping frequencies.

Modeling approach:

We use industry associations, UNWTO data, the Statista Consumer Insights survey, and pricing data of websites to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as tourism GDP, share of internet users, and demographic data.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For the camping market, Holt-Winters forecast, ARIMA, and Bayesian Ridge regression were used. The main drivers are the tourism GDP per capita and the share of internet users.

Additional notes: :

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change.