According to a new market research report published by Acute Market Reports, “Recreational Vehicles (RV) Market (by Type (Travel Trailers, Motor Homes, Campers & Camping Trailers, and Conversion Vehicles ), by Power Source (Gasoline-based, Diesel-based, and Electric Recreational Vehicles), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global recreational vehicles market is expected to reach US$ 61.25 Bn by 2027, registering a steady resurgent growth of 5.9% CAGR during the forecast period from 2019 to 2027.
A recreation vehicle (RV) is a motor vehicle or trailer that includes living quarters for accommodation, travel, camping, and other recreational purpose. In addition to recreation, these vehicles are also used for commercial and other specialized applications including disaster assistance, mobile offices, isolation units, medical clinics, laundries, command centers, and bunkrooms among others. The demand for recreational vehicles is correlated with demographics and consumer income. A large base of population, especially in major markets like North America and Europe are reaching the age category where they prefer experiencing tourism through their private mode of transportation (RVs) rather public transit. Improving discretionary income, boost in consumer confidence, and availability of private financing are the major factors driving demand for recreational vehicles worldwide. In addition, with the improving economic conditions worldwide, the ownership of recreational vehicles among consumers aged between 35 and 54 has increased more as compared to among those aged between 55 and 64. On the contrary, RV sales are bound by volatile ‘boom or bust’ pattern (cyclic nature) that tend to vary with trends in luxury goods & motor vehicle segments and the overall health of the economy.
In terms of vehicle type, travel trailers accounted for majority of the market value share in the base year 2018. A key advantage of travel trailers over non-towing variants like motor homes is that trailers can be separated from the vehicle when parked, thereby permitting easier local driving. Growing prominence of towing vehicles coupled with widespread applicability across wide range of recreational activities make travel trailer the most preferred recreational vehicle type among end-users Some of the leading manufacturers profiled in the research study include Thor Industries Inc., Winnebago Industries Inc., Kropf Industries, Forest River Inc., Crossroads RV, Fleetwood Corporation, GMC Motorhome, REV Group Inc, Skyline Corporation, Triple E Recreational Vehicles, Nexus RV LLC, Tiffin Motorhomes, Inc., and Dethleffs Motorhomes among others. Growing preference for electric RVs is one of the budding trends observed in the recreational vehicle industry. While manufacturers like Nissan has already introduced an electric RV, other established manufacturers like Winnebago Industries Inc. and Dethleffs Motorhomes have concentrated their efforts on developing electric RVs.
Browse the full report at https://www.acutemarketreports.com/report/recreational-vehicles-market
The Global Recreational Vehicles Market is Segmented into:
By Vehicle Type Segment (2017–2027; US$ Bn)
By Power Source Segment (2017–2027; US$ Bn)
By Geography Segment (2017–2027; US$ Bn)
*Complete segmentation list is on report page
Key questions answered in this report
- What are the current market trends and dynamics in the recreational vehicles market and valuable opportunities for emerging players?
- Estimated forecast and market projections up to 2029
- Which segment accounts for the fastest CAGR during the forecast period?
- Which is the largest regional market for recreational vehicles?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- The worldwide market value of the recreational vehicles market in 2019 and 2020
- Which are the key trends driving the global recreational vehicles market growth?
- Who are the leading service providers in the recreational vehicles market worldwide?
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