Pune, India, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Global recreational vehicle market size was USD 55.28 billion in 2020. The market size is projected to grow from USD 55.90 billion in 2021 to USD 87.89 billion in 2028, exhibiting a stunning CAGR of 6.7% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Recreational Vehicle Industry, 2021-2028.”
Industry Development
- June 2020- Campervan Camps and Holidays India Pvt. Ltd. announced its first commercially viable premium Motorhome, LuxeCamper.
Growing emphasis on travel and tourism in Asia Pacific and Europe is creating robust growth opportunities for the market. Travel and tourism will propel the demand for recreational activities, supporting the market for recreational vehicles.
Rising active campers and robust demand for comfortable travel & accommodation are expected to foster market development.
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Drivers and Restraints
Robust Demand for Customized RVs to Bolster Market Development
- The rising adoption of customized RVs for personal residence is expected to propel sales. Further, increasing awareness regarding its benefits such as depreciation value, easily towable units, low fuel consumption, maintenance costs, and lower insurance is expected to surge the product demand.
- Furthermore, the rising demand for recreational vehicles for tailgating, traveling with pets, and business activities is expected to foster the product sales. These factors may drive the recreational vehicle market growth.
- Recreational vehicles are automobiles with the capacity to accommodate people during camping activities. They are used extensively for travel, recreational, and seasonal activities. Increasing number of active campers is expected to boost the product adoption.
- Increasing travel activities lead to adopting effective travel tools, thereby fostering market development. Furthermore, the rising demand for comfortable travel & accommodation is expected to nurture the demand for the product. These factors may propel industry growth in the coming years.
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Regional Insights
Development of Outdoor Activities to Foster Market Progress in North America
North America is expected to dominate the recreational vehicle market share due to rapid development of outdoor activities. The market in North America stood at USD 23.65 billion in 2020 and is expected to grow positively during the upcoming years.
In Asia Pacific, the rapidly growing tourism sector, rising disposable income, and outdoor recreational activities are expected to fuel the product adoption.
Market Segmentations:
Based on Vehicle, the market is bifurcated into Motorhomes and Towable RVs. The rapidly growing demand for towable RVs can be credited to their low cost over motorized RVs and the absence of a built-in engine & powertrain. Geographically, it is grouped into North America, Asia Pacific, Europe, and the rest of the world.
The gasoline segment observes a high growth rate impelled by its higher RPM advantages in passenger vehicles. Gasoline is more combustible than diesel, thereby enhancing the engine power significantly. Companies are focusing on designing recreational vehicles that operate at a higher RPM without the need for a wide space in petrol engines.
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Competitive Landscape
Adoption of Acquisition Strategies by Key Players to Facilitate Market Expansion
Prominent companies operating in the market devise acquisition strategies to expand market reach and enhance their customer base. For example, Lazydays Holdings, Inc. completed the acquisition of Chilhowee RV Center in March 2021.
This acquisition enabled the company to expand its market reach. Further, incorporating research and development may enable companies to produce better vehicles and boost consumer demand. In addition, the adoption of partnerships, mergers, and novel product launches may aid in achieving a remarkable market position.
List of Key Players Profiled in the Report
- Winnebago Industries, Inc.
- REV Group.
- Forest River, Inc.,
- Thor Industries Inc.
- NeXus RV
- Triple E Recreational Vehicles
- Dethleffs GmbH & Co. KG
- Bürstner GmbH & Co. KG
- RAPIDO Motorhomes
- Northwood Manufacturing Inc.
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