Pune, India, May 09, 2022 (GLOBE NEWSWIRE) -- The recreational vehicle market size was valued at USD 55.28 billion in 2020. The market is estimated to grow from USD 55.90 billion in 2021 to USD 87.89 billion in 2028, exhibiting a CAGR of 6.7% during the forecast period. Rising active campers and robust demand for comfortable travel & accommodation are expected to foster market development. Fortune Business Insights™ presents this information in its report titled “Recreational Vehicle Market, 2021-2028.”
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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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.7% |
| 2028 Value Projection | USD 87.89 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 55.90 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Motorhomes, Towable RVs, Residential, Commercial |
| Growth Drivers | Robust Demand for Customized RVs to Bolster Market Development |
| Development of Outdoor Activities to Foster Market Progress in North America |
COVID-19 Impact:
Travel Restrictions to Negatively Affect Market Development
The market is expected to be negatively affected by the COVID-19 pandemic due to the restrictions imposed on transport and travel. The rapid surge in COVID infections led to stringent government norms, thereby restricting travel. Furthermore, the halt on manufacturing and transport led to supply chain disruption and raw material shortage. However, adopting technologically advanced production techniques, social distancing, reduced capacities, and sanitization may enable manufacturers to recover their losses. These factors may propel market development during the pandemic.
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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.
However, environmental awareness regarding the vehicle’s environmental concerns is expected to hamper market development.
Segmentation
Vehicle Type, Application, and Region are studied for the Market
By vehicle type, the market is segmented into towable RVs and motorhomes. Based on application, it is classified into residential and commercial. Geographically, it is grouped into North America, Asia Pacific, Europe, and the rest of the world.
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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. Further, the rising popularity of the product from the U.S. is expected to fuel the industry growth.
In Asia Pacific, the rapidly growing tourism sector, rising disposable income, and outdoor recreational activities are expected to fuel the product adoption. In addition, the registration of new vehicles is expected to boost the production of novel vehicles. These factors may foster market development.
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.
Industry Development
• June 2020- Campervan Camps and Holidays India Pvt. Ltd. announced its first commercially viable premium Motorhome, LuxeCamper.
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List of Key Players Profiled in the Report
- Winnebago Industries, Inc. (Iowa, U.S.)
- REV Group. (Indiana, U.S.)
- Forest River, Inc., (Indiana, U.S.)
- Thor Industries Inc. (Indiana, U.S.)
- NeXus RV (Indiana, U.S.)
- Triple E Recreational Vehicles (Winkler, Canada)
- Dethleffs GmbH & Co. KG (Baden-Wurttemberg, Germany)
- Bürstner GmbH & Co. KG (Baden-Wurttemberg, Germany)
- RAPIDO Motorhomes (Mayenne, France)
- Northwood Manufacturing Inc. (Oregon, U.S.)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Electric Bus Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
Continued…
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