Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Motorhome Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global motorhome market has grown strongly in recent years. It will grow from $168.07 billion in 2023 to $180.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The expansion observed in the historical period can be attributed to several factors. These include demographic shifts, enhancements in infrastructure, increasing disposable income among individuals, the popularity of outdoor and adventure lifestyles, and notable cultural changes influencing travel and leisure preferences.
North America was the largest region in the motorhomes market in 2023. North America is expected to be the fastest-growing region in the global motorhomes market report during the forecast period.
The motorhome market is expected to see strong growth in the next few years. It will grow to $234.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. Anticipated growth in the forecast period can be linked to various factors, including a growing interest in sustainable travel practices, ongoing innovations enhancing design and comfort, increased options for customization, supportive government initiatives and policies, and the expanding rental market for motorhomes.
The anticipated surge in travel and tourism is poised to significantly drive the growth of the motorhome market. In 2021, the World Travel and Tourism Council (WTTC) reported a remarkable improvement in the United States' travel and tourism industry, projecting a return to pre-pandemic levels by 2022. The industry exhibited a 35.6% surge in 2021, accumulating a total of $393 billion. This substantial rise in the travel and tourism sector stands as a key driver behind the burgeoning motorhome market.
The burgeoning use of social media is expected to fuel the expansion of the motorhome market. As of January 2022, projections by We Are Social and Hootsuite indicated a global social media user base of 4.62 billion, encompassing 58.4% of the world's population. Over 424 million new users joined social media platforms in 2021, marking a growth of more than 10% in the user base. This burgeoning presence on social media platforms significantly contributes to the growth trajectory of the motorhome market.
Product innovation stands out as a prominent trend driving the motorhome market's advancement. Key players in the motorhome industry concentrate on introducing innovative products to reinforce their market position. For instance, in March 2023, Entegra Coach, a US-based recreational vehicle manufacturer, launched a luxurious Class B motorhome designed for off-the-grid adventures. Featuring E-Z Drive technology and built on a Sprinter 4X4 Premium Mercedes-Benz chassis, these motorhomes offer a blend of luxury and performance, ensuring a smooth ride on rugged terrains.
Major players in the motorhome sector are strategically partnering to bolster their presence in China's motorhome industry. Strategic partnerships involve leveraging mutual strengths and resources for collective success. In November 2022, Allison Transmission, a US-based motorhome transmission manufacturer, partnered with Qingling Motors Co. Ltd., a Chinese automobile company. This collaboration aims to introduce advanced 700p chassis and Allison automatic solutions to China's RV market. These innovative technologies are rapidly gaining popularity within China's motorhome landscape.
In May 2022, RV Retailer LLC (RVR), a US-based recreational vehicle company, acquired Manteca Trailer and Motorhomes for an undisclosed amount. Through this acquisition, RV is poised to provide comprehensive customer support across its extensive network of 100 full-service RV dealerships, ensuring assistance for customers throughout their journeys. The newly acquired company strategically situates itself between two of the largest BTAs in the U.S., with San Francisco ranking 9th to the East and Sacramento at 19th to the North. Manteca Trailer and Motorhomes is a US-based company that manufactures and sells a variety of recreational vehicles (RVs), including motorhomes and travel trailers.
Report Scope
Markets Covered:
1) By Model Type: Class A; Class B; Class C
2) By Application: Leisure Activities; Business Activities
3) By End-user: Fleet Owners; Direct Owners
Key Companies Mentioned: Gulf Stream Coach Inc.; Palomino RV; Northwood Manufacturing Inc.; Thor Industries Inc.; Coachmen RV
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Gulf Stream Coach Inc.
- Palomino RV
- Northwood Manufacturing Inc.
- Thor Industries Inc.
- Coachmen RV
- Winnebago Industries Inc.
- Dethleffs GmbH & Co. KG
- Hymer GmbH & Co. KG
- Forest River Inc.
- Eclipse Motorhomes Inc.
- Alois Kober GmbH
- Aliner
- Allied Recreation Group Inc.
- Augusta RV
- Cruiser RV
- Dna Enterprises Inc.
- Rapido Motorhomes
- The Swift Group
- Burstner GmbH & Co. KG
- Grand Design RV LLC
- Forks RV Inc
- Dutchmen RV
- Entegra Coach Inc.
- Fleetwood RV
- Holiday Rambler Corporation
- Jayco Inc.
- Monaco Coach Corporation
- Airstream Inc.
- AL-KO Kober SE
- REV Group
For more information about this report visit https://www.researchandmarkets.com/r/3iiggw
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