Selbyville, Delaware, April 20, 2021 (GLOBE NEWSWIRE) --
According to latest report “Recreational Vehicle Market by Vehicle (Motorhomes [Class, Fuel], Towable RVs [Type {Travel Trailer, Fifth Wheel, Tent Trailer}]), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of recreational vehicle (RV) will cross $125 billion by 2027. The market growth is driven by growing tourist activities across the globe. A surge in the number of tourists in various countries has led to a substantial increase in the demand for recreational vehicles in the global market.
The industry has faced several challenges in the first half of 2020 due to the escalating spread of the COVID-19 pandemic globally. Governments have imposed various restrictions on international and domestic trade, which led to a decline in the sales of recreational vehicles in the market. However, with the leniency in lockdown restrictions imposed and economic revival, the market will witness steady growth.
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The gasoline motorhome segment in the recreational vehicle market is anticipated to showcase significant growth during the forecast period. Gasoline motorhome recreational vehicles require low maintenance of engine parts compared to their diesel counterparts. Gasoline has a more power-to-weight ratio than diesel. These vehicles are valued low compared to electric & diesel vehicles, thereby accelerating the market expansion.
The Asia Pacific recreational vehicle market will observe substantial growth by 2027. A significant rise in the middle-class population and growing emphasis on the expansion of tourism are boosting the demand for leisure-related activities and goods in the region. The activities include RV camping and camp grounding in countries including India, China, Japan, and South Korea, thereby supporting the market for recreational vehicles in the region.
Players active in the market are Airstream, Erwin Hymer, Highland Ridge, Crossroads RV, Thor Industries, Skyline Corporation, Cruiser RV, DRV Luxury Suites, Dutchmen RV, Grand Design RV, Fleetwood Corporation, Kropf Industries, Keystone RV, Pleasure-Way Industries, and GMC Motorhome. These leaders focus majorly on expansion strategies.
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Some major findings in the recreational vehicle (RV) market report include:
- The growing trend of integration of progressive technologies including sensors, IoT, and automated control systems into vehicles is fueling the market progression.
- Gasoline recreational vehicles will observe a significant growth rate owing to their higher RPM advantages in passenger vehicles and more combustibility, augmenting the market demand.
- The presence of various companies along with the rising adoption of these vehicles in recreational & leisure activities is impelling the market share in Europe and North America.
- Shifting consumer preference toward camping tourism will further contribute to the surging revenue share for recreational vehicles during the forecast timeframe.
Table of Contents (ToC) of the report:
Chapter 3 Recreational Vehicle Market Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
3.2.3.1 Research and development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material supplier
3.3.2 Manufacturers
3.3.3 Distribution channel analysis
3.3.4 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Pricing analysis, by region
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/recreational-vehicles-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.