Pune, India, July 28, 2021 (GLOBE NEWSWIRE) --
The global recreational vehicle market size is poised to expand at substantial CAGR during the forecast period as the number of people indulging in leisure activities with their families is increasing every year. There are many reputed companies that specialize in providing personalized campervans and motorhomes to their customers. Organizations dealing in recreational vehicles are constantly trying to upgrade the overall design and functioning of these automobiles.
Some of the most important trends that will foster RV market forecast are explained below:
Caravanning holidays gain popularity in Europe:
Europe recreational vehicle market size is predicted to cross $55 billion by 2027. Caravanning holidays are gaining a lot of popularity among citizens across the region. Many people go on long weekend trips with their families by travelling from one state to the other. The percentage of solo travelers has increased to a great extent as well. These factors have created high demand for recreational vehicles like motorhomes and caravans among consumers.
The presence of many camping associations like Holiday Park Association, European Federation of Campingsite and European Caravan Federation has added to the progress of the regional market.
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COVID-19 effect on RV sales in Europe:
The current COVID-19 pandemic created a negative impact on the development of Europe recreational vehicle market. Governments across the region imposed strict curfews and lockdowns for shops and industries. Social distancing norms were announced by the authorities to contain the spread of the virus. The temporary shutting down of manufacturing plants hampered the production of recreational vehicles in the region. Since there were travel restrictions in place, the demand for these automobiles fell to a large extent as inter-state and international borders were sealed off.
The above-mentioned aspects had an adverse effect on the regional tourism industry. In fact, as per a report released by Eurostat, domestic tourism in Europe saw a drop of nearly 38% between April and September 2020. However, today the scenario is changing and will have a positive impact on the progress of regional market, thanks to the lockdowns being lifted and travelling restrictions being eased.
Europeans hike demand for electric recreational vehicles:
The rising need to have energy-efficient vehicles and reduce dependence on non-renewable fossil fuels will create demand for electric recreational vehicles in Europe. The regional authorities are showing their support towards eco-friendly fuels to power these automobiles. This is being done by introducing favorable policies and tax benefits to companies producing electric vehicles.
The governments have increased the number of vehicles charging stations in Europe and have improved the automotive infrastructure. These factors will have a positive influence on the expansion of industry in Europe.
Demand for travel trailers will rise in APAC region:
Asia Pacific recreational vehicle market revenue will reach $15 billion by 2027. Travel trailers are gaining momentum in Asia Pacific because of rise in outdoor activities among people in the region. These trailers are quite budget-friendly and come in a variety of sizes according to the customer’s taste.
It is quite easy to attach travel trailers to trucks or cars which makes them quite convenient for families. There are large number of amenities and customizations that the trailer manufacturers offer to their clients, which will result in their increased demand.
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Higher spending capacity will foster demand for RVs in Asia Pacific:
Income levels of the working population in Asia Pacific has increased by many folds in recent years. This has created a positive impact on the overall standard of living and quality of life of the citizens in the region. It has resulted in increased splurging on recreational activities like travelling and camping. As per a report by the Australian Bureau Statistics, the overall saving and consumption of households in Australia rose by 4.3% in December 2020. These scenarios will help create a demand for recreational vehicles in the region.
Diesel class A motorhomes drive APAC RV market:
Diesel class A motorhomes will gain momentum among end-users in Asia Pacific. A significant reason for this is that these vehicles are quite large, both in length and breadth, spacious and provide better mileage as compared to the gasoline ones. Diesel motorhomes are quite suitable for uneven terrain like the mountains and have more torque as compared to other RVs. Some of the other benefits of using these motorhomes are that they have better braking systems and able to take on more weight as compared to gasoline-based RVs.
RVs in North America adopt advanced technologies:
North America recreational vehicle market will achieve a valuation of more than $40 billion by 2027. Recreational vehicle manufacturers in the region are creating and implementing advanced technologies to enhance the performance of their products. Technologies like electric powertrain are being created which uses electricity to power a vehicle’s engine. Another highly popular technology is advanced batteries which use energy-saving components to increase the efficiency of vehicles.
High-end features like driver assistance and collision mitigation systems are being used as well, to offer a pleasant experience to drivers by way of increasing their safety while driving. All of this will positively impact the potential of industry in North America.
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Gasoline-based RVs see increased demand in North America:
North America RV market share from gasoline segment is estimated to significantly expand in the future. This is mainly because gasoline-based RVs rank higher in their combustion and energy-efficiency as compared to diesel ones. This advantage enhances the engine power of RVs to a great extent. Many companies are increasing their focus on making engines with higher Revolution-Per-Minute (RPM) so that the RVs can run faster on slower terrains. Since gasoline-based engines have higher RPM, they will boost the regional industry potential.
Countries across the world are increasing their indulgence in recreational activities to take a break from their hectic lifestyle. It has raised the demand for recreational vehicles that give travelers the opportunity to create homely spaces away from home. Some of the prominent organizations that are engaged in manufacturing recreational vehicles across the globe are Forest River Inc., Cruiser RV, Winnebago, Hymer AG, Thor Industries Inc. and Lingyu Group.
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