New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Recreational Vehicle Market Research Report Information By Product Type, Application-Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 77,168.66 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.49% during the assessment timeframe.
Recreational Vehicle Market Key Players
Eminent industry players profiled in the global recreational vehicle market report include-
- Thor Industries (US)
- REV Group (US)
- Winnebago Industries, Inc. (US)
- Trigano Group (France)
- Knaus Tabbert AG (Germany)
- Forest River, Inc. (US)
- NeXus RV (US)
- Tiffin Motorhomes Inc. (US)
- Triple E Recreational Vehicles (Canada)
- Dethleffs GmbH & Co. KG (Germany)
- Bürstner Gmbh & co. KG (UK)
- The Swift Group (UK)
- Fendt Caravan (Germany)
- KABE (Sweden)
- Erwin Hymer Group (Germany)
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 77,168.66 Million |
| Growth Rate | CAGR of 6.49% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Strategic developments for growth by major players |
| Key Market Drivers | Growth of tourism sector Availability of recreational vehicle rental services |
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Drivers
Increasing Inclination towards Outdoor Recreation to Boost Market Growth
The growing popularity of outdoor recreation activities such as sports, camping, and tourism is expected to fuel market expansion during the forecast period.
Opportunities
Growing Awareness about the Different Benefits to offer Robust Opportunities
Increased awareness of its advantages, such as easily towable units, maintenance expenses, low depreciation, low fuel consumption, and lower insurance, is predicted to boost product demand.
Restraints
Government Regulations to act as Market Restraint
Government regulations associated with recreational vehicles coupled with issues associated with component standardization may act as market restraints over the forecast period.
Challenges
High Initial Purchase Cost to act as Market Challenge
The high initial purchase cost of recreational vehicle may act as a market challenge over the forecast period.
Recreational Vehicle Market Segmentation
The global recreational vehicle market is bifurcated based on product type and application.
By product type, the recreational vehicle market is segmented into vans, campervans, and A clove motorhomes/semi-integrated/integrated
By application, the recreational vehicle market is segmented into leisure and business.
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COVID-19 Analysis
With the novel coronavirus COVID-19 spreading around the globe, automakers are adopting drastic steps such as plant shutdown to limit its spread. The pandemic is tearing apart the automotive sector; day by day, global automotive industry players are focused on the development of preventive measures and new business strategies to address both the current and future circumstances in the global recreational vehicle market.
The increasing spread of coronavirus causes market disruption. Shipping and industrial production restrictions are hurting different supply networks. The distribution of components is a critical process in the manufacturing industry, which is facing challenges such as warehouse staffing, the need for direct distribution, and more intelligent and responsive allocation across channels as a result of the pandemic, which put pressure on supply chains. The disruptions will have a substantial impact on the US & Europe, affecting the global economy and disrupting global supply chains, impeding the growth of the worldwide recreational vehicle market.
Recreational Vehicle Market Regional Analysis
North America to Lead Recreational Vehicle Market
North America, led by the United States, dominated the market in 2020, earning USD 23.65 billion in yearly revenue. The region's dominance is due to its high popularity among Americans and the region's sustained significant growth in outdoor leisure activities. Camping activities account for almost one-third of overall outdoor activity, primarily in Canada & the United States. This element contributes to the region's increased demand for these automobiles. Furthermore, the rise of campgrounds with diverse facilities, such as hiking, white water rafting, and fishing, as well as natural scenic landscapes, is opening up new market potential. Luxury RV parks offer specialized amenities such as gourmet restaurants, health spas, tennis courts, and golf courses, which boost area market revenue. North America will almost certainly dominate the market. Furthermore, it is expected to develop during the projection period, owing to a rapidly expanding number of regional recreational parks and camping grounds. Individuals can enjoy camping activities with their recreational vehicles in over 13,000 privately-owned and 1,600 public campgrounds in the United States. Because of the growing popularity of recreational activities, the worldwide recreational vehicle market, particularly in North America, is predicted to expand rapidly.
North America is developing an eco-friendly trend, and when it comes to recreation, employing eco-friendly recreational vehicles has grown in popularity in the region. Manufacturers are developing recreational vehicles that are more fuel efficient and have a better design. Recent recreational vehicle models use fuel-efficient diesel engines and lightweight composites, which may enhance total fuel efficiency and contribute to lower emissions. The hybrid recreational industrial vehicle segment is expected to grow significantly in the North American recreational vehicle market. Recreational vehicle hybrids are a combination of diesel engines and batteries. These recreational vehicles, like hybrid cars, rely on battery power for slower travel and both the diesel engine and battery for faster driving.
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APAC to Have Admirable Growth in Recreational Vehicle Market
Over the projection period, Asia Pacific is expected to be the fastest-growing market. The Asia Pacific market is being driven by rapid expansion in the tourist sector, outdoor recreational activities, and disposable income. The rapidly developing tourism sector, rising disposable income, and outdoor recreational activities are projected to drive product uptake in Asia Pacific. Furthermore, the registration of new vehicles is likely to increase the manufacture of new vehicles. These elements may promote market development. The predicted regional market growth is attributed to an increase in recreational vehicle penetration in the region as a result of the region's surging urban population & rising disposable income. The rapidly developing tourism sector, rising disposable income, and outdoor recreational activities are projected to drive product uptake in Asia Pacific. The Asia Pacific region will see significant growth in this market due to the significant growth of the middle-class population and increasing emphasis on the development of tourism in countries such as India, Australia, China, Thailand, South Korea, and Japan, which has resulted to an increase in demand for RVs into the region.
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