Covina, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Recreational Vehicle (RV) is a type of motor vehicle or trailer which includes, living quarters that are designed for accommodation. It has kitchen, bathroom, and bed with all facilities useful for camping and travelling. Recreational Vehicles are classified into towable rigs and motorhomes. A standard driving license is required to drive Recreational Vehicle. ‘RV’ is the abbreviation for Recreational Vehicle term. Recreational Vehicle is movable or can be towed by other vehicle. It includes living space which is designed for accommodation. Drivable RV is called as motorhomes which are large, self-propelled recreational vehicle. They looks like small apartments. There are many advantages of Recreational Vehicle which includes, cheaper travelling, minimal lifestyle, provides total flexibility, unique way to connect with nature, even pets can travel, ideal for social distancing, and others. Travel trailers are more convenient, has usable space, cost saver, versatility, and simplicity. Types of Recreational Vehicle includes, truck campers, caravans, motorhomes, fifth-wheel trailers, popup campers, etc. Recreational Vehicle camping gives full comforts of home like electric lights, soft seats and beds for rest, coffee maker, heating and air conditioning available, no fussing around with temperamental camp stoves, etc. Recreational Vehicle has become more popular due to rise in travel & tourism as many people are turned to outdoor activities like living in RV to pass their time, increase in campers, etc. Recreational Vehicle are eco-friendly than modern travelling which also burns waste vegetable oil and biodiesel which makes them more environmental friendly. Recreational Vehicle allows to change location any time anywhere and has become best option to explore and wander. In March 2021, according to Recreational Vehicle Industry Association (RVIA), 11.2 million of U.S. households owned Recreational Vehicles. However, rise in travel & tourism and rising demand has given the positive impact on Recreational Vehicle market growth.
The report “Recreational Vehicle Market, By Vehicle Type (Towable RVs, Motorhomes), By Fuel (Diesel, Gasoline), By Application (Commercial, Domestic), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
Key Highlights:
- In June 2022, Kia Corporation to launch India-Centric Electric vehicle in RV (recreational vehicle) body type by 2025. Kia has launched new EV6 electric crossover by CBU rout in Indian market. Kia has confirmed to develop India-Centric EV in Recreational Vehicle body type. New model will be launched by 2025.
- In May 2022, M&M (Mahindra and Mahindra) has signed a pact with Campervan Factory which is an IIT Madras incubated research based caravan manufacturing company to launch campers in India. Based on double-cab Bolero Camper Gold platform it will cater to self-drive tourism segment which is gaining popularity in country due to its well- equipped campers. The new Mahindra Bolero Gold Camper trucks offer wide range of facilities which includes, comfortable interiors to cater to kind of travelers, light fittings, and smart water solutions. Each camper truck will offer complete kitchen with microwave & mini-fridge, air-conditioner, sitting & dining facility, restroom, shower, bio-toilet, television, etc.
Analyst View:
Rise in travel & tourism has increased use of Recreational Vehicle. Recreational Vehicle Market innovation is growing around the world, owing to technology developments. RVs has provided lots of benefits like value experiences to value the memories in which one is connected with nature and expose the natural world. RV has lots of benefits like it offers flexibility to move from one location to another at any time anywhere without spending lot of money, provides sense of stability and independence for personal growth, to spend time with loved ones, amazing views near ocean or lake, provides quality of life compared to living in house, provides much more fun and freedom, less expensive and cheaper than hotel rooms and homes, suitable for outgoing personalities, good for career options like software development, scenic photography, videography, blogging, etc., and perfect for vacationers. Wide range of benefits and rising tourism has given push to the Recreational Vehicle market growth. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.
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Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on“Recreational Vehicle Market, By Vehicle Type (Towable RVs, Motorhomes), By Fuel (Diesel, Gasoline), By Application (Commercial, Domestic), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
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Key Market Insights from the report:
Recreational Vehicle Market accounted for US$ 56.29 billion in 2022 and is estimated to be US$ 107.6 billion by 2032 and is anticipated to register a CAGR of 9.5%. The Recreational Vehicle Market is segmented based on Vehicle Type, Fuel, Application and Region.
- Based on Vehicle Type, Recreational Vehicle Market is segmented into Towable RVs, Motorhomes.
- Based on Fuel, Recreational Vehicle Market is segmented into Diesel, Gasoline.
- Based on Application, Recreational Vehicle Market is segmented into Commercial, Domestic.
- By Region, the Recreational Vehicle Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Competitive Landscape & their strategies of Recreational Vehicle Market:
The prominent players operating in the Recreational Vehicle Market includes, Heartland Recreational Vehicle Company, Thor Industries Inc., Coachmen Recreational Vehicle Company, Winnebago Industries Inc., Burstner Gmbh & Co., Northwood Manufacturing Inc., NeXus RV, REV Group, Dethleffs Gmbh & Co. KG, RAPIDO Motorhomes, Kia Corporation and others.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the market are included in the report.
Scope of the Report:
- Recreational Vehicle Market, By Vehicle Type
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Towable RVs
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Motorhomes
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Recreational Vehicle Market, By Fuel, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Diesel
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Gasoline
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Recreational Vehicle Market, By Application, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Commercial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Domestic
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
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- Overview
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
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