Recreational Vehicle Market; Global Analysis, Regional Opportunities And Forecast To 2027
Global recreational vehicle market is anticipated to depict a CAGR of 10% through 2027, having recorded a valuation of USD 55 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 125 billion.
Recent trends in the global recreational vehicle market are characterized by an increase in the integration of advanced technologies comprising automated control systems, sensors, and IoT into these vehicles. The industry growth is impelled by an increase in the demand for gasoline recreational vehicles on account of greater combustibility and higher RPM advantages.
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With multiple benefits of gasoline engines such as more efficiency in terms of power generation and low-cost maintenance for engine parts, the gasoline motorhome segment is expected to see notable growth in the next few years. Due to the aforementioned benefits, recreational vehicle manufacturers are concentrating on designing smaller engines and combustion chambers to minimize the engine’s space, to offer fuel efficiency with improved power. Furthermore, qualities of gasoline engines such as low fuel cost, affordable services and extra RPMs with more power-to-weight ratio, can help to drive the segment’s growth.
The market revenue is driven by an increase in collaborative steps by various organizations across the globe. For instance, in July 2020, NASA (National Aeronautics and Space Administration) entered into a collaboration with JAXA for the purpose of manufacturing a recreational vehicle for astronauts who would be travelling to the moon in 2024. Planned to be a six-wheeled vehicle, the RV would enable astronauts to live and work inside while journeying to the moon.
As per recreational vehicle industry data, these industry participants are focusing on numerous expansion strategies for enhancing their geographical footprint and increasing product penetration. Considering an instance, in August 2020, Forest River announced its plan for the expansion of its business operations in DeKalb and LaGrange counties by investing a sum of USD 3.5 million. The move is set to help the company in expanding the production of its XLR Toy Hauler.
However, the recreational vehicle market has been recorded to face numerous challenges through the first half of 2020 due to the increasing spread of the SARS-CoV-2 pandemic. Governments across the globe have been imposing numerous restrictions on domestic and international trade, leading to a decline in the sales of recreational vehicles in the industry. Even then, increasing efforts for economic revival and a surge in leniency in lockdown restrictions are expected to augment the expansion of the recreational vehicle industry through the forthcoming years.
The APAC recreational vehicle market is predicted to witness sizable growth by 2027. Increasing middle class population in Asia Pacific countries like South Korea, India, Japan and China is anticipated to grow the demand for leisure goods and tourism activities such as RV camping and camp groundings.
Some of the key players active in the recreational vehicle market are Winnebago Industries, Thor Industries, and REV Recreation Group, GMC motorhome, Cruiser RV, Skyline Corporation, Grand Design RV, Keystone RV, Dutchmen RV.
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Data Tables
TABLE 1. Recreational vehicles industry 3600 synopsis, 2016 – 2027
TABLE 2. Recreational vehicles industry size, 2016 – 2020 (USD Million)
TABLE 3. Recreational vehicle market size, 2021 – 2027 (USD Million)
TABLE 4. Recreational vehicles industry size, 2016 – 2020 (Units)
TABLE 5. Recreational vehicle industry size, 2021 – 2027 (Units)
TABLE 6. Recreational vehicle market size, by vehicle, 2016 – 2020 (USD Million)
TABLE 7. Recreational vehicles industry size, by vehicle, 2021 – 2027 (USD Million)
TABLE 8. Recreational vehicles industry size, by vehicle, 2016 – 2020 (Units)
TABLE 9. Recreational vehicles industry size, by vehicle, 2021 – 2027 (Units)
TABLE 10. Motorhome recreational vehicles market size, by class, 2016 – 2020 (USD Million)
TABLE 11. Motorhome recreational vehicle industry size, by class, 2021 – 2027 (USD Million)
TABLE 12. Motorhome recreational vehicles industry size, by class, 2016 – 2020 (Units)
TABLE 13. Motorhome recreational vehicles industry size, by class, 2021 – 2027 (Units)
TABLE 14. Motorhome recreational vehicle market size, by fuel, 2016 – 2020 (USD Million)
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