Recreational Vehicle Market: Regional Statistics, Company Analysis, Global Revenue & Forecast 2027
The recreational vehicle market is set to grow from its current market value of more than USD 55 billion to over 125 billion. Recent trends in the global recreational vehicle industry 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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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 market 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.
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.
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. Owing to this factor, the APAC recreational vehicle market is predicted to witness sizable growth by 2027. To support this statement with instance, according to India Brand Equity Foundation, India’s tourism sector is anticipated to hit a mark of USD 488 billion by 2029. Additionally, international tourist visits are expected to reach 30.5 million by 2028 in India.
On the other hand, the rising adoption of recreational vehicles due to leisure activities and concern for safe traveling is growing the RV market share in North America and Europe. In fact, according to a survey conducted by the RV association, 148,507 RVs were shipped during the first quarter of 2021.
Through mergers & acquisitions, new product launches, strategic partnerships and business expansion, prominent industry players are looking forward to increasing their market presence. For example, Forest River announced in August 2020 that it will spend USD 3.5 million to expand its business operations in LaGrange and DeKalb counties. The expansion will help the company to increase its XLR Toy Hauler production.
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 vehicle market size, 2016 – 2020 (USD Million)
TABLE 3. Recreational vehicles industry size, 2021 – 2027 (USD Million)
TABLE 4. Recreational vehicle market size, 2016 – 2020 (Units)
TABLE 5. Recreational vehicles 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 vehicle market size, by vehicle, 2016 – 2020 (Units)
TABLE 9. Recreational vehicles industry size, by vehicle, 2021 – 2027 (Units)
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