Recreational Vehicle Market Report 2021| Regional Analysis & Growth Forecast to 2027
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.
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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.
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.
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.
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.
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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Some Point from Table of Contents:
Chapter 5 Recreational Vehicle Market, By Vehicle
5.1 Key trends, by vehicle
5.2 Motorhomes
5.2.1 Market estimates and forecast, 2016 – 2027
5.2.2 Market estimates and forecast, by class, 2016 – 2027
5.2.2.1 Class A
5.2.2.1.1 Market estimates and forecast, 2016 – 2027
5.2.2.2 Class B
5.2.2.2.1 Market estimates and forecast, 2016 – 2027
5.2.2.3 Class C
5.2.2.3.1 Market estimates and forecast, 2016 – 2027
5.2.3 Market estimates and forecast, by fuel, 2016 – 2027
5.2.3.1 Gasoline
5.2.3.1.1 Market estimates and forecast, 2016 – 2027
5.2.3.2 Diesel
5.2.3.2.1 Market estimates and forecast, 2016 – 2027
5.3 Towable RVs
5.3.1 Recreational Vehicle Market estimates and forecast, 2016 – 2027
5.3.2 Market estimates and forecast, by type, 2016 – 2027
5.3.3 Travel trailer
5.3.3.1 Market estimates and forecast, 2016 – 2027
5.3.4 Fifth wheeler
5.3.4.1 Market estimates and forecast, 2016 – 2027
5.3.5 Tent trailer
5.3.5.1 Market estimates and forecast, 2016 – 2027
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