Recreational Vehicle Market: Top Companies, Regional Trends And Demand Growth To 2027
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. 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.
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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.
The rising deployment of gasoline vehicles due to their low prices as compared to electric and diesel vehicles will escalate the demand for gasoline motorhome vehicles over the coming years. These recreational vehicles are also popular as they require low maintenance of engine parts as compared to their diesel counterparts. The recreational vehicle market size is expected to surpass USD 125 billion by 2027.
However, due to the global spread of the COVID-19, the recreational vehicle industry has faced several challenges. Many governments imposed heavy restrictions on international and domestic trade, which negatively impacted the sales of recreational vehicles. But, with the relaxation in lockdown restrictions and the economic recovery, the recreational vehicle market will continue to grow steadily.
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.
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 industry 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 vehicles industry size, by vehicle, 2016 – 2020 (USD Million)
TABLE 7. Recreational vehicle market 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)
TABLE 10. Motorhome recreational vehicles industry size, by class, 2016 – 2020 (USD Million)
TABLE 11. Motorhome recreational vehicles industry size, by class, 2021 – 2027 (USD Million)
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