According to a new market research report published by Credence Research, The global recreation vehicle market is expected to reach US$ 61.25 billion by 2027, with steady re-emerging growth of CAGR 5.9 per cent during the forecast period from 2019 to 2027.
Recreational Vehicle (RV) is a motor vehicle or trailer that includes living quarters for accommodation, travel, camping and other recreational purposes. In addition to recreation, these vehicles are also used for commercial and other specialized applications, including disaster assistance, mobile offices, insulation units, medical clinics, laundries, command centers and bunkrooms, among others. Demand for recreational vehicles is correlated with demographics and consumer incomes. A large population base, especially in major markets such as North America and Europe, has reached the age category where they prefer to experience tourism through their private mode of transport (RV) rather than public transit.
Browse the full report at https://www.credenceresearch.com/report/recreational-vehicles-market
Improving discretionary incomes, boosting consumer confidence, and making private financing available are key factors driving demand for recreation vehicles worldwide. Moreover, with economic conditions improving worldwide, the ownership of recreational vehicles among consumers between the ages of 35 and 54 has increased more than among those between the ages of 55 and 64. On the contrary, RV sales are bound by a volatile’ boom or bust’ pattern (cyclical nature) that tends to vary with trends in the segments of luxury goods and motor vehicles and the overall health of the economy.
In terms of vehicle type, travel trailers accounted for the majority of the market share in the 2018 base year. A key advantage of travel trailers over non-towing variants such as motor homes is that trailers can be separated from the vehicle when parked, making local driving easier. Growing prominence of towing vehicles coupled with widespread applicability across a wide range of recreational activities make the travel trailer the most preferred type of recreational vehicle among end-users.
Some of the leading manufacturers profiled in the research study include Thor Industries Inc., Winnebago Industries Inc., Kropf Industries, Forest River Inc., Crossroads RV, Fleetwood Corporation, GMC Motorhome, REV Group Inc, Skyline Corporation, Triple E Recreational Vehicles, Nexus RV LLC, Tiffin Motorhomes, Inc., and Dethleffs Motorhomes among others. Growing preference for electric RVs is one of the budding trends observed in the recreational vehicle industry. While manufacturers like Nissan has already introduced an electric RV, other established manufacturers like Winnebago Industries Inc. and Dethleffs Motorhomes have concentrated their efforts on developing electric RVs.
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Report Scope by Segments
By Vehicle Type Segment
- Travel Trailers
- Motor Homes
- Campers & Camping Trailers
- Conversion Vehicles
By Power Source Segment
By Geography Segment
- North America (U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of the World (Middle East & Africa, Latin America)