Global Recreational Vehicles (RV) Market To Expand At A CAGR Of 5.9% Between 2019 And 2027

According to a new market research report published by Credence Research, “Recreational Vehicles (RV) Market (by Type (Travel Trailers, Motor Homes, Campers & Camping Trailers, and Conversion Vehicles ), by Power Source (Gasoline-based, Diesel-based, and Electric Recreational Vehicles), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global recreational vehicles market is expected to reach US$ 61.25 Bn by 2027, registering a steady resurgent growth of 5.9% CAGR during the forecast period from 2019 to 2027.

Market Insight

A recreation vehicle (RV) is a motor vehicle or trailer that includes living quarters for accommodation, travel, camping, and other recreational purpose. In addition to recreation, these vehicles are also used for commercial and other specialized applications including disaster assistance, mobile offices, isolation units, medical clinics, laundries, command centers, and bunkrooms among others.  The demand for recreational vehicles is correlated with demographics and consumer income. A large base of population, especially in major markets like North America and Europe are reaching the age category where they prefer experiencing tourism through their private mode of transportation (RVs) rather public transit. Improving discretionary income, boost in consumer confidence, and availability of private financing are the major factors driving demand for recreational vehicles worldwide. In addition, with the improving economic conditions worldwide, the ownership of recreational vehicles among consumers aged between 35 and 54 has increased more as compared to among those aged between 55 and 64.  On the contrary, RV sales are bound by volatile ‘boom or bust’ pattern (cyclic nature) that tend to vary with trends in luxury goods & motor vehicle segments and the overall health of the economy.

Recreational Vehicles Market

In terms of vehicle type, travel trailers accounted for majority of the market value share in the base year 2018. A key advantage of travel trailers over non-towing variants like motor homes is that trailers can be separated from the vehicle when parked, thereby permitting easier local driving. Growing prominence of towing vehicles coupled with widespread applicability across wide range of recreational activities make travel trailer the most preferred recreational vehicle type 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.

Browse the full report at https://www.credenceresearch.com/report/recreational-vehicles-market

The Global Recreational Vehicles Market is Segmented into:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
Segmentation  By Vehicle Type Segment (2017–2027; US$ Bn)
 By Power Source Segment (2017–2027; US$ Bn)
 By Geography Segment (2017–2027; US$ Bn)

*Complete segmentation list is on report page