- Report ID: BMRC 1329 | Number of pages: 200 | Publish Date: Jan 2021
Status: Published | Category: Automotive And Transport | Delivery Timeline:
Recreational Vehicle Market is valued at USD 45.48 Billion in 2020 and expected to reach USD 73.02 Billion by 2027 with the CAGR of 7% over the forecast period.
Global Recreational Vehicle Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Rapidly increasing demand for comfortable travel & accommodation of large passenger groups and the growing number of active campers are some of the major factors contributing to the growth of Global Recreational Vehicle Market.
Motor vehicle or trailer which includes living rooms that designed for accommodation is nothing but the recreational vehicle that often abbreviated as RV. It can be in the form of van or utility vehicle that used for recreational purposes such as camping and it is often equipped with living facilities. Major type of RVs includes campervans, motorhomes, caravans that also known as travel trailers and camper trailers, popup campers, fifth-wheel trailers and truck campers. Typical facilities of this RV include a bathroom, a kitchen and one or more sleeping facilities. RVs can range from the serviceable that containing only sleeping quarters and basic cooking facilities to the luxurious with features such as water heaters, air conditioning (AC), quartz countertops and televisions & satellite receptors. It provides benefits such as its travel gives user a total flexibility, its travel is cheaper, It’s a unique way to connect with nature, user can carry everything that user need with them, its travel is ideal for social distancing, user will get closer to their loved ones which include pets, user can try out a minimalist lifestyle and many more.
Global recreational vehicle market is segmented on the basis of product and application. On the basis of product, the market is segmented into towable RV and motorized RV. On the basis of application, the market is segmented into private and commercial.
The regions covered in this Global Recreational Vehicle Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Hall Effect Sensor is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Winnebago Industries, Thor Industries, REV Recreation Group, Forest River Inc , others.
VW Launched Compact Campervan
On July 31st, 2020; The new compact camper is based on the all-new fifth generation Caddy and comes with a host of new features. One example is a new bed concept that has been redeveloped to offer greater versatility and there is now a panoramic glass roof offering a night under the stars. The new Caddy features 19 driving assistance systems including Travel Assist, which for the first time enables assisted driving in a Volkswagen commercial vehicle over the entire range of speeds, and Trailer Assist, which makes reverse manoeuvring with a trailer significantly easier, as well as the Side-Assist and Rear Traffic Alert. There are two turbo diesel engine options– 74bhp and a 120bhp– plus a turbocharged petrol engine delivering 115bhp.The new compact camper will officially be launched at the beginning of September when more details and prices should be made available.
Rapidly increasing demand for comfortable travel & accommodation of large passenger groups & growing consumer preference from conventional holiday packages to road trips are some of the major factors driving the demand for towable and motorized recreational vehicles. For instance, According to the Recreational Vehicle Industry Association (RVIA), more than 11% of U.S. households own an RV, the national number of towable RVs shipments at the end of 2016 was nearly about 376,000 and National shipments of all RVs in 2016 surpassed about 430,000 units, the highest total since 1977. In addition, the growing number of active campers is also supporting the demand for RVs. For instance, According to North American Camping Report, the popularity of camping is growing. Overall camping incidence among U.S. households has trended upward. Currently about 61% of U.S. households camp at least occasionally, up from 58% three years ago. It is estimated that more than 37 million households went camping at least once in the last year. Of those households about 14 million camped three or more times. However, seasonal fluctuation in the market and intense competition may hamper the growth of global recreational vehicle market. In spite of that, increasing technological advancements and proliferating RV rental services demand can provide various opportunities for the further growth of the global recreational vehicles market.
North America region is expected to dominate the global recreational vehicles market due to its high popularity among Americans, increasing demand of recreation vehicles for outdoor camping, activities and tours in this region. For instance, According to North American Camping Report, Among U.S. households, 61% are including someone who camps. over 1 million households have started camping each year since 2014, resulting in about 3.4 million U.S. households becoming new campers over the last three years and Among all U.S. campers, 37% including at least 43% of millennials say their access to technology allows them to spend more time camping.
Asia Pacific region is expected to witness a significant growth in this market owing to the significant growth of the middle-class population and increasing emphasis on the development of tourism are boosting the demand for leisure-related goods and activities, like camp grounding and RV camping in countries including India, China, Australia, South Korea, Thailand and Japan which has led to an increase in demand for RVs into the region. For instance, According to World Tourism Organization, intraregional tourism in Asia and the Pacific accounted for some about 197 million international tourist arrivals or 79% of the region’s total in 2013 and Arrivals from other regions represented about 20% or about 50 million. This was more than double its 2000 count of about 110 million i.e. a world share of 16%, reflecting strong growth in international tourism demand for the region.
By Product: Towable RV, Motorized RV
By Application: Private, Commercial
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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Recreational Vehicle Market Size By Product (Towable RV, Motorized RV), By Application (Private, Commercial) Forecast 2021-2027