Recreational vehicles market is projected to see consistent growth through 2027 owing to surge in the number of tourist visits and the growing tourism sector across the world. Due to rising inclination towards tourism due to remote working lifestyle trend, recreational vehicles such as motorhomes, travel trailers and tent vehicles are gaining popularity across the world. On this note, as per the study conducted by Global Market Insights, the global — recreational vehicle market demand 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.
Increasing demand for gasoline motorhomes -
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.
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Asia Pacific region to emerge as a prominent recreational vehicles market -
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. Owing to this factor, the APAC recreational vehicle market is predicted to witness sizable growth by 2027. 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.
On the other hand, the rising adoption of recreational vehicles due to leisure activities and concern for safe traveling is growing the RV market share in North America and Europe. In fact, according to a survey conducted by the RV association, 148,507 RVs were shipped during the first quarter of 2021.
Focus on strategic expansion -
Through mergers & acquisitions, new product launches, strategic partnerships and business expansion, prominent industry players are looking forward to increasing their market presence. For example, Forest River announced in August 2020 that it will spend USD 3.5 million to expand its business operations in LaGrange and DeKalb counties. The expansion will help the company to increase its XLR Toy Hauler production.
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.
In a nutshell, implementation of advanced technologies including IoT, automated control systems and electronic sensors in recreational vehicles will play a pivotal role to drive the overall market growth.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Name: Arun Hegde
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Organization: Global Market Insights Inc.
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Release ID: 89037464