Global Recreational Vehicle Market is valued at USD 42.50 Billion in 2019 and expected to reach USD 68.25 Billion by 2026 with the CAGR of 7% over the forecast period.
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.
Scope of Global Recreational Vehicle Market Report-
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 Companies–
Winnebago Industries, Thor Industries, REV Recreation Group, Forest River Inc, others.
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.
News-
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.
Global Recreational Vehicle Market Segmentation:-
By Product: Towable RV, Motorized RV
By Application: Private, Commercial
Increasing Adoption of Recreational Vehicles is one of the Major Factors Driving Global Recreational Vehicle Market Growth.
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 is Expected to Dominate 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.
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Market Research Future (MRFR) report on the “Global Recreational Vehicle Market (2019-2025)” addresses the COVID-19 analysis of a critical factor affecting the market growth.
The increase in demand for enhanced comfort & convenience features in recreational vehicles and the rise in the need for long distances traveling, positively impact the market growth.
Also, increasing demand for convenient recreational vehicles in rising numbers of outdoor activities increases market sales.The global recreational vehicle market is witnessing a considerable rise in its size.
Besides, rising OEM reforms to transform the raw materials and components into recreational vehicles and increasing designing solutions by manufacturers to improve working conditions according to user requirements escalate the market growth to furthered height.
Global Recreational Vehicle Market- Competitive Analysis Well established, the recreational vehicle market appears fragmented due to the presence of several well-established players.
To gain a larger competitive advantage, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, product launch, and expansion.
