Recreational Vehicles Market size worth over $125 Bn by 2027

Recreational Vehicles Market size is set to exceed USD 125 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

An increase in the popularity of recreational and leisure activities will drive the recreational vehicle industry revenue. Surging participation of individuals in recreational and leisure activities, such as off-roading events, will contribute to the accelerating demand.

 

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Increasing investments in road infrastructural development are also driving the market for recreational vehicles. As per the industry update, in 2019, the U.S. government allocated USD 1,650 million for the development of interstate & national highways. Similarly, the Canadian Government financed USD 85.8 billion in road infrastructure development. Large recreational vehicles need paved & smooth roads for efficient and safe rides.
 

Europe Recreational Vehicles Market

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A rapid increase in fuel prices coupled with high maintenance costs is negatively impacting the market outlook. The large size, heavyweight, and non-aerodynamic shape will significantly hamper the fuel efficiency of leisure vehicles. Frequent gas refills and low vehicle fuel efficiency further contribute to the operating costs. Manufacturers are focusing on R&D investments to mitigate the cost of recreational vehicles by introducing financing programs. The low-interest financing plans will encourage buyers to invest in recreational vehicles. Moreover, the execution of safety regulations will assist in reducing industry challenges.
 

Analyst view: “The rapidly growing travel & tourism sector followed by increasing demand for camping tourism across the globe will fuel the market growth.”
 

The market sales of recreational vehicles have witnessed a decline in the first half of 2020 owing to the spread of COVID-19 globally. Manufacturers in this sector have faced various challenges including the lack of raw materials and postponement of manufacturing operations. The reduction in disposable income and increasing financial insecurity are impacting the market growth of the automobile sector. However, with the economic revival, the recreational vehicles market will witness substantial growth through 2027.
 

Browse key industry insights spread across 300 pages with 450 market data tables & 36 figures & charts from the report, “Recreational Vehicle Market Size, By Vehicle (Motorhomes [By Class {Class A, Class B, Class C}, [By Fuel {Gasoline, Diesel}], Towable RVs [By Type {Travel Trailer, Fifth Wheel, Tent Trailer}]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/recreational-vehicles-market
 

High demand for towable recreational vehicles to boost the market growth

In 2020, over 420,000 towable recreational vehicles were sold in North America. The surging demand for towable vehicles can be attributed to the low cost of these vehicles compared to motorized RVs. Towable vehicles permit customers to use an existing panel van or a truck to pull the trailer, reducing the on-road price of these vehicles.
 

Players operating in this market focus on new product launches, creating a positive outlook for the market growth. Several additional features that contribute to their market demand are stainless-steel rock guards, rear bumper storage, and extra window awnings.
 

Rising demand for travel and tourism in Europe will augment the market statistics

The Europe recreational vehicle market is set to witness steady growth of around 11.5% through 2027. A surge in the demand for leisure vehicles in countries including Germany, France, Italy, and the UK is expected to support the regional market. The rising demand for leisure vehicles can be attributed to the rapidly developing travel and tourism industry in the Europe.
 

Market players operating in the recreational vehicles market are emphasizing on expanding their business in the region through various strategies including new product launches.Companies are focusing on new product launches, R&D, and innovation to gain a competitive edge. For instance, in January 2020, Renegade RV, a subsidiary of REV Group, launched an efficient Villagio motor coach model. The RV is built on the Mercedes-Benz Sprinter framework and is integrated with a turbo diesel engine, Blue Tec 3.0L, to guarantee an incomparable driving experience.
 

The key recreational vehicles market players include Pleasure-Way Industries Winnebago Industries, Thor Industries, Forest River, Inc., Airstream, REV Recreation Group, Cruiser RV, Erwin Hymer, Crossroads RV, Highland Ridge, Skyline Corporation, DRV Luxury Suites, Fleetwood Corporation, Dutchmen RV, Kropf Industries, Grand Design RV, Keystone RV, and GMC Motorhome.
 

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