Recreational Vehicle Market: Regional Trend & Growth Projections By 2027

The recreational vehicle market is expected to surpass USD 125 billion by 2027. The rising deployment of gasoline vehicles due to their low prices as compared to electric and diesel vehicles will escalate the demand for gasoline motorhome vehicles over the coming years. These recreational vehicles are also popular as they require low maintenance of engine parts as compared to their diesel counterparts.

Recent trends in the global recreational vehicle market are characterized by an increase in the integration of advanced technologies comprising automated control systems, sensors, and IoT into these vehicles. The industry growth is impelled by an increase in the demand for gasoline recreational vehicles on account of greater combustibility and higher RPM advantages.

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The market revenue is driven by an increase in collaborative steps by various organizations across the globe. For instance, in July 2020, NASA (National Aeronautics and Space Administration) entered into a collaboration with JAXA for the purpose of manufacturing a recreational vehicle for astronauts who would be travelling to the moon in 2024. Planned to be a six-wheeled vehicle, the RV would enable astronauts to live and work inside while journeying to the moon.

As per recreational vehicle market data, these industry participants are focusing on numerous expansion strategies for enhancing their geographical footprint and increasing product penetration. Considering an instance, in August 2020, Forest River announced its plan for the expansion of its business operations in DeKalb and LaGrange counties by investing a sum of USD 3.5 million. The move is set to help the company in expanding the production of its XLR Toy Hauler.

Furthermore, according to statistics from the World Bank, India recorded an upsurge in international tourists from 17.4 million in the year 2018 to 17.9 million in the year 2019. Surging emphasis on the expansion of tourism and a considerable increase in the middle class population is set to drive the growth of recreational vehicle industry across the Asia Pacific through 2027.

The region is expected to record substantial growth in the ensuing years, owing to a rise in tourism activities such as camp grounding and RV camping in countries including Japan, India, South Korea, and China.

However, the recreational vehicle industry has been recorded to face numerous challenges through the first half of 2020 due to the increasing spread of the SARS-CoV-2 pandemic. Governments across the globe have been imposing numerous restrictions on domestic and international trade, leading to a decline in the sales of recreational vehicles in the industry. Even then, increasing efforts for economic revival and a surge in leniency in lockdown restrictions are expected to augment the expansion of the recreational vehicle industry through the forthcoming years.

On the whole, rising product adoption in the regions of North America and Europe owing to the presence of numerous industry players is expected to escalate recreational vehicle market size over the projected span.

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Some Point from Table of Contents:

Chapter 5   Recreational Vehicles Market, By Vehicle

5.1    Key trends, by vehicle

5.2    Motorhomes

5.2.1    Market estimates and forecast, 2016 – 2027

5.2.2    Market estimates and forecast, by class, 2016 – 2027    Class A    Market estimates and forecast, 2016 – 2027    Class B    Market estimates and forecast, 2016 – 2027    Class C    Market estimates and forecast, 2016 – 2027

5.2.3    Market estimates and forecast, by fuel, 2016 – 2027    Gasoline    Market estimates and forecast, 2016 – 2027    Diesel    Market estimates and forecast, 2016 – 2027

5.3    Towable RVs

5.3.1    Market estimates and forecast, 2016 – 2027

5.3.2    Market estimates and forecast, by type, 2016 – 2027

5.3.3    Travel trailer    Market estimates and forecast, 2016 – 2027

5.3.4    Fifth wheeler    Market estimates and forecast, 2016 – 2027

5.3.5    Tent trailer    Market estimates and forecast, 2016 – 2027

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