PUNE, India, July 12, 2024 /PRNewswire/ -- The research
methodology utilized in analysing the Recreational Vehicle
Market encompasses a thorough approach that combines primary
data which is often collected through surveys, interviews, and
focus groups with industry experts and stakeholders such as
manufacturers, suppliers, retailers dealers, industry associations,
government and regulatory bodies, insurance providers, media and
influencers. This allows for firsthand insights into market trends,
consumer behaviour, and regulatory challenges and secondary
research utilizing reports from government sources, industry
publications, and financial statements. Market sizing and
forecasting techniques are employed alongside competitive analysis
to provide valuable insights into the market landscape. The report
encompasses product type, fuel, application segments and their
analysis, which elucidates their influence on the market. The
estimation methodology often adopts a bottom-up approach to
accurately determine market sizes.
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Reports on competitive analyses encompass company overviews,
financial performances, product portfolios, and strategies of key
players in the recreational vehicle market. To assess strengths and
weaknesses, a comprehensive SWOT analysis was conducted, while a
PESTLE analysis was carried out to understand the impact of
macroeconomic factors on the market. Also, the report includes
detailed analyses of investments made by market players to enhance
their global presence.
The Recreational Vehicle Market size was valued at USD 47.61 Billion in 2023 and the total
Recreational Vehicle revenue is expected to grow at a CAGR of 3.83
% from 2024 to 2030, reaching nearly USD
61.94 Billion by 2030.
Global Recreational Vehicle Market 2023-2030: Key
Highlights
Market Size in
2023:
|
47.61 Bn
|
Market Size in
2030:
|
61.94 Bn
|
CAGR:
|
3.83 %
|
Forecast
Period:
|
2024-2030
|
Base
Year:
|
2023
|
Number of
Pages:
|
229
|
No. of
Tables:
|
138
|
No. of Charts and
Figures:
|
193
|
Regional
Scope:
|
North America, Europe,
Asia Pacific, and Africa, South America
|
Report
Coverage:
|
Market Share, Size and
Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
- Historic Market Size 2017-2023
- CAGR of the market during 2024-2030
- Detailed information on factors that will assist Recreational
Vehicle market growth during the next seven years.
- An estimation of the Recreational Vehicle market size and the
impact of country's GDP on Recreational Vehicle market.
- Forecasts on upcoming trends and changes in consumer
behaviour.
- The growth of the Recreational Vehicle market
- Analysis of the competitive landscape and detailed information
on companies.
- Comprehensive details of factors that will impede the growth of
Recreational Vehicle companies.
Competitive Landscape
The Recreational Vehicle Market includes the presence of several
global as well as regional key players. A few prominent players
that offer Recreational Vehicle in the market are Thor Industries
Inc., REV Group Inc., Winnebago Industries Inc., Nexus RV LLC,
Tiffin Motorhomes, Inc., Triple E Recreational Vehicles, Dethleffs
Motorhomes, ADRIA MOBIL, d.o.o,
Nexus RV, Pilote, Pleasure-Way Industries Ltd., Heartland
Recreational Vehicles, LLC, Hymer GmbH & Co. KG, Niesmann +
Bischoff GmbHand others.
Two years of receiving legislative funding for outdoor
recreation infrastructure the RV Industry Association and the
outdoor recreation roundtable played a key role in shaping the
bipartisan planning bill. As a result, the final rule included
important provisions that would directly benefit the RV and camping
industries.
- USD 100 million to restore
recreation sites, including campgrounds, within the National Park
Service and U.S. Forest
Service.
- USD 7.5 billion will be invested
in developing electric vehicles for public access Charging systems,
hydrogen fuel systems, propane and fuel systems, natural gas and
fuel systems Highway roads. State funding will focus on rural
areas, rural, disadvantaged, and hard-to-reach areas frequented by
RVers.
- A USD 2 billion subsidy program
to improve and expand surface transportation services, including
the development of leisure and tourism opportunities by providing
increased access to federal lands, national parks, national
forests, national recreation areas, national wildlife refuges,
wilderness areas, and state parks that RVers visit daily.
- USD 7 billion to fund
infrastructure in and around our national parks, forests, and
public lands that RVers rely on for outdoor recreation and camping
experiences.
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Market Overview
With the growth of the national economy & the accumulation
of personal wealth, domestic consumption continues to grow, the
emergence of the middle class and the rise of affluent individuals
has boosted recreational vehicle (RV) demand. China's RV industry has been booming since
2001, taking nearly two decades of development. Currently,
China's recreational vehicle
market is booming. Several RV manufacturers have emerged, and the
number of RV campers has expanded rapidly, with sales up 74% from
January to February 2021.
The outlook for the future of recreational vehicles in
China seems promising, especially
given the expected growth in tourism, which has emerged as major
component of contemporary Chinese society. Total tourist arrivals
in the first half of 2023 were 2.38 billion, up 63.9% year-on-year,
and domestic tourism revenue was RMB 2.30
billion, up 95.9% year-on-year. The epidemic has reinforced
the importance of connecting with nature and participating in
outdoor activities. Trying to escape crowded cities, Chinese people
are drawn to China's natural
areas, national parks and remote areas. RVs offer a unique
opportunity to venture into these areas, providing access to remote
campsites and scenic trails. The RV tourism industry has taken
advantage of the growing demand for nature and outdoor experiences
by strategically expanding the range of product offerings to
attract more customers.
There are over 720 thousand posts regarding RV on Xiaohongshu,
one of China's largest social
media platforms among the young people. In terms of consumer
psychology, an RV is more than just a mode of transportation. This
represents the culture of RV travel. Unlike traditional modes of
transportation and lodging, RVs allow tourists to be
self-sufficient, bringing their own lodging. This notion of
mobility allows them to explore at their own pace, without the need
for specific itineraries or hotel reservations. Thus, many young
users, especially Generation Z, view RV as a symbol of freedom and
independence, representing a certain lifestyle. The comfort and
autonomy that RVs offer perfectly matches the desires of the
country's tourists looking for a unique experience. Among young
people, camping in RVs is poised to become a common mode of use and
travel in the future.
More than 9 million households in the
United States own a recreational vehicle. The number of RV
owners has increased dramatically over the past year and continues
to grow. Currently, 9 million households own an RV, up 16%
from 2001. The numbers continue to grow, and by 2022, more than 11
million homes are expected to be proud owners of recreational
vehicles.
According to the RV Industry Association, 46 million Americans
plan to take an RV trip in the next 12 months. As the RV Industry
Association says, interest in RVs continues to grow every day. More
than 46 million Americans said they plan to own an RV by 2022.
Nearly 90% of recreational vehicle owners take three or more mini
vacations per year. This fact demonstrates the ease and convenience
of recreational vehicle travel. Nearly 90% of RV owners take three
or more mini vacations a year. That shows how affordability
of RV. U.S. the economy has benefited from the RV industry as it
contributes about $12 billion in
taxes. The RV industry has a staggering $114
billion economic impact and creates over 600,000 jobs, which
is a huge win for any industry. In recent years, more
Americans have hit the road in recreational vehicles than ever
before. RVs give the freedom to explore the country without
expensive hotel fees or long lines at the airport. Although
couples in their late 40s make up the largest group of buyers,
younger buyers are purchasing more RVs than before. RV prices are
still high, but purchases show no signs of slowing down.
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Segment Overview
MMR has segmented the market based on by Product Type
(Motorhomes, Toy Haulers, Fifth Wheels, Destination Trailers, and
Camping Trailers) by Fuel (Gasoline, Diesel) by Application
(Leisure Activities, Business Activities) and Region
(APAC, Europe, North America, Middle
East and Africa, and South America).
Based on the Application segment, the global Recreational
Vehicle industry is segmented by Leisure Activities, Business
Activities. The Leisure Activities segment accounted for the
largest market share, more than 63% in 2023, expected to register
the fastest CAGR during the forecast period. Recreational vehicles
enable individuals to camp, hike, fish, and additional outdoor
activities and also serve as a convenient and comfortable base camp
too and, manufacturers have continued to innovate to improve the
comfort and convenience of recreational vehicles. Modern
recreational vehicles have modern features such as fuel efficiency,
luxurious interiors, state-of-the-art entertainment systems, smart
home connectivity, environmentally friendly solutions come
Customers looking for a sophisticated and comfortable travel
experience are attracted to these technological advancements.
The business activities segment is expected to register the
highest CAGR during the forecast period. The growing trend of
renting recreational vehicles is a key driver of the business
activities market. Additionally, the increasing focus on remote
work and work life balance has led companies to embrace hybrid
business models, driving demand for RVs with modern infrastructure
capabilities work as a mobile office Increased productivity,
promoting green living and reducing environmental impacts during
travel and residence.
In the final report, past and future numbers and explanations
are incorporated seamlessly to provide a comprehensive
understanding of the Global RV market.
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