July 01, 2020
As per the report titled ‘Global Recreational Vehicle (RV) Market a Analysis By Product Type, Fuel Type, End User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global recreational vehicle (RV) market was valued at USD 51.55 billion in 2019 and is expected to see remunerative growth through 2026.
Flourishing travel & tourism sector, alongside preference for luxury vehicles for camping are projected to drive the growth of global recreational vehicle (RV) market over the forecast period, cites the report. Growing popularity of house on wheels and changing lifestyle & consumer preferences are also augmenting the market outlook.
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On the contrary, COVID-19 pandemic poses a threat to automotive industry, but RVs remain lucrative for long trips because, unlike majority of the camper vans and other modes of transportation, they feature restrooms and other facilities enabling physical distancing in current situation while travelling.
Based on the product type, global recreational vehicle market is bifurcated into motorhome and towable, wherein the latter segment is gaining traction and is anticipated to grow significantly over the forecast duration. Availability of additional amenities is fostering the demand for towable RVs.
Elaborating on the fuel type, the market is split into gasoline and diesel, among which, gasoline segment will continue to display strong growth trends in the forthcoming years. Lower cost of gasoline as compared to diesel is stimulating the segmental share.
Speaking of the end-user spectrum, recreational vehicle market is divided into commercial and domestic. The latter segment is projected to gain significant traction in the coming years, owing to rising trend of house on wheels in developed nations.
Considering the geographical landscape, global recreational vehicle market is fragmented into Americas (US, Canada, Mexico), Europe (Germany, United Kingdom, France), and Asia Pacific (China, India, Japan). The report states that Americas is expected to be the leading revenue contributor over the analysis timeline, on account of widespread usage of RVs for luxury travel and camping.
Major players operating in global recreational vehicle market are Triple E Recreational Vehicle, Hymer, Nexus RV, Tiffin Motorhome Inc., Columbia Northwest Inc., Forest River Inc., Trigano, Winnebago Industries Inc., REV Group, and Thor Industries Inc.