Recreational Vehicle Market to hit US$ 135 billion by 2028, Says Global Market Insights Inc.

Major recreational vehicle market participants are REV Recreation Group, Winnebago Industries, Auto Trail VR, Forest River, Inc., Thor Industries, GMC Motorhome, and Erwin Hymer. Other prominent industry participants include Keystone RV Airstream, DRV Luxury Suites, Crossroads RV, Grand Design RV, Dutchmen RV, Skyline Corporation, Cruiser RV, Fleetwood Corporation, Kropf Industries, and Pleasure-Way Industries.

SELBYVILLE, Del., March 10, 2022 /PRNewswire/ -- The recreational vehicle market is expected to surpass USD 135 billion by 2028, as reported in a research study by Global Market Insights Inc. The industry is anticipated to showcase significant growth owing to the rising popularity of outdoor recreational activities along with rising disposable incomes. The market is witnessing rapid technological advancements to produce electric motorhomes to curb pollution levels.

The COVID-19 pandemic has adversely affected the market growth due to strict lockdown measures and travel restrictions during the first half of 2020. However, the industry participants observe a noteworthy growth attributed to a shift in preference for camping activities among the youth population during the second half of 2020. The easing of travel restrictions and lockdown measures increased unit shipments of vehicles and a rising inclination toward outdoor recreational activities.

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Travel trailers are predicted to see tremendous demand in the recreational vehicle market. Travel trailers are cost-friendly, spacious, and are available in various sizes & weights. Many people prefer a travel trailer as they can be hauled by a car or truck, eliminating the need to spend more money on a motorized RV. Furthermore, once the trailers are parked, they are free for other uses.

Asia Pacific is estimated to register a lucrative growth rate driven by the rising middle-class population and growing emphasis on tourism expansion. The growing appetite for outdoor leisure activities, such as RV camping in Japan, South Korea, and Australia, will further support the market demand for recreational vehicles in the region.

Companies are introducing new recreational vehicle models with enhanced features to strengthen their customer base. For instance, in October 2020, Globecar Motorhomes updated the design of its three models and planned to launch them in 2021. The company's Campscout (6.4m), Roadscout (5.4m), and Globescout (6.0m) will feature an elegant interior finish, sophisticated ambient lighting, and open cab design. The new product aided the company to increase its consumer base in 2021.

Some major findings in the recreational vehicle market report include:

• The proliferating travel & tourism industry will augment the demand for motorhomes and travel trailers, creating market opportunities for recreational vehicles.
• Manufacturers are increasingly incorporating recreational vehicles with features including high-end stereos, HVAC systems, GPS displays, Advanced Driver Assistance Systems (ADASs), and anti-lock braking systems.
• Rising R&D activities by industry players to improve vehicle performance including improved maneuverability and higher output to enhance the rider experience will fuel the recreational vehicle market share.
• The growing popularity of electric recreational vehicles to limit environmental pollution levels caused by conventional recreational vehicles will provide new market opportunities for incumbent players and new entrants.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Recreational vehicle industry 360° synopsis, 2017 - 2028

2.2  Business trends

2.3  Regional trends

2.4  Vehicle trends

Chapter 3 Recreational Vehicle Market Insights

3.1  Industry segmentation

3.2  Impact analysis of coronavirus COVID-19 pandemic

3.2.1  Global outlook

3.2.2  Impact by region

3.2.2.1  North America

3.2.2.2  Europe

3.2.2.3  Asia Pacific

3.2.2.4  Latin America

3.2.2.5  MEA

3.3  Industry ecosystem analysis

3.4  Technology & innovation landscape

3.5  Investment landscape

3.6  Regulatory landscape

3.6.1  North America

3.6.2  Europe

3.6.3  Asia Pacific

3.6.4  Latin America

3.6.5  MEA

3.7  Industry impact forces

3.7.1  Growth drivers

3.7.1.1  Growing consumer spending on tourism & camping

3.7.2.1  High initial investment and maintenance cost of recreational vehicles

3.8  Growth potential analysis

3.9  Porter's analysis

3.10  PESTEL analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Global Market Insights Inc.
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