Recreational Vehicles Market is predicted to reach USD 80.83 Billion at a CAGR of 5.65% during the forecast period

Pune, India, Sep 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Recreational Vehicles Market.

Recreational Vehicle Market

Recreational vehicles, also known as RVs, are motor vehicles designed for accommodation. They are widely used for camping. RVs include features such as bathroom, kitchen, as well as sleeping facilities.Recreational Vehicle

Market Synopsis

According to the MRFR analysis, the global Recreational vehicle Market size is projected to reach USD 80.83 Billion by 2032 at a CAGR of 5.65%.

The growth of the global recreational vehicle market is driven by various factors such as the growth of the tourism sector and availability of recreational vehicle rental services. However, the growth of the Recreational vehicle market is expected to be hindered by the government regulations related to recreational vehicle and issues related to component standardization.

With the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. The growing spread of corona virus leads to disruption in the markets. Restrictions to shipping and industrial production are affecting multiple supply chains. Distribution of components is the key process in manufacturing industries, which is facing challenges such as staffing of warehouses, a need for direct distribution and more intelligent and responsive allocation across channels due to pandemic which led to pressure on supply chains.

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Recreational Vehicle Market Competitive Landscape

The global recreational vehicle market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth.

Thor Industries, Inc., REV Group, Inc., Winnebago Industries, Inc., Trigano Group, Knaus Tabbert AG, and Forest River, Inc. are some of the key players operating in the global recreational vehicle market.

RV Market Segmentation:

Recreational Vehicle Market Based on product type:

• Integrated/semi-integrated/alcoves motorhomes: These motorhomes are large buses that are 20 feet to 45 feet in length and can accommodate up to ten passengers. This type of motorhome run on diesel or gas. These vehicles come with various features such as shower, storage tank, stove, bed, and basin and offer higher towing capacity and a fuel-efficient ride. The increase in demand for better amenities and large interior space further increases the demand for these motorhomes in the global market during the forecast period.


• Campervans: A Campervan is a van prepared as an independent voyaging home; campervans are regularly more modest than a RV. There is for the most part no split between the taxi and the living quarters. Campervans as a rule have essential offices for cooking, washing, and dozing. Campervans enjoy the benefit of being little and simple to drive and stop, and they're generally less expensive than RVs on fuel, parts, ship charges, costs, assessment and protection.


• Vans: A van feature a separated motorized vehicle and attached hitch system for towing. In terms of height, it ranges between 25 and 40 feet. The front of a van consists of a master bedroom and slide-out options, which makes the interior spacious. Several models of such vans have elegant and spacious installations. The truck campers are designed to be placed over such vans.

Recreational Vehicle Market Based on application:

• Leisure: Leisure riding refers to the occasional trip, which a group of people heads out to enjoy at a recreation park and at a mountain range. Recreational vehicles used for leisure applications are simple in design and offer various features, which are necessary for outdoor recreational activities, inside the vehicle.


• Business: The business segment includes recreational vehicle market that are used for corporate meetings and other necessary business activities. The recreational vehicle manufacturers, such as Thor Industries, Inc., Forest River, Inc., and REV Group, Inc., are developing new recreational vehicles, which are used mainly in business applications and are equipped with enhanced features. Rapid advancements in recreational vehicles, an increase in demand for enhanced features and amenities in recreational vehicles, and growing use of recreational vehicles by organizations for business meetings are expected to drive the growth of the business segment in the global market during the forecast period.

Recreational Vehicle Market Based on region:

• North America: North America has witnessed an increase in the sale of recreational vehicles. The growing US market is expected to lead to the improvement of the recreational vehicle market. The authorities in North America are encouraging the adoption of eco-friendly products, which leads to the popularity of recreational vehicle market in the region. Manufacturers such as Thor Industries, Inc., Winnebago Industries, Inc., and Forest River, Inc. are offering recreational vehicles such as motorhomes and caravans with improved fuel efficiency and improved designs.


• Europe: With the growth in the transport sector in Europe, the government agreed to target an emission reduction and set sustainability criteria to control fuel emission. This is expected to impact the recreational vehicle specifications offered by OEMs in Europe. Also, manufacturers strategically make investments in the development of recreational vehicle to meet the standard specification regarding recreational vehicle market. With an increase in per capita expenditure on luxury, recreational off-highway vehicles are becoming integrated with intelligent technologies due to a rise in automation and computerized controls. Moreover, the presence of key automotive OEMs, stringent government norms regarding emission control, and increased investment in the development of recreational vehicles are expected to boost the share of Europe in the global recreational vehicle market during the forecast period.


• Asia-Pacific: Asia-Pacific automotive industry is growing due to the presence of countries such as China, Japan, and Australia. The surge in demand of passenger cars and recreational vehicle market in the region is propelling the tourism growth in the region. Increased sales of automobiles in the region are attributed to factors such as growing per capita income, improved infrastructure spending, and initiatives to increase the amount of FDI and economic production cost. Asia-Pacific has one of the highest numbers of recreational vehicle manufacturers.

Rest of the World: The rest of the world consists of the Middle East & Africa and South America. The rest of the world is expected to witness significant growth during the forecast period owing to the growth of the automotive industry and is expected to develop further owing to the rising tourism and increasing recreational activities. The growing demand for efficient recreational vehicles and luxurious recreational vehicles is expected to enhance the market revenue and its growth. In the past years, there had been a massive rise in demand for improved vehicle performance and driving comfort in the countries in the Middle East & Africa.