Rise in recreational vehicle rental services due to leisure & recreational activities and a surge in electrification will drive the growth of the global recreational vehicle market.
PORTLAND, Ore., Oct. 14, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Recreational Vehicle Market by Type (Motorhomes and Towable RVs) and by Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the global recreational vehicle industry was estimated at $57.3 billion in 2021, and is set to reach $117 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, restraints, and opportunities
Rise in recreational vehicle rental services due to leisure & recreational activities and a surge in electrification will drive the growth of the global recreational vehicle market. However, fluctuating raw material costs are likely to hamper the expansion of the global industry. Escalating demand for recreational vehicles with newly embedded features will create new growth avenues for the global market.
Covid-19 scenario:
- The COVID-19 pandemic favorably impacted the expansion of the global recreational vehicle market due to a surge in the sale of recreational vehicles during the pandemic period.
- Growing preference for residing in recreational vehicles such as caravans during the COVID-19 period bolstered the growth of the global industry.
The motorhomes segment to dominate the global market in terms of revenue in 2031
Based on the type, the motorhomes segment contributed the highest market share in 2021, accounting for more than three-fifths of the global recreational vehicle market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. However, this same segment will record the highest CAGR of 8.1% during the forecast timeline. The growth of the segment over the assessment period is attributed to its beneficial features such as driving chassis, own engine, beds, kitchen units, and storage space. The report also includes other segments such as towable recreational vehicles.
The personal segment to hold the major market share over 2022-2031
On basis of the application, the personal segment contributed to the largest market share in 2021, accounting for nearly three-fifths of the global recreational vehicle market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to the massive use of personal recreational vehicles for outdoor recreational events. However, the commercial segment is predicted to record the highest CAGR of 9.0% over the forecast period. The growth of the segment over the forecast timeline can be credited to a prominent increase in the use of commercial recreational vehicles by tourists for camping activities.
North America to retain global market domination over 2022-2031
By Region, North America contributed notably toward the global recreational vehicle market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than two-fifths of the global market share in 2021. The same region is slated to contribute significantly toward the global market size in 2031. The growth of the regional market over the forecast timeline is due to large-scale acceptance of motorhome recreational vehicles in countries such as the U.S. However, the Asia-Pacific recreational vehicle industry is anticipated to record the highest CAGR of 9.3% over 2022-2031. The regional market growth over the projected timespan is owing to a rise in penetration of recreational vehicles in the region due to the surging urban population and increasing disposable income of the people. The report also includes other regions such as LAMEA and Europe.
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Major market players
- Airstream.com
- Coachmen Recreational Vehicle Company, LLC
- Cruiser RV
- Entegra Coach,
- Forest River Inc.
- Gulfstream Coach Inc.
- Jayco Inc.
- Newmar Corporation
- Oliver Travel Trailer
- Thor Industries Inc.
- Tiffin Motorhomes
- Winnebago Industries
The report analyzes these key players in the global recreational vehicle market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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