NEW YORK, Sept. 6, 2023 /PRNewswire/ — The recreational vehicle (RV) market is expected to grow by USD 32.03 billion from 2022 to 2027, progressing at a CAGR of 7.82% as per the latest Technavio market research report. The report has been segmented by application (personal and commercial), product (towable RVs and motorized RVs), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Increasing adoption of RVs by different generations of consumers is a key factor driving market growth. RV manufacturers incorporate innovative elements into their products to provide a cost-effective utility combination for budget-conscious buyers.Moreover, buyers are looking for RVs with features like spacious refrigerators, TVs, and Wi-Fi, offering a unique level of comfort not found in other modes of transportation.RVs are favored by different generations of consumers, including baby boomers, millennials, and Gen X.Furthermore, the growing demand for RVs is prompting manufacturers to introduce new models of RV, thereby expanding their appeal in the recreational vehicle industry.Hence, these factors are expected to drive market growth during the forecast period. Discover insights on market size before buying the full report- Download the FREE sample report
Recreational Vehicle (RV) Market: Segment Overview
- The personal segment is estimated to witness significant growth during the forecast period. Catering to the diverse desires of individuals and families, the personal segment of the RV market offers a comfortable travel experience that provides the comfort of home while traveling. Furthermore, the wide selection allows people to choose the vehicle that suits their budget, lifestyle, and needs. Growing travel demand, especially among the younger generation and retirees, is driving progress in energy efficiency and connectivity. Hence, these factors are expected to drive segment growth during the forecast period.
Geography Overview:
- North America is going to have lucrative growth during the forecast period. About 41% of the market’s overall growth is expected to originate from North America. The growth in the region is driven by factors such as the younger generation’s growing preference for recreational vehicles, technological advancements, and economic recovery. For now, get a snapshot of the comprehensive report Download the FREE Sample
Major Trend– The increasing launch of new electric RVs is a major trend in the market.
Significant Challenge- Sensitivity to macroeconomic factors is a significant challenge restricting market growth. Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a FREE sample report!
What are the key data covered in the Recreational Vehicle (RV) Market reports:
- Historic Market size
- Company landscape and analysis including Berkshire Hathaway Inc., Dethleffs GmbH and Co. KG, Entegra Coach Inc., Erwin Hymer Group SE, Gulf Stream Coach Inc., JCBLGroup, Knaus Tabbert AG, Northwood Manufacturing Inc., Pleasure Way Industries Ltd, RAPIDO Motorhomes, REV Group Inc., RV India, Tata Motors Ltd., The Swift Group, Thor Industries Inc., TRIGANO S.A., Triple E Canada Ltd., WildAx Motorhomes, Winnebago Industries Inc., and Nexus RV
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Recreational Vehicle (RV) Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.82% |
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Market growth 2023-2027 |
USD 32.03 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.35 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Berkshire Hathaway Inc., Dethleffs GmbH and Co. KG, Entegra Coach Inc., Erwin Hymer Group SE, Gulf Stream Coach Inc., JCBLGroup, Knaus Tabbert AG, Northwood Manufacturing Inc., Pleasure Way Industries Ltd, RAPIDO Motorhomes, REV Group Inc., RV India, Tata Motors Ltd., The Swift Group, Thor Industries Inc., TRIGANO S.A., Triple E Canada Ltd., WildAx Motorhomes, Winnebago Industries Inc., and Nexus RV |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About Technavio
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SOURCE Infiniti Research, Inc.
