ID: MRFR/AM/6068-CR | 100 Pages | Published By Swapnil Palwe on September 2022
According to the latest research report, It is estimated that the recreational vehicle market size would expand at a 6.49 percent CAGR through 2030.
The Global Recreational Vehicle Market size is projected to be worth USD 77,168.66 million by 2030, registering a CAGR of 6.49% during the forecast period (2022–2030).
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.
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 pandemic is tearing apart the automotive sector, day-by-day, the global players in the automotive industry are focusing on the development of preventive measures and new business strategies to address the current as well as the future situation in the global recreational vehicle market.
The growing spread of coronavirus 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 the pandemic which led to pressure on supply chains. The impact on the US and Europe from the disruptions will be significant, which will have a huge effect on the world economy and badly disrupt global supply chains hampering the growth of the global recreational vehicle market.
The trend of renting RVs is continuously increasing among the customers who engage in countryside traveling and camping and travel long distances for various activities such as concerts, festivals, and multi-day events. The healthy global economic growth remains as one of the significant factors that have been fueling the growth of the recreational motor vehicle or trailer rental over the last five years, as the motorized RVs rental industry is highly dependent on the economic conditions of the consumers. Moreover, the growing awareness among the users regarding the availability of RVs on rent has further boosted the demand for RV rental services.
The trend of providing recreational vehicle rental services is currently concentrated only in North America. However, the trend is expected to increase in Europe and Asia-Pacific during the forecast period owing to the expanding reach and presence of various RV rental groups such as independent dealers and private fleet owners. This creates opportunities for the customers to book and rent RVs from the above-mentioned groups, either online or through face-to-face meeting. Thus, the impact of the availability of RV rental services on the global recreational vehicle market is expected to shift from moderate to high over the forecast period.
Many government bodies have introduced regulations related to the safety, ventilation, permit and examination requirements, construction, weight, inspection of propane appliances, propane system, width, and electrical installations inside the vehicles. Such regulations regarding RVs are currently hindering the demand for motorized RVs. The lack of standardization in motorized RVs and components, while manufacturing is a major concern for end users. The replacement of damaged or faulty components during servicing and maintenance is difficult due to the lack of standardization among component manufacturers. Thus, the government regulations related to motorized RVs and issues related to component standardization are expected to restrain the growth of the global recreational vehicle market during the forecast period
An increasing number of initiatives by government bodies across the world to promote the adoption of RVs market is expected to drive their demand. This is expected to increase the demand for RVs across the world in the next few years. Furthermore, such factors are encouraging investments in product development by private companies in the global recreational vehicles market. The strategic initiatives by major market players are still at a primary stage and are concentrated only in a few regions. However, they are expected to increase during the forecast period. Thus, the strategic developments for growth by major players are expected to create an opportunity for the growth of the global recreational vehicle market during the forecast period.
In the design & development stage, the dimensions, raw material, type, vehicle specifications, and applications of the RVs are analyzed to design and develop the RVs effectively. In the design stage, the overall layout, components, material type, size, and shape of the motorized RVs are determined according to the application of the RVs, specific end-use requirements, and government regulations. Raw material supply entails the supply of various raw materials, such as wood, steel, fiberglass, aluminum, plastic, rubber, and other materials, which are the inputs required for the manufacture of RVs. Furthermore, various components such as sidewall panels, slide-out panels, roof panels, floor panels, RV doors & hardware, gas springs & door struts, RV molding trim, RV screws, and RV cabinet & drawer hardware are also used for manufacturing motorized RVs. Any variation in the raw material/ component supply side is going to have either a positive or negative impact on the manufacturing process. For instance, an increase in the cost of the raw materials will increase the manufacturing cost, leading to a rise in the cost of the end-product.
Manufacturers either manufacture or assemble to transform the raw materials and components into RVs, which get delivered to the end users. Manufacturers initiate the process by designing the solutions, based on the requirements of the process. At this stage, manufacturers often work in close coordination with the clients to ensure their requirements and working conditions are met. This stage is crucial, where most of the time, the product is custom made and is impacted by the specific need of the client in terms of size, specifications, and the materials being used. The end users in the global recreational vehicles market are the individual owners and motorized RVs sharing companies. The selection of RVs by the end user is primarily dependent on their features, brand, aftersales services of motorized RVs, price, and specifications.
Integrated/ Semi-integrated/ Alcove motorhomes, campervans and vans are the segments based on the product type of the Global Recreational Vehicle Market. The Integrated/ Semi-integrated/ Alcove motorhomes segment is expected to have the highest CAGR and dominate the market share during the forecast period. 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.
Leisure and business are the segments based on the application of the Global Recreational Vehicle Market. The lesisure is expected to have the highest CAGR and dominate the market share during the forecast period. 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. RVs used for leisure applications are simple in design and offer various features, which are necessary for outdoor recreational activities, inside the vehicle.
The regions are classified as North America, Europe, Asia-Pacific, Rest of the World. North America holds a significant share of the recreational vehicle market. North America has witnessed an increase in the sale of motorized RVs. 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 motor vehicle or trailer in the region. Manufacturers such as Thor Industries, Inc., Winnebago Industries, Inc., and Forest River, Inc. are offering RVs such as motorhomes and caravans with improved fuel efficiency and improved designs. Growing tourism and rising disposable income among the middle-class population coupled with government policies will support the recreational vehicle market growth in North America. Investments in the development of new and improved versions of recreational motor vehicle or trailer and the integration of production operations will boost the recreational vehicle market share of the region.
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 RVs specifications offered by OEMs in Europe. Also, manufacturers strategically make investments in the development of RVs to meet the standard specification regarding recreational motor vehicle or trailer. 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 motor vehicle or trailer are expected to boost the share of Europe in the global recreational vehicles market during the forecast period.
The global recreational vehicle market is characterized by the presence of many local, regional, and global vendors. The recreational vehicle 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. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The Global Recreational Vehicle Market is segmented based on product type and application in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Global Recreational Vehicle Market.
|Market Size 2030||USD 77,168.66 Million|
|Compound Annual Growth Rate (CAGR)||6.49% (2022-2030)|
|Market Forecast Period||2022-2030|
|Historical Data||2018 & 2020|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, and Product Type|
|Geographies Covered||North America, Europe, Asia Pacific, and the Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||Thor Industries (US), REV Group (US), Winnebago Industries, Inc. (US), Trigano Group (France), Knaus Tabbert AG (Germany), Forest River, Inc. (US), NeXus RV (US), Tiffin Motorhomes Inc. (US), Triple E Recreational Vehicles (Canada), Dethleffs GmbH & Co. KG (Germany), Bürstner Gmbh & co. KG (UK), The Swift Group (UK), Fendt Caravan (Germany), KABE (Sweden), Erwin Hymer Group (Germany)|
|Key Market Opportunities||Strategic developments for growth by major players|
|Key Market Dynamics||Growth of tourism sector Availability of recreational vehicle rental services|
The Global Recreational Vehicle market is expected to grow at a compound annual growth rate of 6.49% from 2022 to 2030 to reach USD 77,168.66 Million by 2030.
The leading companies in the industry are Thor Industries, REV Group, Winnebago Industries, Inc., Trigano Group, Knaus Tabbert AG, Forest River, Inc., NeXus RV, Tiffin Motorhomes Inc., Triple E Recreational Vehicles, Dethleffs GmbH & Co. KG, Bürstner Gmbh & co. KG, The Swift Group, Fendt Caravan, KABE, Erwin Hymer Group
North America would enjoy the upper hand in the Global Recreational Vehicle Market
Integrated/Semi-integrated/Aclove motorhomes Campervans Vans are the major types used in RVs Market.
recreational vehicles also refer as RVs, are motor vehicles designed for accommodation with features like bathroom, kitchen, as well as sleeping.
Government regulations related to recreational vehicles and issues related to component standardization is a key restraining factor for the Global Recreational Vehicle Market