Recreational Vehicle Market is expected to grow at a CAGR of around 6% during the forecast period 2021-2027. Outdoor recreation became increasingly popular as both a fitness and socially distant activity and encompassed running, hiking, cycling, boating, fishing, camping and walking. This has led to increased demand for camping, with strong likelihood for sustained demand going forward. Therefore, with growing participation of individuals in outdoor recreational activities have resulted in the growth of the camping, thus supporting demand for recreational vehicles demand across the world. In addition, current shifts in the employment landscape due to COVID-19, many consumers are now working from home and, with the absence of daily commutes, have more free time for recreation. Thus, they are more willing to spend their additional disposable income on outdoor recreation and related products. In addition, consumers are increasingly demanding for lightweight vehicles, with greater comfort and other amenities. Thus, manufacturers are continuously working on developing more fuel efficient and light weight RVs, suiting consumer needs.
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The pandemic caused significant economic and financial disruptions on automotive industry. : The COVID-19 pandemic and various infection control measures have made a great impact on the regular operation of companies in automotive industry across the world. The initial effects of COVID-19 began in first quarter of 2020, when one after another, lockdowns were imposed all around the world to contain the spread of coronavirus. This resulted in complete shutdown of automotive industry as automakers as well as component and raw material suppliers halted their production in major auto markets such as China, India, Germany, France, among others. This scenario have had a negative impact on the market, as the market growth is proportional to vehicle production. However, beginning in May 2020, industry began to witness that the consumers were eager to travel and saw RV travel as a safe mode of transportation and a safe way to vacation, resulting in a significant increase in demand for RV and a positive impact on our RV industry.
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Based on vehicle type, the market is segmented into passenger vehicle, light commercial vehicle, and medium & heavy commercial vehicles. Among these, light commercial vehicle category is expected to witness highest CAGR during the forecast period. This is mainly due to the increasing focus of governments on electrification of public transport fleets coupled with the rising demand for zero emission vehicles in the e-commerce and logistics sector.
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Based on type, the market is categorized into towable RVs and Motorhomes. Among these, motorhomes category is expected to witness highest CAGR during the forecast period. Motorhomes are not only used for vacation activities but are also widely used across various other activities like festivals, concerts, and multi-day events. Motorhomes have the added advantage of reducing vacation costs by an average of 55% over other conventional vacation activities. The aforementioned benefits have been driving an increasing demand for motorhomes in the market over the past few years, which is likely to continue during the forecast period.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of APAC); and Rest of World. In 2020, owing to high vehicle production Asia-Pacific region dominates the market. The growth of the market can be attributed to the vast population and steady rise of automotive industry in the region coupled with advancement in economic conditions of people in emerging countries such as China, Indonesia, Thailand, and India.
Recreational Vehicle Market Segmentation
Market Insight, by Type
· Towable RVs
o Travel Trailers
o Travel Trailers – 5th Wheel
o Folding Camping Trailers
o Truck Campers and others
· Motorhomes
o Type A
o Type B
o Type C
Market Insight, by End-Use
· Commercial
· Personal
Market Insight, by Region
· North America Recreational Vehicle Market
o US
o Canada
o Rest of North America
· Europe Recreational Vehicle Market
o Germany
o UK
o France
o Italy
o Rest of Europe
· Asia-Pacific Recreational Vehicle Market
o China
o Japan
o South Korea
o Rest of Asia-Pacific
· Rest of World Recreational Vehicle Market
Top Company Profiles
· Thor Industries, Inc.
· Winnebago Industries Inc.
· Forest River, Inc.
· REV Group Inc.
· Nexus RV LLC
· Grand Design RV
· Gulf Stream Coach Inc.
· Northwood Manufacturing Inc.
· Knaus Tabbert AG
· Dethleffs GmbH & Co. KG