Recreational Vehicle Market: Current Analysis and Forecast (2021-2027)

Recreational Vehicle Market: Current Analysis and Forecast (2021-2027)

Recreational Vehicle Market is anticipated display a CAGR of around 6% over 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. As per The North American Camping Report 2021 by Kampgrounds of America Inc. (KOA), camping activities demonstrated aggressive growth across the U.S. This is reflected by 67% of North American households stating that they camp at least occasionally, an increase of almost 10 percentage points from the first year of The North American Camping Report in 2014.

Insights Presented in the Report

“Amongst Type, Motorhomes system category is expected to witness highest growth during the forecast period”

Based on type, the market is bifurcated into towable RVs and motorhomes. Among these, motorhomes category to witness highest growth during the forecast period. The concept of caravan and camping tourism has gained immense popularity across the globe owing to the freedom and flexibility it provides, while holidaying vis-à-vis itineraries and accommodation. Globally, motorhomes are a unique tourism product, which promotes family oriented tours. As, these specially built vehicles are used for the purpose of travel, leisure and accommodation. In countries like India, there is at present a growing demand for eco, adventure, wildlife and pilgrimage tourism. This involves visiting and staying in remote areas, forests, deserts and riversides. There is already shortage of accommodation at tourist destinations, especially in remote areas and in certain cases at places where a permanent construction may neither be permissible nor feasible. In such a scenario, motorhomes can effectively meet the growing demand, while ensuring adherence to quality, standards and safety norms.

“Amongst End-Use, Commercial category to witness fastest growth during the forecast period”

Based on End-Use, the market is segmented into commercial and personal. Commercial category is expected to witness highest CAGR of during the forecast period owing to growing outdoor recreational activities coupled with increasing RV renting apps in Europe and developing countries of APAC region. In addition, the recreational vehicle rental market is set to experience favorable growth driven by factors such as increasing youth population, development of the tourism industry, and growing popularity of recreational vehicle camping. Further, the scope for growth of this market will be broadened by the advent of electric recreational vehicles and proliferating RV rental services’.

However, RV rental industry has suffered a slowdown due to the COVID-19 pandemic but still managed to maintain relatively optimistic growth. As, the COVID-19 pandemic ravaged communities and forced a global shutdown, making outdoor spaces – a place of refuge to safely socialize, improve physical and mental health, and recover from screen fatigue. Thus, supporting steady growth of global RV market.

“North America is expected to maintain its dominance the market during the forecast period”

For a better understanding of the demand of Recreational Vehicle, the market is analyzed for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Currently, North America grabbed highest market share in the global recreational vehicle market, in 2020. Moreover, it is expected to grow with considerable CAGR during the forecast period owing to rising awareness about the importance of spending time in outdoor recreational activities for balanced and healthy life coupled with introduction of advance and luxurious recreational vehicles. In addition, U.S. dominated the North American recreational vehicle market in 2020, owing to the growing participation of people in various outdoor recreational activities backed by growing clubs and associations supporting camping. For instance, there are over 16,000 campgrounds and parking facilities to support public and private RV camping. Furthermore, aging population and early retirement are also one of the key factors driving the growth of the market as early retirement gives people more time for outdoor recreational activities.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry