Global $42 Billion Recreational Vehicle Market Outlook and Forecasts 2020-2025
24 September 2020
Dublin, Sept. 24, 2020 (GLOBE NEWSWIRE) -- The "Recreational Vehicle Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering. INSIGHTS BY GEOGRAPHY Other Prominent Vendors For more information about this report visit https://www.researchandmarkets.com/r/458ayy Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
The global recreational vehicle market by revenue is expected to grow at a CAGR of over 7% during the period 2019-2025.
The global recreational vehicle market size to reach $42 billion in 2020 and is projected to grow on account of the increasing demand for camping and outdoor recreational activities in the millennial population, especially in the US. In the US, the number of active camp households increased by 1.4 million in 2018.
The growing number of active campers is contributing to the demand for RVs. The commercial usage of RV is on the rise. The rental facilities are boosting the growth of the market. The growth in peer-to-peer rental services is also influencing the popularity among millennials, which are increasingly seeking rental services.
Because of the outbreak of the COVID-19 pandemic, the global Recreational Vehicle market is expected to witness rapid growth, especially in North America and Europe. As these vehicles provide a reliable and personal way to travel, it is considered the safest travel alternative during the coronavirus pandemic, while maintaining social distance norms.
While the spread of virus and limitations for travel and transportation is stringent, the demand for RV is expected to grow across geographies in 2020. Further, the increasing demand for road trips as a getaway from quarantine would also boost growth. The post lockdown period is likely to witness the rise in the number of first-time buyers.
KEY QUESTIONS ANSWERED
1. What is the recreational vehicle (RV) market size and growth rate during the forecast period?
2. What are the factors influencing the North American recreational vehicle market growth?
3. What are some of the smart and autonomous technology incorporated in the recreational vehicle?
4. Who are the leading RV industry competitors and what is the market share of Thor Industries?
5. What is the impact of the COVID-19 pandemic on the recreational vehicle market trends?
The following factors are likely to contribute to the growth of the recreational vehicle market during the forecast period:
The North American recreational vehicle market is the largest across the globe. RV is highly popular among Americans, and over 11% of households own an RV. Over 1 million households in the US live in RV full time. It allows traveling at 20-60% less cost, which is mainly driving the popularity of RV among millennials.
The recreational vehicle market contributes an overall $114 billion to the US economy, employing over 600,000 people. Thus, RV is one of the global industries in the US economy. Millennials are particularly driving the market for a recreational vehicle in North America. About 44% of campers in 2018 reported being interested in traveling in RV across different destinations.
INSIGHTS BY VENDORS
Low entry barriers characterize the global recreational vehicle market, and it is intensely competitive with the presence of several manufacturers selling products that compete directly through product features. Thor Industries, Forest River, Winnebago Industries, and REV Group are some of the key vendors operating in the market.
The competition is based upon price, design, value, quality, insurance coverage, and service. North America constitutes the largest RV market globally, with US brands dominating the global RV industry. Low entry barriers result in numerous existing and potential RV manufacturing competitors.
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