The global recreational vehicles market was worth USD 54.63 billion in 2017 and is anticipated to grow at a CAGR of about 4.11% from 2017 to 2025. The industry is gaining increasing traction among travel enthusiasts owing to the convenience provided in terms of recreation and temporary living facilities. The growth of the RV market is majorly driven by its use for camping activities. From a conventional camp tent to the comfort facilities provided by a recreational vehicle, camping has enabled people of all ages to plan for outdoor activities. It has been estimated that in 2016, about 40 million Americans have participated in camping activities which is a primary booster for the growth of global recreational vehicle industry.
Besides camping, the global RV market is gaining an increasing demand supported by the adoption of vehicles for leisure activities such as hunting and fishing. Both families with and dedicated travelers contribute to the strong potentials for the manufacturers. Moreover, government initiatives on eliminating carbon emission levels is also resulting in greater demand for energy-efficient transportation. This scenario will scope out opportunities for the manufacturers to invest in developing innovative, energy efficient and lightweight materials for the vehicles.
Rising preferences for private means of transportation with respect to mass journey along with growing need for recreation, entertainment and other comfort accommodations in the motorhomes expected to contribute to the traction of global recreational vehicle market. Integration of advanced technology in terms of gadgets, space optimization and innovative features are likely to create increased acceptance of recreational vehicle in near future.
North America is driven majorly by the U.S. market wherein approximately 10 million of the consumers aged between 35 years to 75 years, own recreational vehicles. More RVs are manufactured in the U.S. than in the entire world combined. More than 80% of the vehicles are manufactured in Indiana, wherein about 60% of it are developed in Elkhart County. Around 90% of the U.S. production are exported to Canada majorly. The U.S. has been the consistent trading partner with Canada with respect to RV market.
Among the two types, towable accounted for the largest category of exports, with an approximate share of 76%. Increasing accessibility to Canada market is likely to scope up potential opportunities for the small sized and new entrants in the U.S. RV market.
China market is witnessing significant transitions in the market. The increasing development of tourism and campgrounds coupled with consumers’ changing travel preferences is spurring the traction of recreational vehicles market. However, the domestic recreational vehicle market in China is still in the nascent stage, wherein consumers purchased about 25,000 vehicles in 2016. The purchase number is expected is to reach 500,000 by 2020 supported by growing economy and rising middle class.
The U.S. manufacturers are facing potential and strong competition from other global recreational vehicle manufacturers based in Europe. European producers have been actively scooping out opportunities in the developing China market, including activities such as creating campgrounds and recreational vehicle standards.
The global recreational vehicle market is highly consolidated in nature. The major player including Thor Industries, Inc, Forest River Inc., Winnebago Industries Inc., and REV Group Ins., are some of the leading players in the industry, accounting more than 55% share of overall industry.
Among the listed players above, Forest River Inc., dominated the global industry with more than 25% share. Forest River Inc., was followed by Thor Industries Inc., Winnebago Industries Inc., and REV Recreation Group. Some of the key players in the global recreational vehicles market include, Airstream, DRV Luxury Suites, Dutchmen RV, Cruiser RV, Erwin Hymer Group SE, Grand Design RV, Highland Ridge, and others.
Access full report or request for free sample at: https://www.hexaresearch.com/research-report/recreational-vehicles-rvs-market
Hexa Research has segmented the recreational vehicles market report based on product, application and region :-
Segmentation by product, 2015 - 2025 (USD Million)
Segmentation by application, 2015 - 2025 (USD Million)