Global Recreational Vehicle Market, to Reach USD 69.94 Billion by 2028

Market Overview:
The global Recreational Vehicle Market was valued at USD 58.04 billion in 2021 and is expected to reach USD 69.94 billion by the year 2028, at a CAGR of 2.7%.

A recreational vehicle (RV) is a motor vehicle or trailer designed for accommodation and includes living quarters. The various types of recreational vehicles consist of campervans, motorhomes, caravans, coaches, fifth-wheel trailers, truck campers, and popup campers. The recreational vehicle provides various facilities such as a bathroom, kitchen, one or more sleeping facilities, air conditioning (AC), water heater, television, quartz countertops, and satellite receivers. Thus, the rising popularity of comfortable vehicles for transportation and accommodation fuels the growth of the market.

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Market Dynamics:

Driver:

The growing number of travelers or tourism provides growth for the recreational vehicle market. The adoption of a recreational vehicle for a personal residence, growing awareness about the benefits of the recreational vehicle such as low fuel consumption, easily towable units, depreciation value, lower insurance, and maintenance costs. Moreover, the growing demand for recreational vehicles, traveling with pets, tailgating, and for business activities. Growing prevalence of the COVID-19 like chronic diseases social distancing is necessary. In this type of situation recreational vehicle is ideal for social distancing. These factors support the growth of the recreational vehicle market.

Opportunities:
The advanced technologies used in a recreational vehicle are the major factor that provides a profitable opportunity for the recreational vehicle market during the forecast period. The advanced technologies include electric powertrains, advanced batteries, driver assistance, and collision mitigation system. Moreover, the implementation of strict vehicle emission regulations increases the adoption of hybrid recreational vehicles. The key players investing in the development of recreational vehicles with advanced features. For instance, in July 2020 the camper comes into the market with new fifth-generation Caddy features and features including Travel assist which assisted driving in a Volkswagen commercial vehicle. These factors offer a big opportunity for the recreational vehicle market in the projected period.

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Market Segmentation

By Type, the Motorhome segment is dominating the recreational vehicles market. In 2020, the motorhome category accounted for a significant portion of the market. Due to the increased desire for a pleasant travel and superior accommodations, it is expected to be the fastest-growing industry in the next years.

By Class, Class B is dominating the recreational vehicle market. Motorhomes in the Class B category are compact, sleek, and ready to go. Class B motorhomes are more maneuverable and fuel-efficient than Class C motorhomes, and they provide living space that is best suited for small parties.

By Application, the Commercial segment is dominating the recreational vehicle market. Commercial RVs are gaining momentum due to the booming tourism sector throughout the world, and the commercial category is predicted to grow at the quickest rate in the market from 2021 to 2028. RVs are generally used for camping by locals and visitors.

By Type
• Towable RVs
• Motorhomes

By Class
• Class A
• Class B
• Class C

By Application
• Domestic
• Commercial

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Regional Analysis of Recreational Vehicle Market

In 2020, North America, led by the United States, dominated the industry, bringing in USD 23.65 billion in sales. The region's dominance is due to its tremendous popularity among Americans and the region's sustained significant development in outdoor leisure activities. Camping activities make up about a third of all outdoor activities, mostly in Canada and the United States. This element contributes to the region's increased demand for these automobiles. Additionally, the emergence of campgrounds with diverse amenities, such as hiking, white-water rafting, and fishing, as well as natural stunning landscapes, is creating market potential. Luxury RV resorts provide specialized amenities including gourmet restaurants, health spas, tennis courts, and golf courses, all of which help to boost area market sales.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Major Key Players Considered in the Market
• ADRIA MOBIL d.o.o
• Airstream; Chausson
• Coachmen RV a Division of Forest River Inc
• Erwin Hymer Group
• Forest River Inc
• Heartland Recreational Vehicles LLC
• Hobby-Wohnwagenwerk Ing. Harald Striewski GmbH
• Hymer GmbH & Co. KG
• Jayco Inc
• K-Z Inc
• Lunar Caravans
• Nexus RV
• Niesmann + Bischoff GmbH
• Northwood Manufacturing
• Palomino RV
• Pilote
• Pleasure-Way Industries Ltd
• REV Group Inc
• Starcraft RV Inc
• Swift Group
• Thor Industries Inc
• Tiffin Motorhomes Inc
• Trigano SA
• Triple E Recreational Vehicles
• Westfalen Mobil GmbH
• Winnebago Industries Inc

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Key Developments of Recreational Vehicle Market

March 2021 - Lazydays Holdings, Inc. acquired Chilhowee RV Center Lazydays Holdings, Inc. acquired Chilhowee RV Center, a premier RV dealership located in Tennessee. This acquisition helps Lazydays Holdings, Inc. to expand its product offerings and footprint in the Eastern Tennessee market.

December 2020 - Thor Industries, Inc. Acquired luxury RV manufacturer Tiffin Motor Homes, Inc. Thor Industries, Inc. acquired Tiffin Motor Homes, Inc., a premium manufacturer of luxury RVs. This transaction is consistent with THOR's long-term strategic growth plan of both its top and bottom lines.

Table OF Content
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Type
 3.2 By Class
 3.3 By Application
Chapter 4: Market Landscape
Chapter 5: Recreational Vehicle Market by Type
To Be Continued……

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