Global Recreational Vehicle market is majorly driven due 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. Overall camping industry is expected to witness strong and long-term demand, primarily due to the increase in annual camping households coupled with their higher frequency to camp, especially in developed countries like the U.S., Canada, the U.K., among others. 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 lightweight RVs, suiting consumer needs.

According to UnivDatos, research report “Recreational Vehicle Market”, the market is expected to witness a CAGR growth of around 6% during the forecast period 2021-2027F, owing to the demand for advance electronic systems in vehicles pertaining to enhanced safety and comfort needs of consumers. Increasing disposable income has improved lifestyle of individuals coupled with rising awareness and participation in outdoor recreational activities such as camping and trekking have spurred the demand for RVs across regions. Furthermore, RV manufacturing industry has been evolving along with changing consumer preferences. Manufacturers focus on introducing innovative technologies such as ADAS, blind spot detection, among other luxury features; to cater to the needs of customers. Moreover, advancements in automotive technology and increasing penetration rate of high-end electronics in vehicles have made the global RV market highly competitive.

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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.

Based on End-Use, the recreational vehicle market is bifurcated into commercial and personal. In 2020, personal category is expected to witness strong growth during the forecast period. As individuals are now focusing on outdoor activities such as camping that require minimal travel, are more cost-effective and promote physical health, thus creating demand for recreational vehicles. Consumers are also creating a new, vast demand avenue when they want to replace their old recreational vehicles with new advance recreational vehicles with ADAS, smart parking system, among other added luxury and premium features. In addition, it has been witnessed that consumers are preferring motorhomes, as a viable and convenient option, due to the fuel economy offered by them.

North America Accounted for Majority Share in 2020

Based on regions, the report provides detailed analysis for overall demand of Recreational Vehicle 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. In 2020, North America accounted for the largest share owing to rapidly growing number of recreational parks & camping grounds in the region. In addition, camping accounts for about 1/3rd of total outdoor activity mainly in U.S. and Canada. This allows for increasing demand for RV Vehicles in the region. Furthermore, according to the Outdoor Recreation Satellite Account (ORSA) statistics and Bureau of Economic Analysis (BEA, the current-dollar value added of the outdoor recreation economy 1.8% (US$ 374.3 billion) of current-dollar gross domestic product (GDP) for the nation in 2020. 

According to UnivDatos, the key players with a considerable market share in the Recreational Vehicle Market are 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.

• In August 2021, Wingamm Internaitonal, the leading provider of luxury compact RVs in Europe, announced its expansion to the North American market, with the launch of its Oasi 540 in the U.S.
• In June 2021, REV Group introduced introduces Frontier, a new Fleetwood RV for 2022. Frontier is a Class A Diesel motorhome that delivers a number of owner-focused innovations paired with accessible indulgence. Two triple-slide Frontier models – the 34GT and 36SS – are currently available for order with a starting MSRP of $300,000.

“Recreational Vehicle Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.     

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Market Segmentation:

1. By Type (Towable RVs {Travel Trailers, Travel Trailers - 5th Wheel, Folding Camping Trailers, and Truck Campers and others} and Motorhomes {Type A, Type B, and Type C})
2. By End-use (Commercial and Personal)
3. By Region (North America, Europe, Asia-Pacific, Rest of World)
4. By Company (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)

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