Recreational Vehicle Industry (RV Market) to Generate $117 Billion, by 2031 with 7.6% CAGR: Allied Market Research
The global recreational vehicle market is expanding rapidly due to factors such as rise in electrification, surge in recreational vehicle rental services owing to recreational & leisure activities.
Wilmington, Delaware, Nov. 09, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, titled, “Recreational Vehicle Market by Type (Motorhomes and Towable RVs) and by Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031.” The report states that the global recreational vehicle market size is anticipated to value at $117 billion by 2031, having witnessed a revenue of $57.3 billion in 2021, with a noteworthy CAGR of 7.6% from 2022 to 2031. The report is an excellent source of competitive landscapes, regional analysis, value chains, key investment areas, top segments, and dynamic market trends.
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Factors influencing the growth of the market:
The global recreational vehicle market is expanding rapidly due to factors such as rise in electrification, surge in recreational vehicle rental services owing to recreational & leisure activities. Moreover, volatile costs of raw materials are anticipated to hinder market growth. Nevertheless, robust demand for recreational vehicles with advanced features will offer lucrative growth opportunities to the market in future.
The motorhomes segment to grab the lion’s share throughout the forecast timeframe
In terms of type, the motorhomes segment accounted for the largest share in 2021, contributing to more than three-fifths of the total market revenue and is estimated to rule the roost during the forecast period. The same segment is expected to portray the highest CAGR of 8.1% from 2022 to 2031. The features of motorhomes such as storage space, kitchen units, beds, own engine, and driving chassis contributed to the growth of the segment. The report also analyzes the towable recreational vehicles segment.
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The personal segment to dominate the market by 2031
By application, the personal segment accounted for the largest share in 2021, contributing to nearly three-fifths of the total market revenue and is expected to rule the roost during the forecast period. The segment is driven by vast usage of personal recreational vehicles for outdoor recreational events. On the other hand, the commercial segment would display the fastest CAGR of 9.0% throughout the forecast timeframe, owing to massive increase in the utilization of commercial recreational vehicles for camping activities by tourists.
North America to continue its supremacy during the forecast period
Under the regional analysis, the North America region held the highest share of more than two-fifths of the global market revenue in 2021 and is estimated to grab the lion’s share from 2022 to 2031. The growth is attributed to a huge acquisition of motorhome recreational vehicles in nations like the US. The Asia-Pacific region, on the other hand, would display the fastest growth with a 9.3% CAGR during the forecast period. A surge in penetration of recreational vehicles across the region owing to the increasing population and growing disposable income. The report also discusses LAMEA and Europe regions.
Leading Players in RV Market:
- Winnebago Industries
- Tiffin Motorhomes
- Thor Industries Inc.
- Oliver Travel Trailer
- Newmar Corporation
- Jayco Inc.
- Gulfstream Coach Inc.
- Forest River Inc.
- Entegra Coach,
- Cruiser RV
- Coachmen Recreational Vehicle Company, LLC
The report examines the prominent stakeholders within the global recreational vehicle market. These stakeholders have executed essential business approaches, including strategic expansion, the introduction of new products, the formation of alliances, and the establishment of joint ventures, aimed at improving their market reach and sustaining their standing within the industry. The report aids the intended audience in assessing market performance, the performance of individual market segments, the development of product portfolios within the market, and the contributions made by each stakeholder to the market’s growth.
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Similar Reports We Have on Automotive Industry:
U.S. Recreational Vehicle Market Research Report 2023-2032
Asia-Pacific Recreational Vehicle Market Research Report 2023-2032
Motorhome Vehicle Market Research Report 2023-2032
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