Recreational Vehicle Market; Evolution Opportunities, Regional Demands and Growth Revenue, 2027

Global recreational vehicle market is anticipated to depict a CAGR of 10% through 2027, having recorded a valuation of USD 55 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 125 billion.

Recent trends in the global recreational vehicle market are characterized by an increase in the integration of advanced technologies comprising automated control systems, sensors, and IoT into these vehicles. The industry growth is impelled by an increase in the demand for gasoline recreational vehicles on account of greater combustibility and higher RPM advantages.

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The rising deployment of gasoline vehicles due to their low prices as compared to electric and diesel vehicles will escalate the demand for gasoline motorhome vehicles over the coming years. These recreational vehicles are also popular as they require low maintenance of engine parts as compared to their diesel counterparts.

The market revenue is driven by an increase in collaborative steps by various organizations across the globe. For instance, in July 2020, NASA (National Aeronautics and Space Administration) entered into a collaboration with JAXA for the purpose of manufacturing a recreational vehicle for astronauts who would be travelling to the moon in 2024. Planned to be a six-wheeled vehicle, the RV would enable astronauts to live and work inside while journeying to the moon.

As per recreational vehicle market data, these industry participants are focusing on numerous expansion strategies for enhancing their geographical footprint and increasing product penetration. Considering an instance, in August 2020, Forest River announced its plan for the expansion of its business operations in DeKalb and LaGrange counties by investing a sum of USD 3.5 million. The move is set to help the company in expanding the production of its XLR Toy Hauler.

Furthermore, according to statistics from the World Bank, India recorded an upsurge in international tourists from 17.4 million in the year 2018 to 17.9 million in the year 2019. Surging emphasis on the expansion of tourism and a considerable increase in the middle class population is set to drive the growth of recreational vehicle market across the Asia Pacific through 2027.

The APAC recreational vehicle market is predicted to witness sizable growth by 2027, Increasing middle class population in Asia Pacific countries like South Korea, India, Japan and China is anticipated to grow the demand for leisure goods and tourism activities such as RV camping and camp groundings.

On the other hand, the rising adoption of recreational vehicles due to leisure activities and concern for safe traveling is growing the RV market share in North America and Europe. In fact, according to a survey conducted by the RV association, 148,507 RVs were shipped during the first quarter of 2021.

Prominent players in the global recreational vehicle market comprise Kropf Industries, Airstream, Pleasure-Way Industries, Erwin Hymer, Highland Ridge, Grand Design RV, Crossroads RV, Thor Industries, Fleetwood Corporation, DRV Luxury Suites, Keystone RV, Skyline Corporation, Cruiser RV, GMC Motorhome, and Dutchmen RV.

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Data Tables

TABLE 1.    Recreational vehicles industry 3600 synopsis, 2016 – 2027

TABLE 2.    Recreational vehicle market size, 2016 – 2020 (USD Million)

TABLE 3.    Recreational vehicles industry size, 2021 – 2027 (USD Million)

TABLE 4.    Recreational vehicles industry size, 2016 – 2020 (Units)

TABLE 5.    Recreational vehicles industry size, 2021 – 2027 (Units)

TABLE 6.    Recreational vehicles industry size, by vehicle, 2016 – 2020 (USD Million)

TABLE 7.    Recreational vehicle market size, by vehicle, 2021 – 2027 (USD Million)

TABLE 8.    Recreational vehicles industry size, by vehicle, 2016 – 2020 (Units)

TABLE 9.    Recreational vehicles industry size, by vehicle, 2021 – 2027 (Units)

TABLE 10.    Motorhome recreational vehicles market size, by class, 2016 – 2020 (USD Million)

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