Surging Disposable Income to Promote Recreational Vehicles Market Growth
Market Overview
The global recreational vehicles market is anticipated to garner a CAGR of 7.0% during the forecast period (2018-2023), Market Research Future (MRFR) reveals in a detailed report. Recreational vehicles, also known as motorhomes, are considered mobile hotels on wheels, representing an inexpensive way to tour long distances without the need to repack and unpack at every stop.
Market Potential and Pitfalls
The global recreational vehicles market has witnessed a tectonic surge over the past few years. The surge in adoption of recreational vehicles is associated with a steady and slow approach to own a pop-up camera, which can be towed easily. These vehicles help to save up to 78% of the travel costs during a vacation. Recreational vehicles are highly embraced by old as well as young ones as the most affordable way to relish the comfort of home during travel. These vehicles have witnessed significant growth in its adoption, especially in developing economies like China, India, and Brazil, due to shifting consumer travel preferences, surging demand for cost-effective alternatives for shelter, and growing disposable income. People are showing interest and choosing to explore the countryside with recreational vehicles. Such factors are likely to contribute to the growth of the market in the coming years.
Moreover, government initiatives which support private-public partnerships and influencing them to accelerate the development of campgrounds are likely to trigger the demand from the recreational vehicles market across the globe.
On the contrary, the dearth of regulatory standards and framework governing the recreational vehicle manufacturers are likely to restrict the growth in the foreseeable future.
Recreational Vehicles Market: Segmental Analysis
The global recreational vehicles market is segmented on the basis of product type, fuel type, and exterior construction material.
By product type, the recreational vehicles market is segmented into Class A, Class B, Class C, and travel trailers & campers. Of these, Class A recreational vehicles are considered the largest drivable motorhomes. They are ideal for small families and are majorly diesel-powered.
By fuel type, the recreational vehicles market is segmented into diesel and gasoline. Of these, the diesel segment is predicted to gain significant prominence due to higher fuel efficiency. Diesel provides greater energy density, which helps to reduce fuel consumption. The vehicles have rare engine configuration, which limits cabin noise and improves cooling efficiency.
By exterior construction material, the market is segmented into fiberglass, steel, aluminum, wood, and others.
Regional Frontiers
Geographically, the recreational vehicles market spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Considering the global scenario, North America is predicted to acquire a prominent share in the global market, mainly due to the soaring demand for eco-friendly recreational vehicles, integrated with improved design. The changing lifestyle due to surging expenditure om luxury and premium items is likely to trigger the adoption of recreational vehicles in the region. Moreover, the soaring demand for safer and intelligent recreational vehicles is predicted to propel the market growth in the foreseeable future.
The recreational vehicles industry has witnessed significant prominence in China due to the surging disposable income, coupled with the rising adoption of convenient and cost-effective alternatives. Also, with the beneficial government initiatives and the surging tourism industry, public-private partnerships for campgrounds are strengthened, which is predicted to elevate the scope for the recreational vehicles market in the APAC region.
Industry Updates
July 2019: The Navajo County Board of Supervisors has recently approved for a big recreational vehicle’s storage lot in Overgaard. Boat Storage and Old West RV applicant have asked the board to raise the requirement for a solid fence, in favor of a chain link fence with bushes and trees.
Competitive Dashboard
The players operating in the global recreational vehicles market include Winnebago Industries, Inc. (the US), Thor Industries, Inc. (the US), REV Group Inc (the US), Forest River, Inc. (the US), HYMER (Germany), Yutong Bus (China), Knaus Tabbert GmbH (Germany), CHALLENGER (France), and Adria Mobil, d.o.o. (Slovenia).
Links:
https://www.marketresearchfuture.com/reports/recreational-vehicles-market-7537
https://www.marketresearchfuture.com/press-release/recreational-vehicles-market
https://www.gminsights.com/industry-analysis/recreational-vehicles-market