NEW YORK, July 09, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Recreational Vehicle Market by Motorized RVs (Type A, Type B, and Type C), by Towable RVs (Travel Trailer, Fifth Wheel Trailer, Folding Camping Trailers, Truck Campers, and Park Model), and by Application (Industrial, Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’.
According to the report, the global recreational vehicles market was valued at around USD 38.48 billion in 2017 and is expected to reach approximately USD 64.25 billion by 2024, with a CAGR of 7.6 % between 2017 and 2024.
Recreational vehicles are transportable living spaces to avail maximum luxury and comfort while traveling. They are also called motorized homes. They have excellent fuel efficiency and storage capability. New trends and ongoing innovations have transformed the conventional recreational vehicle market, as they are available in various lengths and sizes depending on per their storage capacity.
Browse through 81 Tables & 29 Figures spread over 155 Pages and in-depth TOC on “Global Recreational Vehicles Market Size & Share 2017: Industry Growth, Trends, Manufacturers, Analysis and Forecast, 2024”.
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Recreational vehicles are motor vehicles equipped with living quarters and generally used for temporary accommodation. The recreational vehicles are largely used for luxury purpose while traveling or camping at touristy places. These vehicles come in various categories based on luxury and facilities available. They provide a transportable home facility while traveling to places. Some recreational vehicles have driver seats attached at the back caravan and some have separate driver seats.
Some high-impact rendering factors for the recreational vehicle market are high fuel efficiency as compared to conventional vehicles and increasing preferences by urban population for adventure travel and tourism. Additionally, the growing range of entertainment and comfort is among the significant factors influencing the recreational vehicle market. However, the license requirement by the recreational vehicle type might limit the recreational vehicle market. Nevertheless, the incorporation of solar technology in recreational vehicles is the innovative measure that can propel the recreational vehicle market in the upcoming years.
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The global recreational vehicle market is classified majorly into motorized RVs, towable RVs, and application. The motorized RV type segment is divided into type A, type B, and type C. Motorized RVs are mostly luxurious RVs that have driver space and living space combined. The demand for motorized recreational vehicles has been growing in the last few years. Travel trailer, fifth wheel trailer, folding camping trailers, truck campers, and park model comprise the towable RV segment. Towable recreational vehicle segment dominates the market, owing to its use as a long-term home vehicle that can also be used during a natural calamity. By application, the market is fragmented into industrial, commercial, and residential sectors.
Geographically, the recreational vehicle market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held nearly half the market share in 2017 and is expected to continue its dominance in the upcoming years. The U.S. is dominating the North America recreational vehicle market. Additionally, Canada is the largest emerging market for recreational vehicles. According to the International Trade Administration (ITA) report, the U.S. export of RVs to Canada totaled USD 1.1 billion in 2015 that accounted nearly 90% of the U.S. global RV exports in that year. ITA has also projected the U.S. exports to Canada for RVs are likely to increase with a CAGR of 5% in the estimated period. Towable RVs are the largest RV category exported to Canada.
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Europe was the second largest contributor in the global recreational vehicle market in 2017. Western Europe holds huge potential for recreational vehicles as the region reported a year-on-year growth of 10% in the registration of recreational vehicles in 2016. As of 2013, the total RVs used in Europe were 5,500 units. Germany dominates the European recreational vehicle market followed by France, Great Britain, the Netherlands, Spain, Sweden, and Italy. The growth in the RV registration is mainly attributed to a large number of campsites and campgrounds available in France, Northern Europe, UK, and Germany. Government regulations related to RV standards, such as safety ventilation, weight and width of vehicle, and electrical installation inside the vehicles are some major factors that might curtail this market in Europe. However, no additional requirements for a license to drive the RV and low-cost caravanning are major factors fuelling the recreational vehicle market in Europe.
Asia Pacific is the most opportunistic recreational vehicles market. The initial phase of RV development in the region and the growing trend of camping have fuelled this market. In addition, recreational vehicles are also used as temporary homes for natural calamity survivors. Australia, China, Japan, and Korea are the major markets for RVs. Australia is the fastest growing region for the RV market as compared to other Asian regions. Towable RVs are dominating the recreational vehicle market over motorhomes and campervans. A weak currency and cost-effective services offered by the key market players in Asia can affect the market. Initiatives taken by India, Japan, etc. to develop their tourism industry are likely to offer impetus to the growth of the recreational vehicle market. Government regulations regarding campground development are expected to further augment this market. Heavy import taxes on recreational vehicles are restricting the imports of RV in the region; however, in turn, it is likely to help the local manufacturers to gain traction in the market.
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Significant players of the global recreational vehicle market are Thor Industries, Inc., Gulf Stream Coach, Inc., Eclipse Recreational Vehicles, Inc., Coachmen Recreational Vehicle Company, Heartland Recreational Vehicles, LLC, Starcraft RV, Inc., Skyline Corporation, Monaco RV LLC, Jayco Inc., Fleetwood RV, Inc., Forest River, Inc., and Universal Trailer Corporation, among others.
Browse the full "Recreational Vehicle Market by Motorized RVs (Type A, Type B, and Type C), by Towable RVs (Travel Trailer, Fifth Wheel Trailer, Folding Camping Trailers, Truck Campers, and Park Model), and by Application (Industrial, Commercial, and Residential): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024" Report At https://www.zionmarketresearch.com/report/recreational-vehicles-market
This report segments the global recreational vehicle market as follows:
Global Recreational Vehicle Market: Motorized RVs Segment Analysis
- Type A
- Type B
- Type C
Global Recreational Vehicle Market: Towable RVs Segment Analysis
- Travel Trailer
- Fifth Wheel Trailer
- Folding Camping Trailers
- Truck Campers
- Park Model
Global Recreational Vehicle Market: Application Segment Analysis
- Industrial
- Commercial
- Residential
Global Recreational Vehicle Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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