New York, NY, Dec. 12, 2018 (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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Rising preferences for private mode of transportation with reference to mass transit coupled with continuously growing entertainment and comfort options in motorhomes is the major factor propelling the recreational vehicle market. Alternatively, government regulations for the use of RVs (recreational vehicles) in various regions are a serious factor that might limit the market. Nonetheless, advanced gadgets and innovative features can spur this market in the future.
The global recreational vehicle market is classified into motorized RVs, towable RVs, and application. The motorized RVs segment is divided into type A, type B, and type C. The demand for motorized RV is growing at the highest rate, owing to a high degree of comfort and high fuel efficiency. Type A motorized RVs are the most expensive as they offer high comfort and luxury, whereas type Cs are less expensive motorized RVs combined with all the type A amenities. Type B dominates the motorized RV segment, due to their frequent use for camping. Travel trailer, fifth wheel trailer, folding camping trailers, truck campers, and park model comprise the towable RVs segment of the recreational vehicle market. The demand for travel trailers is expected to grow in the estimated time period, due to their wide applications and their use for long-term living. By application, the market is divided into industrial, commercial, and residential sectors.
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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.
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 the 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.
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The 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.
Latin America and the Middle East and Africa are lucrative markets for recreational vehicles. UAE is a small market with a large demand for high-end products. The trend of RV has not yet affected the regional market growth. The thriving recreational marine sector in the region might uplift the region’s demand for recreational vehicles.
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
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.
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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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