Recreational vehicles or motorhomes have witnessed a significant growth in adoption rates over the past few years in developing nations, such as India, China, and Brazil, owing to the shift in consumer travel preferences, the rise in disposable income, and the demand for cost-effective alternatives for shelter. People around the world are showing significant interest and choosing to explore the countryside and hitting the roads with recreational vehicles.
Government initiatives that support private-public partnerships and encourage them to speed up the development of campgrounds are expected to register significant growth in the global recreational vehicles market. Organizations and groups representing the growing interests of the recreational vehicles industry and campgrounds development also continue to emerge during the forecast period.
The recreational vehicles industry is highly consolidated with most of the recreational vehicles manufactured in the US. The demand for recreational vehicles is highly dependent on consumer income and demographics, where the mid-age group (28–55) are the target market.
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Market Research Analysis
In terms of region, the global market for recreational vehicles is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to hold a significant share in the global recreational vehicles market, owing to the increase in the production and demand of RVs across Canada and the US. Furthermore, the high quality and fuel-efficient vehicles offered by prominent manufacturers are increasing the significant market share of North America.
The recreational vehicles industry in China has witnessed significant growth in the past few years, owing to the rise in disposable income and the adoption of cost-effective and convenient alternatives during vacations. Furthermore, the growing tourism industry and the beneficial government initiatives, which strengthen public-private partnerships for campgrounds are factors that are expected to drive the market.
Scope of the Report
This study provides an overview of the global Recreational Vehicles Market, tracking four market segments across four geographic regions. The report studies key players and provide a five-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, which focuses on the market opportunities for the next five years for each region. The scope of the study segments the global recreational vehicles market by solutions, system, vehicle type, propulsion, and region.
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The prominent players in the global recreational vehicles market are Thor Industries, Inc. (the US), Winnebago Industries, Inc. (the US), Forest River, Inc. (the US), REV Group Inc. (the US), Yutong Bus (China), HYMER (Germany), CHALLENGER (France), Knaus Tabbert GmbH (Germany), and Adria Mobil, d.o.o. (Slovenia)