Leisure Automobile Market is Anticipated to Attain USD 77,168.66 Million at a 6.49% CAGR by 2030

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Increasing propensity for outdoor recreation to fuel recreational vehicle market growth

New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) — According to a comprehensive Market Research Future (MRFR) research report, “Recreational Vehicle Market Research Report Information By Product Type, Application-Forecast 2030,” the market is expected to have a score of approximately 77,168 by the end of 2030 $.66 million to acquire. The reports further predict that the market will thrive at a robust CAGR of over 6.49% during the assessment period.

Major Players of Recreational Vehicles Market

Prominent industry players profiled in the global Recreational Vehicles Market report include:

  • Thor Industries (USA)

  • REV Group (USA)

  • Winnebago Industries, Inc. (USA)

  • Trigano Group (France)

  • Knaus Tabbert AG (Germany)

  • Forest River, Inc. (US)

  • NeXus RV (USA)

  • Tiffin Motorhomes Inc. (US)

  • Triple E Recreational Vehicles (Canada)

  • Dethleffs GmbH & Co. KG (Germany)

  • Bürstner GmbH & co. KG (Great Britain)

  • The Swift Group (UK)

  • Fendt caravan (Germany)

  • KABE (Sweden)

  • Erwin Hymer Group (Germany)

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Report scope:

report metrics

details

Sales forecast 2030

$77,168.66 million

growth rate

CAGR of 6.49% from 2022 to 2030

base year

2021

length of study

2022-2030

Important market opportunities

Strategic developments for growth by major players

Important market drivers

Tourism sector growth Availability of recreational vehicle rental vehicles

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driver

Increasing propensity for outdoor recreation to fuel market growth

The growing popularity of outdoor leisure activities such as sports, camping and tourism is expected to drive the market expansion over the forecast period.

occasions

Growing awareness of the various benefits to provide robust opportunities

The increased awareness of its benefits, such as B. easy to tow units, maintenance costs, low depreciation, low fuel consumption and lower insurance costs is expected to boost product demand.

The story goes on

limitations

Government Regulations Restricting Markets

Government regulations related to recreational vehicles coupled with issues related to the standardization of components may act as market restraints during the forecast period.

challenges

High acquisition costs as a market challenge

The high initial acquisition costs of recreational vehicles can act as a market challenge during the forecast period.

Market Segmentation for Recreational Vehicles

The global recreational vehicle market is divided into two based on product type and application.

By product type, the recreational vehicle market is segmented into vans, campervans, and A-Clove RVs/semi-integrated/integrated

Based on the application, the recreational vehicle market is segmented into recreational and business.

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COVID-19 Analysis

As the novel coronavirus COVID-19 spreads around the world, automakers are taking drastic steps like plant closures to contain its spread. The pandemic is tearing the auto industry apart; Day by day, the players of the global automotive industry are focusing on the development of preventive measures and new business strategies to meet both the current as well as the future circumstances in the global recreational vehicle market.

The increasing spread of the corona virus leads to market disruptions. Shipping and industrial production restrictions are hurting various supply networks. The distribution of components is a critical process in the manufacturing industry, which is facing challenges such as warehouse staffing, the need for direct sales and more intelligent and responsive allocation across channels due to the pandemic putting pressure on supply chains. The disruptions will have a significant impact on the US and Europe, disrupting the global economy and disrupting global supply chains, stunting the growth of the global recreational vehicle market.

Regional analysis of the recreational vehicle market

North America leads the recreational vehicle market

North America, led by the United States, dominated the market in 2020, generating $23.65 billion in annual revenue. The region’s dominance is due to its high popularity among Americans and the region’s continued significant growth in outdoor recreation. Camping activities account for almost a third of all outdoor activities, mainly in Canada and the United States. This element contributes to the region’s increased demand for these automobiles. In addition, the rise of campgrounds with diverse facilities such as hiking, whitewater rafting and fishing, and scenic landscapes is opening up new market potential. Luxury RV parks offer specialized amenities such as gourmet restaurants, spas, tennis courts and golf courses that increase the area’s market revenues. North America will almost certainly dominate the market. In addition, it is expected to develop during the projection period due to a rapidly growing number of regional theme parks and campgrounds. Over 13,000 private and 1,600 public campgrounds in the United States allow individuals to enjoy camping activities with their recreational vehicles. With the growing popularity of recreational activities, the global recreational vehicle market, particularly in North America, is expected to expand rapidly.

North America is developing an eco-friendly trend and when it comes to recreation, the use of eco-friendly recreational vehicles is growing in popularity in the region. Manufacturers are developing recreational vehicles that are more economical and have a better design. Newer recreational vehicle models use fuel-efficient diesel engines and lightweight composite materials that can improve overall fuel efficiency and contribute to lower emissions. The hybrid recreational industrial vehicle segment is expected to grow significantly in the North American recreational vehicle market. Recreational vehicle hybrids are a combination of diesel engines and batteries. These recreational vehicles, like hybrid cars, rely on battery power for slower trips and both the diesel engine and battery for faster trips.

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APAC will see admirable growth in the recreational vehicle market

Over the projection horizon, Asia Pacific is expected to be the fastest growing market. The Asia Pacific market is driven by rapid expansion in tourism, outdoor recreation and disposable income. The rapidly developing tourism sector, rising disposable income and outdoor leisure activities are expected to drive product acceptance in Asia-Pacific. In addition, the registration of new vehicles should increase the production of new vehicles. These elements can promote market development. The projected regional market growth is attributed to an increase in the adoption of recreational vehicles in the region as a result of the region’s growing urban population and increasing disposable income. The rapidly developing tourism sector, rising disposable income and outdoor leisure activities are expected to drive product acceptance in Asia-Pacific. The Asia Pacific region is set to see significant growth in this market due to significant growth in middle-class population and increased emphasis on tourism development in countries such as India, Australia, China, Thailand, South Korea and Japan, which has led to an increase in demand for RVs in the region.

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