Recreational Vehicle Market Top Companies, Business Growth & Investment Opportunities, (2023-2035)
Research Nester’s recent market research analysis on “Recreational Vehicle Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global recreational vehicle market in terms of market segmentation by price, fuel, vehicles, end user, and by region.
Growing Sales and Demand for RVs to Drive Growth of Global Recreational Vehicle Market
The global recreational vehicle market is estimated to grow majorly on account of the rising sales of recreational vehicles all across the world. In 2021, almost 600,000 recreational vehicles were shipped globally. A tremendous 362% growth from 2009 was seen. The overall number of RV exports in 2021 was close to 576,000 units. This amount was an increase of almost 34% over the 430,000-unit total at the end of 2020. Also, in 2021, it was predicted that sales of camping vehicles in Japan as a whole will total USD 470 million. Moreover, the European Caravan Federation estimates that over 235,000 new recreational vehicles were registered in Europe in 2020, ranking it second best in history only to 1980.
On the other hand, the market growth is also attributed to the rising interest of people in camping and the higher usage of RVs for camping and other activities. The Great Smoky Mountains National Park is the most frequently visited national park by RVers. Also, in 2020, more than 1 million RVs stayed the night in campgrounds run by the National Park Service. Moreover, in 2018, almost 4 million families experienced camping for the first time. The percentage of non-white campers was close to 51%. Also, 1 million families camp annually in Canada. Furthermore, RVs have also been used as food trucks or moving restaurants. There are around 36,324 food truck businesses in the US.
Some of the major growth factors and challenges that are associated with the growth of the global recreational vehicle market are:
Growth Drivers:
- Surging Sales of Recreational Vehicles
- Rising Popularity of Camping in RVs
Challenges:
The trip by RV gets expensive owing to the huge expenditure of gas and the stringent regulations developed by the government of nations worldwide are some of the major factors anticipated to hamper the growth of the global recreational vehicle market. The tanks of an RV are significantly bigger than a car. Also, the size of the RV will affect how much gas it uses to operate. An RV will therefore normally drive a similar or longer distance between the pumps than a car despite to the fact that it cost is nearly twice as much to do so. This is accurate for all types of RVs, whether they are pulling a trailer or a motorhome. As a result, if a user saves money on hotels while traveling, their budget will run out of gas.
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By fuel, the global recreational vehicle market is segmented into diesel and gas. The diesel segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Owing to the higher efficiency of diesel-powered recreational vehicles, the growth of the segment is expected to grow significantly. An engine powered by diesel has more torque. Although camping is typically done in RVs, it maintains your vehicle’s speed throughout a climb and climbs slopes better. It performs duties much better than its gas equivalent. Also, diesel RVs have a significantly better resale value and a longer lifespan than gas RVs. Moreover, a gas engine truck may need to be replaced at 150–200k miles. But after 400,000 kilometers or more, a truck with a well-maintained diesel engine typically still runs smoothly. In addition to this, diesel motorhomes use a lot less gasoline. This is partially owing to the fact that diesel fuel has a higher energy value than gasoline.
By region, the North American recreational vehicle market is to generate the highest revenue by the end of 2035. The growth of the market in the region is anticipated by the rising interest in camping and increasing RV use. There are around 77 million camper-owning families in the US. Furthermore, approximately 28 million Americans camped in 2018. The number of Americans who went camping increased by almost 64% in the same year, in addition. Also, in the previous two years, about 40 million people took RV trips. Besides this, market growth in the region is expected on the account of the rising popularity of food trucks among younger age groups. The U.S. food truck industry grew at an average annual pace of 9.9% in 2018. In addition, adults between the ages of 25 and 44 make up about 43% of food truck consumers
This report also provides the existing competitive scenario of some of the key players of the global recreational vehicle market which includes company profiling of Airstream, Inc., Skyline Corporation, Pleasure-Way Industries Ltd., Erwin Hymer Group, Thor Industries Inc., Forest River Inc., Nexus RV, REV Recreation Group, Winnebago IndustriesGrand Design RV.
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