SELBYVILLE, Del., July 1, 2020 /PRNewswire/ -- According to the latest report "Recreational Vehicles (RV) Market by Vehicle (Motorhomes [Class A, Class B, Class C], Towable RVs [Travel Trailer, Fifth Wheel, Tent Trailer]), Fuel (Gasoline, Diesel), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of RVs will cross $64 billion by 2026. The market is anticipated to project rapid growth owing to rising adoption of electric recreational vehicles. Stringent regulations established by several government authorities including the European Union and the U.S. Environmental Protection Agency are encouraging consumers to shift to electric RVs.
Towable RVs including travel trailers and fifth wheels are witnessing high demand in the industry. The market growth can be attributed to large storage and living space provided by them. The absence of critical components, such as an engine and powertrain, accounts for minimum maintenance and repair. They also allow enhanced customization as per end-user requirements, further contributing to their growing market demand.
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Gasoline-powered RVs accounts for a significant share in the global market. Factors including easy fuel availability through a robust infrastructure of fuel dispensing stations, low maintenance, and initial purchase costs are driving their adoption in the market. The easy availability of parts and servicing stations will further boost market demand.
The recreational vehicles market in Europe is expected to witness rapid growth due to growing integration of advanced technologies in RVs. RV manufacturers are offering modern appliances and features to increase their market share. The increasing demand for enhanced safety coupled with the growing adoption of semi-autonomous vehicles in Europe is encouraging industry players to introduce RV models with ADAS technology.
Key players operating in the recreational vehicles market include REV Recreation Group, Winnebago Industries, Forest River, Inc., Thor Industries, Kropf Industries, Fleetwood Corporation, and Skyline Corporation. Market players are adopting several strategies that focus on developing alliances and partnerships with other industry players to enhance their product line-up and market share. Market leaders are also focusing on new product launches to cater to the rising demand for RVs.
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Some major findings in the recreational vehicles market report include:
- The rise in spending capacity due to growing disposable income is encouraging consumers to engage in recreational activities such as camping tourism.
- The high level of customization offered by industry players in their RV models to meet specific customer requirements will contribute to the growing market share of recreational vehicles.
- The rising number of RV rental service providers is augmenting the market demand for modern & feature-rich recreational vehicles.
- Several government initiatives for the development of the tourism industry in Asia Pacific, Europe, and the MEA will increase the number of foreign tourist arrivals in these regions.
Table of Contents (ToC) of the report:
Chapter 3. Recreational Vehicles Market Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 pandemic
3.2.1. Global outlook
3.2.2. Impact by region
188.8.131.52. North America
184.108.40.206. Asia Pacific
220.127.116.11. Latin America
3.2.3. Industry value chain
18.104.22.168. Research and development
3.2.4. Competitive landscape
22.214.171.124. Distribution network
126.96.36.199. Business growth
3.3. Industry ecosystem analysis
3.3.1. Raw material supplier
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.6. Pricing analysis, by region
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Industry pitfalls & challenges
3.8. Growth potential analysis
3.9. Porter's analysis
3.10. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Recreational Vehicle Market revenue to cross USD 64 Bn by 2026: GMI
The recreational vehicles market in Europe is expected to witness rapid growth due to growing integration of advanced technologies in RVs.
SOURCE Global Market Insights, Inc.