Recreational Vehicle Market: Current Analysis and Forecast (2021-2027)

Report Description

Recreational Vehicle Market is anticipated display a CAGR of around 6% over the forecast period (2021-2027). Outdoor recreation became increasingly popular as both a fitness and socially distant activity and encompassed running, hiking, cycling, boating, fishing, camping and walking. This has led to increased demand for camping, with strong likelihood for sustained demand going forward. Therefore, with growing participation of individuals in outdoor recreational activities have resulted in the growth of the camping, thus supporting demand for recreational vehicles demand across the world. As per The North American Camping Report 2021 by Kampgrounds of America Inc. (KOA), camping activities demonstrated aggressive growth across the U.S. This is reflected by 67% of North American households stating that they camp at least occasionally, an increase of almost 10 percentage points from the first year of The North American Camping Report in 2014.

Insights Presented in the Report

“Amongst Type, Motorhomes system category is expected to witness highest growth during the forecast period”

Based on type, the market is bifurcated into towable RVs and motorhomes. Among these, motorhomes category to witness highest growth during the forecast period. The concept of caravan and camping tourism has gained immense popularity across the globe owing to the freedom and flexibility it provides, while holidaying vis-à-vis itineraries and accommodation. Globally, motorhomes are a unique tourism product, which promotes family oriented tours. As, these specially built vehicles are used for the purpose of travel, leisure and accommodation. In countries like India, there is at present a growing demand for eco, adventure, wildlife and pilgrimage tourism. This involves visiting and staying in remote areas, forests, deserts and riversides. There is already shortage of accommodation at tourist destinations, especially in remote areas and in certain cases at places where a permanent construction may neither be permissible nor feasible. In such a scenario, motorhomes can effectively meet the growing demand, while ensuring adherence to quality, standards and safety norms.

“Amongst End-Use, Commercial category to witness fastest growth during the forecast period”

Based on End-Use, the market is segmented into commercial and personal. Commercial category is expected to witness highest CAGR of during the forecast period owing to growing outdoor recreational activities coupled with increasing RV renting apps in Europe and developing countries of APAC region. In addition, the recreational vehicle rental market is set to experience favorable growth driven by factors such as increasing youth population, development of the tourism industry, and growing popularity of recreational vehicle camping. Further, the scope for growth of this market will be broadened by the advent of electric recreational vehicles and proliferating RV rental services’.

However, RV rental industry has suffered a slowdown due to the COVID-19 pandemic but still managed to maintain relatively optimistic growth. As, the COVID-19 pandemic ravaged communities and forced a global shutdown, making outdoor spaces – a place of refuge to safely socialize, improve physical and mental health, and recover from screen fatigue. Thus, supporting steady growth of global RV market.

“North America is expected to maintain its dominance the market during the forecast period”

For a better understanding of the demand of Recreational Vehicle, the market is analyzed for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Currently, North America grabbed highest market share in the global recreational vehicle market, in 2020. Moreover, it is expected to grow with considerable CAGR during the forecast period owing to rising awareness about the importance of spending time in outdoor recreational activities for balanced and healthy life coupled with introduction of advance and luxurious recreational vehicles. In addition, U.S. dominated the North American recreational vehicle market in 2020, owing to the growing participation of people in various outdoor recreational activities backed by growing clubs and associations supporting camping. For instance, there are over 16,000 campgrounds and parking facilities to support public and private RV camping. Furthermore, aging population and early retirement are also one of the key factors driving the growth of the market as early retirement gives people more time for outdoor recreational activities.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Recreational Vehicle Market were the three major steps undertaken to create and analyze the demand and sales of Keyless Entry System across automotive sector globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Recreational Vehicle through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Recreational Vehicle, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are type and end-use. Further regional level analyses were conducted to evaluate the overall demand of Recreational Vehicle in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing demand for premium and electric vehicle and technological advancement in the automotive sector etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Recreational Vehicle across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Recreational Vehicle Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Recreational Vehicle market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, vehicle type, sales channel, and region.

The main objective of the Recreational Vehicle Market Study

The current & future market trends of the Recreational Vehicle Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Recreational Vehicle in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include type, end-use, and regions
• Defined analysis of the regulatory framework for the Recreational Vehicle industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Recreational Vehicle sector and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry