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Recreational Vehicle Market Recent Trends,Market Growth,Top Manufacturers Analysis,Business Opportunities and Demand

Author : Ronak Bora | Published Date : 2020-08-26 

The growing trend of consumers taking multiple mini-vacations, to places closer to their homes, is expected to drive the recreational vehicle market. The recreational vehicle industry has flourished since its low point of financial crisis. As per the Recreational Vehicle Industry Association (RVIA), in 2017, over 500,000 recreational vehicles (RVs) were sold, a rise of 17.2% from the 2016 number.

The demand for RVs has depicted an upward trend since then. In fact, the RVIA registered 2019 to be the fourth highest year on record. According to RVs 2019 Move America Study, a research that was commissioned by RVIA, the RV sector boasts of a $114 billion worth of economic impact and provides more than 596,355 jobs as well as $32.2 billion in terms of wages.

Some of the most prominent factors that are driving RV industry growth include, increasing focus towards shorter trips that are closer to home, their ability to support balanced lifestyles, shifting lifestyle trends, increasing innovation in product development, and launch of new RVs with today's amenities.

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Additionally, RVs also provide a better value for money to their users by saving on vacation costs. In fact, RVs typically enable vacation cost savings of more than 27-62% for a family of four, even when considering fuel and ownership costs.

The overall recreational vehicles market is bifurcated into different segments in terms of vehicles, fuel, and regional landscape.

The vehicles segment is classified into motorhomes, and towable RVs. Among these, the motorhomes segment held a market share of nearly 55% in 2019 owing to high demand for luxurious recreational campers with enhanced passenger accommodation.

Luxury recreational vehicles, especially, are showing a tremendous rise in demand as governments start to ease the lockdowns they had imposed to curb the spread of the coronavirus. According to a recent report by RV manufacturer, Thor Industries, Inc., sales of luxury RVs costing $100,000 and above have increased tremendously.

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In terms of fuel, the market is categorized into gasoline, and diesel recreational vehicles. Among these, the gasoline segment is projected to witness significant growth over the coming years. The segment is slated to witness this high demand owing to low vehicle emissions and low maintenance requirements of these vehicles.

Additionally, the number of first-time owners is also increasing considerably, which would compliment business growth for gasoline-powered RVs. Recreational vehicles that run on gasoline are more easy to drive as gasoline engine provide better power and torque, making it easier for first-time drivers to traverse different terrains more easily.

From a regional reference frame, the LATAM recreational vehicles market is set to register substantial revenue growth owing to the increasing number of RV rental service providers in the region.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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