Technavio Provides New Research on RV Market Growth – RVBusiness – Breaking RV Industry News
NEW YORK – The recreational vehicle (RV) market is expected to grow by $32.03 billion from 2022 to 2027, progressing at a CAGR of 7.82% according to the latest Technavio market research report.
Increasing adoption of RVs by different generations of consumers is a key factor driving market growth. RV manufacturers incorporate innovative elements into their products to provide a cost-effective utility combination for budget-conscious buyers.Moreover, buyers are looking for RVs with features like spacious refrigerators, TVs, and Wi-Fi, offering a unique level of comfort not found in other modes of transportation. Download the FREE sample report
RVs are favored by different generations of consumers, including baby boomers, millennials, and Gen X.Furthermore, the growing demand for RVs is prompting manufacturers to introduce new models of RV, thereby expanding their appeal in the recreational vehicle industry.Hence, these factors are expected to drive market growth during the forecast period.
The report has been segmented by application (personal and commercial), product (towable RVs and motorized RVs), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The personal segment is estimated to witness significant growth during the forecast period. Catering to the diverse desires of individuals and families, the personal segment of the RV market offers a comfortable travel experience that provides the comfort of home while traveling. Furthermore, the wide selection allows people to choose the vehicle that suits their budget, lifestyle, and needs. Growing travel demand, especially among the younger generation and retirees, is driving progress in energy efficiency and connectivity. Hence, these factors are expected to drive segment growth during the forecast period.
- North America is going to have lucrative growth during the forecast period. About 41% of the market’s overall growth is expected to originate from North America. The growth in the region is driven by factors such as the younger generation’s growing preference for recreational vehicles, technological advancements, and economic recovery.
The increasing launch of new electric RVs is a major trend. Sensitivity to macroeconomic factors is a significant challenge restricting growth.
Key data in the report include company landscape and analysis of Berkshire Hathaway Inc., Dethleffs GmbH and Co. KG, Entegra Coach Inc., Erwin Hymer Group SE, Gulf Stream Coach Inc., JCBLGroup, Knaus Tabbert AG, Northwood Manufacturing Inc., Pleasure Way Industries Ltd, RAPIDO Motorhomes, REV Group Inc., RV India, Tata Motors Ltd., The Swift Group, Thor Industries Inc., TRIGANO S.A., Triple E Canada Ltd., WildAx Motorhomes, Winnebago Industries Inc. and Nexus RV.
