Global RV Market to Grow at a CAGR of over 7% during the 2020-2025

Sep 30, 2020

The growing demand for the campaign and outdoor recreational activities among the millennial population is driving the growth of the gobal RV market.

According to the latest Arizton's market research report, the gobal RV market size to cross USD 42 billion by 2020, growing at a CAGR of 7% during the forecast period.

RV Market Growth

The growing demand for the campaign and outdoor recreational activities among the millennial population is driving the growth of the RV industry. The campinglandscape iswitnessing strong growth with the rising number of new campers every year. The online rental websites and applications have eased the process of renting and boosting the demand amongstthe tech-savvy millennial population. Private ownership dominates the global RV market size. However, the commercial use of RV is expected to witness faster growth largely driven due to the increase in the rental market. The peer-to-peer rental services are also influencing the popularity among the millennials that are increasingly seeking rental services.

Introduction of Smart and Autonomous Technology

The global RV market grew by 200% in the last decade supported by continual innovative designs incorporated by manufacturers to differentiate their products. RV market is witnessing the adoption of smart technology with several manufacturers installing various smart systems that can easily manage the RV. The prototype introduction of Keystone in the iFlexSMARTrydeadvanced air suspension system that provides a smooth ride and easy control by smartphones or onboard touchpad. Girard Guard is also offering a voice activation system to make RVs Alexa enabled that controls lights, awnings, and entertainment by voice. Dometic is introducing an IoT solutions in partnership with Leisure Travel vans to bring smart technology to RVers. The RV industry is experiencing a shift to smarter technology which willboostthe growth of the overall RV market duringthe forecast period.

Get your sample today!

 Key Offerings:

  • Market Size & Forecast by Revenue | 2019−2025
  • Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
  • Segmentation – A detailed analysis by product, application, and geography
  • Competitive Landscape – 4 Key Company Profiles and 20 Other Prominent Vendors 

RV Market – Geographical Analysis

The North American RV market is the largest across the globe and highly popular among the American population. Particularly, the millennials are driving the RV market in North America. The availability of low-price RV parks and camping sites has led to the development of the RV industry, particularly in South Africa. Caravanning is becoming a popular travel culture in Turkey and the local production of caravans in Turkey is limited to few manufacturers. However, manufacturers are exporting their products to some European market and focusing on expanding their customer portfolio in Europe and other parts of the world.

Competition Overview

The global RV market is characterized by low entry barriers and the market is intensely competitive with the presence of several manufacturers, selling products that compete directly through product features. The ability to remain competitive in the market depends on the vendor’s ability to provide continuous and timely innovative product offerings. The Canadian RV manufacturers are also facing increased competition fromthe US-based manufacturers. RVs are generally cheaper to buy in the US than Canada. Low entry barriers result in increased competition among numerous existing and new potential RV manufacturing competitors. 

Looking for more information? Click Here

About Arizton Advisory & Intelligence

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize fool proof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Arizton Advisory & Intelligence

Chicago, Illinois, 60605

Mail: enquiry@arizton.com

Call: +1-312-235-2040/+1 302 469 0707

Apr 20, 2021

Focus on Effective Content Delivery to Positively Impact the Global Stock Music Market

Sounds have become core to user-centered, utility-focused design wand and this is also evident in di...

Apr 20, 2021

Emergence of Silver Nanoparticles to Transform the Global Antimicrobial Medical Device Coatings Market

Dynamic strategic collaboration activities in the global antimicrobial medical device coatings marke...

Apr 15, 2021

Incorporation of IoT is Significantly Developing the U.S. HVAC Services Market

In 2020, Carrier announced increasing R&D spending to USD 50 million in order to drive sustained...

LATEST POSTS
VIEW RELATED REPORT

Recreational Vehicle Market - Global Outlook and Forecast 2020-2025

OTHER CATEGORIES