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.
- 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.
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.
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