Recreational Vehicle Market 2022 Share, Outlook, Growth and Forecast 2028Posted by Diya on March 23rd, 2022 The recreational vehicle market size was valued at USD 55.28 billion in 2020. The market is estimated to grow from USD 55.90 billion in 2021 to USD 87.89 billion in 2028, exhibiting a CAGR of 6.7% during the forecast period. Rising active campers and robust demand for comfortable travel & accommodation are expected to foster market development. Fortune Business Insights™ presents this information in its report titled “Recreational Vehicle Market, 2021-2028.” Recreational vehicles are automobiles with the capacity to accommodate people during camping activities. They are used extensively for travel, recreational, and seasonal activities. Increasing number of active campers is expected to boost the product adoption. Increasing travel activities lead to adopting effective travel tools, thereby fostering market development. Furthermore, the rising demand for comfortable travel & accommodation is expected to nurture the demand for the product. These factors may propel industry growth in the coming years. List of Key Players Profiled in the Report
Industry Development
Drivers and Restraints Robust Demand for Customized RVs to Bolster Market Development The rising adoption of customized RVs for personal residence is expected to propel sales. Further, increasing awareness regarding its benefits such as depreciation value, easily towable units, low fuel consumption, maintenance costs, and lower insurance is expected to surge the product demand. Furthermore, the rising demand for recreational vehicles for tailgating, traveling with pets, and business activities is expected to foster the product sales. These factors may drive the recreational vehicle market growth. However, environmental awareness regarding the vehicle’s environmental concerns is expected to hamper market development. Competitive Landscape Adoption of Acquisition Strategies by Key Players to Facilitate Market Expansion Prominent companies operating in the market devise acquisition strategies to expand market reach and enhance their customer base. For example, Lazydays Holdings, Inc. completed the acquisition of Chilhowee RV Center in March 2021. This acquisition enabled the company to expand its market reach. Further, incorporating research and development may enable companies to produce better vehicles and boost consumer demand. In addition, the adoption of partnerships, mergers, and novel product launches may aid in achieving a remarkable market position. About Us: Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges. Contact Us: Fortune Business Insights™ Pvt. Ltd. 308, Supreme Headquarters, Survey No. 36, Baner, Pune-Bangalore Highway, Pune - 411045, Maharashtra, India. Phone: US : +1 424 253 0390 UK : +44 2071 939123 APAC : +91 744 740 1245 Like it? Share it! More by this author |