The new report by Expert Market Research titled, ‘Global Recreational Vehicle (RV) Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global recreational vehicle (RV) market, assessing the market based on its segments such as type and major regions including Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.0%
A key factor for the growth of recreational vehicles (RVs) is the increasing demand for RV from rental agencies. These agencies are expanding their RV fleet as the demand is continuously increasing worldwide. Along with the increased demand for tourism and holiday purposes, the demand for RVs has also increased for festivals, events, and multi-day, which is also providing market growth.
Industry Definition and Major Segments
Recreational vehicles are vehicles that provide the facility to travel and the temporary facility of quarters for staying, camping or recreation.
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The market can be broadly categorised based on type into:
• Towable RVs
• Motor Homes
The regional markets for data centre security solutions include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The price of a recreational vehicle plays a significant role in the recreational vehicle industry; hence, cost-sharing ownership in the rental framework is anticipated to play a key role in the market. Moreover, growing acceptance of the RVs in the younger generation and the emerging economies is also expected to drive market growth. In addition, rising exposure leading to increased revenues, and the incorporation of sophisticated techniques into RVs is also motivating the market. In the emerging economies, the COVID-19 pandemic may have a negative effect on RV however, in developed economies, the negative impact was comparatively lower, especially in North America.
Key Market Players
The major players in the market include Thor Industries Inc., Forest River Inc., Winnebago Industries Inc., REV Group Inc., Nexus RVS LLC, Tiffin Motorhomes Inc., Triple E Recreational Vehicles among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.