RV market expected to reach $64.25 billion globally by 2024

13 February 2019
13 February 2019, Comments Comments Off on RV market expected to reach $64.25 billion globally by 2024

The global recreational vehicles market was valued at around USD $38.48 billion in 2017 and is expected to reach approximately USD $64.25 billion by 2024, according to a report by Zion Market Research.

Titled “Recreational Vehicle Market” , the report includes a forecast and an analysis of the recreational vehicle market on a global and regional level. It provides historical data for 2015, 2016, and 2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion) and volume (K Units).

It comments on the drivers, challenges, and restraints for the global recreational vehicle market, along with the impact on demand over the forecast period. Additionally, the report includes the study of opportunities available in the recreational vehicle market on a global level.

The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness. Data for the report was sourced from in-house databases, secondary, and the primary research team of industry experts.

Geographically, the recreational vehicle market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific holds the highest growth potential for the recreational vehicle market, due to a large number of initiatives taken by the government to develop the region’s tourism sector.

Australia, China, Japan, and Korea are the major markets for recreational vehicles. Japan is a significant contributor to the recreational vehicle market in this region. Recreational vehicles are also used in Japan for commercial purposes. Japan imports a large number of RVs from the U.S., out of which 87 percent are towable homes.

The report defines the global recreational vehicle market into motorized RVs, towable RVs, and application. The motorized RVs segment is divided into type A, type B, and type C. The demand for motorized RV is growing at the highest rate, owing to a high degree of comfort and high fuel efficiency. Type A motorized RVs are the most expensive as they offer high comfort and luxury, whereas type Cs are less expensive motorized RVs combined with all the type A amenities. Type B dominates the motorized RV segment, due to their frequent use for camping. Travel trailer, fifth wheel trailer, folding camping trailers, truck campers, and park model comprise the towable RVs segment of the recreational vehicle market. The demand for travel trailers is expected to grow in the estimated time period, due to their wide applications and their use for long-term living. By application, the market is divided into industrial, commercial, and residential sectors.

Full details are available at https://www.zionmarketresearch.com/report/recreational-vehicles-market