According to a new research report by Global Market Insights, the RV market size is estimated to reach $56.5 billion by 2024.
Motorhomes segment is estimated to account for around 60 percent recreational vehicle market revenue share over the forecast timeframe owing to the benefits offered including enhanced interior space with facilities including beds, kitchen, sink, and bathroom. The lower interest rates along with easier piloting and camping capabilities with electric jacks and hooks supports the product proliferation till 2024.
The gasoline RVs segment showcased a significant growth rate of more than 7 percent CAGR over the study timeframe owing to the multiple benefits offered compared to the counterparts including easier fuel availability, lower maintenance and acquisition cost. The lower emissions from the gasoline RVs along with improved performance in high altitude and cold weather conditions, coupled with superior power and speed capabilities provides a positive outlook for the RV market growth.
The towable RVs segment will capture the maximum volume share of around 74 percent till 2024. This dominance can be attributed to the easier maintenance and operations, according to Global Market Insights. The availability of several models at varied price range coupled with lower depreciation compared to motorized RVs is further strengthening the segment dominance.
Diesel RVs accounted for more than $12 billion in 2017 and will grow considerably over the forecast timeframe. This can be attributed to the higher fuel efficiency offered by these vehicles.
North America and Europe contributed to around 80 percent of the global RV market.
High growth of the RVs in these regions can be attributed to high average disposable income of the population that allows the consumers to invest in luxurious RVs for outdoor activities. Moreover, few people owning RVs utilize them as full-time residential facility, allowing them the mobility and facilities of residence. Growing consumer interests in touring and other recreational activities such as camping, sight-seeing, new destination exploration, etc. are expected to present favorable growth prospects through the forecast period.