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Technavio: RV Market Projected to Grow $32B by 2027

RVs on lot

The RV market is expected to grow by USD 32.03 billion from 2022 to 2027, progressing at a CAGR of 7.82% as per the latest Technavio market research report.

Increasing adoption of RVs by different generations of consumers is a key factor driving market growth. RV manufacturers incorporate innovative elements into their products to provide a cost-effective utility combination for budget-conscious buyers. Moreover, buyers are looking for RVs with features like spacious refrigerators, TVs and Wi-Fi, offering a unique level of comfort not found in other modes of transportation.

RVs are favored by different generations of consumers, including baby boomers, millennials and Gen X. Furthermore, the growing demand for RVs is prompting manufacturers to introduce new models of RV, thereby expanding their appeal in the recreational vehicle industry. Hence, these factors are expected to drive market growth during the forecast period.

Download Technavio’s free sample report here. The report has been segmented by application (personal and commercial), product (towable and motorized) and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The personal segment is estimated to witness significant growth during the forecast period. Catering to the diverse desires of individuals and families, the personal segment of the RV market offers a comfortable travel experience that provides the comfort of home while traveling. Furthermore, the wide selection allows people to choose the vehicle that suits their budget, lifestyle and needs. Growing travel demand, especially among the younger generation and retirees, is driving progress in energy efficiency and connectivity. Hence, these factors are expected to drive segment growth during the forecast period.

North America is going to have lucrative growth during the forecast period. About 41% of the market’s overall growth is expected to originate from North America. The growth in the region is driven by factors such as the younger generation’s growing preference for recreational vehicles, technological advancements, and economic recovery.

The increasing launch of new electric RVs is a major trend. Sensitivity to macroeconomic factors is a significant challenge restricting growth.

Key data covered in the report includes company landscape and analysis of Berkshire Hathaway, Dethleffs GmbH and Co. KG, Entegra Coach, Erwin Hymer Group SE, Gulf Stream Coach, JCBLGroup, Knaus Tabbert AG, Northwood Manufacturing, Pleasure Way Industries, RAPIDO Motorhomes, REV Group, RV India, Tata Motors Ltd., The Swift Group, THOR Industries, TRIGANO S.A., Triple E Canada Ltd., WildAx Motorhomes, Winnebago Industries and Nexus RV.

“The (RV) market has witnessed significant growth, especially in the wake of the post-lockdown era. With the tourism industry evolving, RV sales have surged, marking a notable trend. In recent months, consumers’ preference for RVs over traditional accommodations like hotels has risen, fueled by a desire for flexibility and safety. Caravans have become sought-after choices for road trips and getaways, catering to the changing dynamics of work-life balance. Rental services have capitalized on this demand, particularly in emerging economies, where the RV industry is expanding rapidly. As the demand for road trips and getaways continues to rise, the RV sector is poised for continued growth and innovation,” said Technavio in its report.

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