The recreational vehicle (RV) market is poised to garner sizable growth on account of increasing adoption of electric recreational vehicles. Organizations like the U.S. Environmental Protection Agency and the European Union are implementing stringent norms to promote the adoption of electric vehicles. These regulations have encouraged manufacturers to develop electric versions of their RVs.
Rise in inclination towards recreational activities like camping and strong growth in consumer spending have boosted the demand for RVs over the years. Based on these aspects, Global Market Insights, Inc., estimates that the recreational vehicle market might touch USD 64 billion by the year 2026. Increasing availability of customization RV models by manufacturers that fulfill specific customer requirements could further enhance business outlook.
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However, rampant spread of the COVID-19 virus has dampened the growth of recreational vehicles market. With the imposition of nationwide lockdowns alongside strict guidelines by federal authorities to compel people to stay indoors to curb the spread of the virus, recreational activities have seen a drastic decline in past few months.
Additionally, limitations on international trade owing to the surging restrictions could play a significant role in adversely impacting the automobile sector. Meanwhile, factors like shortage of critical components, labor, and raw materials might hinder the production capabilities of automotive companies. According to a report, automotive sales are likely to decrease by 14-22% among regions like the US, Europe, and China throughout 2020.
On the basis of fuel, Recreational Vehicle Market are mainly available in diesel and gasoline variants. Out of which, gasoline-powered RV segment has managed to hold a substantial share in the recreational vehicles market. Factors like low maintenance, initial purchase costs, and easy fuel availability due to the strong presence of fuel dispensing stations are playing a crucial role in propelling the demand for such RVs. Moreover, wide availability of servicing stations and spare components are supporting product adoption.
On the geographical forefront, Europe is considered as a lucrative market for Recreational Vehicle Market manufacturers and is projected to observe noteworthy growth within the predicted timeframe. This growth can be attributed to increasing integration of advanced solutions like smart devices and high-speed connectivity in RVs. Manufacturers are delivering innovative features and appliances to enhance their product’s functionality. Proliferating demand for semi-autonomous vehicles equipped with advanced solutions could strengthen industry outlook over the forthcoming years.
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Companies operating in the recreational vehicle industry are vesting their efforts on implementing business plans like forming strategic collaborations and partnerships with technology companies and launching new and advanced products to enhance their market and geographical presence. Taking February 2018 for instance, Pinnacle Speciality Vehicles introduced its new offerings, namely Opisia, Finetza, Exhibica, and Magnifica at Noida’s 2018 Auto Expo. Evidently, these models come with a variety of new motorhome features.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Definitions & forecast parameters
1.1.2. Methodology and forecast parameters
1.2. Data Sources
Chapter 2. Recreational Vehicle Market Summary
2.1. Recreational vehicles industry 360° synopsis, 2017 – 2026
2.1.1. Business trends
2.1.2. Vehicle trends
2.1.3. Fuel trends
2.1.4. Regional trends
Chapter 3. Recreational Vehicle Market Insights
3.1. Industry segmentation
3.2. Impact of COVID-19 pandemic
3.2.1. Global outlook
3.2.2. Impact by region
18.104.22.168. North America
22.214.171.124. Asia Pacific
126.96.36.199. Latin America
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