After Post Covid-19 pandemic subsides, demand of Luxury Vehicle for camping will be driving the RV market

Date: 4 June 2020

According to a research report published by Azoth Analytics in May 2020, the Global Recreational Vehicle Market was valued at USD 51.5 Billion in the year 2019. The Recreational Vehicle market is expected to grow at a rapid pace during the forecast period. Growing demand for travel and tourism, rising demand of home on wheels, changing lifestyle and customer choices is one of the major reasons behind the increasing Recreational Vehicle market globally. Additionally, increasing demand of Luxury Vehicle for camping and travel industry will drive the Recreational Vehicle market value in the near future. 

The main growth in Recreational Vehicle market has been registered from American countries in 2019. These nations are developed and demand of travel and tourism is also rising due to which demand of luxury vehicle and camping is increasing which is one of the largest factors to drive Recreational Vehicle market. There will be major impact of COvid-19 pandemic on the market but thereafter, growing demand for travel and tourism will be some of the driving factors which is anticipated to propel the market value in forecast period. 

Some of the factors such as changing lifestyle and customer choices, demand of luxury and eco-friendly travel vehicle, rising demand of home on wheels, are expected to augment the market growth rate. Despite of the demand of recreational vehicle, it has some disadvantages also, so the development of innovative technologies to reduce the cost and increase amenities in Recreational Vehicle has put the Recreational Vehicle market among growing luxury vehicle in tourism industry competition arena. Additionally, the competitiveness of Recreational Vehicle manufacturing companies is strongly linked to demand of more developed and equipped recreational vehicle, which is making every country to invest in this sector. The driving factor for the Recreational Vehicle market during the historical period was the demand of luxurious and comfortable vehicle for travel. 

The Azoth Analytics research report titled RecreationalVehicle Market has analysed and segmented the Recreational Vehicle market by Value (USD Billion). The report has further analysed the Recreational Vehicle market by Product Type (Motorhome and Towable), by Fuel Type (Gasoline and Diesel) and by End user (Commercial and domestic). The Global Recreational Vehicle market has been analysed By Region (Americas, Europe, Asia Pacific, and Rest of World) and By Country (United States, Canada, Mexico, Brazil, Germany, France, United Kingdom, China, Japan and India) for the historical period of 2015-2019 and the forecast period of 2020-2025.