The recreational vehicle market was valued at over 55.2 (USD Billion) in 2020 , and between 2021 and 2028, it is expected to expand at a CAGR of over 10.3%. Growing interest in outdoor activities including camping, sports, and tourism is anticipated to propel market expansion during the forecast period.
Travel and tourism are becoming more and more important on a global scale, opening up attractive potential for industry growth. Through 2028, travel and tourism will continue to boost the business by increasing demand for outdoor camping activities. The World Tourism Organization reports that, compared to 2020, global tourism climbed by 4% in 2021, supporting sector growth.
Rapid technological breakthroughs have increased consumer demand for electric leisure vehicles with the development of improved batteries and electric powertrains (RVs). Consumers are adopting electric and hybrid RVs as a result of severe automotive emission rules, which supports market data. The business is rapidly expanding as a result of the integration of cutting-edge technologies, like as driver assistance and accident prevention systems, into RVs to increase passenger and pedestrian safety.
Analysis of the COVID-19 scenario:
- The end use industry is severely impacted by the global economic catastrophe that results from the lockdown.
- The health care industry is currently the focus of all nations on the planet. As a result, production in the automotive sector has been halted.
- The economies of the nations where migrant workers were employed will be impacted when these workers return to their home countries. They do, however, possess superior knowledge and experience, which may work in their favour.
- Research and development for automotive technology will be restricted because researchers must remain at home while the country is under lockdown.
- Due to job losses and returning workers, there will be a decline in inward connected automobiles.
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The COVID-19 Effect
Travel restrictions will adversely affect market growth
Due to the limits placed on transportation and travel, the COVID-19 pandemic is anticipated to have a negative impact on the market. Government regulations became more rigorous as a result of the sudden rise of COVID infections, which limited travel. Additionally, the suspension of production and transportation caused a disturbance in the supply chain and a lack of raw materials. Manufacturers might be able to make up their losses, nevertheless, by implementing technologically sophisticated production methods, social isolation, decreased capacities, and sanitization. These elements could boost market growth during the epidemic.
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Key segments covered:
|Exterior Construction Materials||
The major key players in The global Recreational Vehicle Market are: Monaco RV LLC, Thor Industries, Inc., Forest River, Inc., Gulf Stream Coach, Inc., Eclipse Recreational Vehicles, Inc., Skyline Corporation, Coachmen Recreational Vehicle Company, Fleetwood RV, Inc., Heartland Recreational Vehicles, LLC, Starcraft RV, Inc., Jayco Inc., and Universal Trailer Corporation.
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