According to the global study firm Research and Markets, the global RV industry is predicted to expand at an average annual growth rate of 7 percent per year until 2025.
The world’s RV market surpassed $42 billion in 2020 and is predicted to increase because of the rising need for camping and other outdoor recreation activities among the millennial generation, particularly within the U.S.
Within the U.S., the number of households with active camping households grew by 1.4 million in 2018. North America is the largest RV market worldwide, having more than 11% of American households having an RV. More than one million people in the U.S. live in their RVs full-time.
The overall market for RVs generates $114 billion for the U.S. economy and employs over 600,000 workers.
Alongside the increasing interest in RV, primarily caused by the COVID-19 epidemic and other factors contributing to the growth of the industry are:
- More RV rental services
- Introduction of intelligent and autonomous technology
- The demand for camping adventures
- The influence of millennials on the market for recreational vehicles
The report revealed that the market for towable RVs is predicted to expand at over 6 percent over the next six years until 2025. Towable RVs are much more prevalent across North America than in Europe and comprised 90 percent of all deliveries within North America in 2019.
Motorhomes are offered in three types, namely Class A as well as Class B and C. The Class A category is among the most frequently used motorized RVs, with more than 40 percent of global motorhome’s revenue in the year. Class B motorhomes contributed more than 12 percent and are growing the fastest. Class C is projected to be over $13 billion in 2025. Class C brings together the best characteristics of Classes A and B to create a more accessible and more affordable medium-sized motorhome.
Private ownership of RVs has been the dominant factor in shipments, but the market is rapidly changing. The commercial use of RVs is increasing dramatically for rental businesses and rental agencies. The increase in rental online websites and apps has made renting easier and increased demand among the tech-savvy millennials.
The report stated that 37 percent out of 40 million owners of recreational vehicles within the U.S. are millennials.
For more information on this report, go to this link.