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The global recreational vehicle market is booming, with a new report estimating a significant growth trajectory in the coming years. Valued at $57.3 billion in 2021, the market is expected to reach $117.0 billion by 2031, driven by the rise in recreational vehicle rental services and electrification trends.
One key factor contributing to this growth is the introduction of new electric motorhomes by key players in the market. For example, Thor Industries unveiled an electric motorhome concept in January 2022 with a 300-mile range, showcasing the industry’s shift towards technology and innovation.
North America is expected to lead the global recreational vehicle market, with the United States maintaining dominance in the sector. Changes in lifestyle and design considerations are driving the growth of recreational activities across North America, creating a fertile ground for the expansion of the market.
Despite the positive outlook for the market, fluctuating raw material costs remain a challenge for manufacturers. However, the demand for technologically advanced recreational vehicles is expected to offer new growth opportunities in the industry.
The COVID-19 pandemic has also had a significant impact on the recreational vehicle market, with a rise in sales observed during the pandemic period as people turned to recreational vehicles for travel and leisure activities. Supply chain disruptions due to quarantine measures and restrictions created challenges for manufacturers, leading to delays in production.
Overall, the global recreational vehicle market is on an upward trajectory, fueled by changing consumer preferences, technological advancements, and a growing interest in recreational activities. With key players introducing innovative solutions and a strong market outlook, the industry is poised for continued growth in the coming years.
