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Motorhome Vehicle Market Size, Share, Trends, and Forecast 2024
Motorhome Vehicle Market Share
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According to The Business Research Company's, The motorhome vehicle market size has grown strongly in recent years. It will grow from $33.16 billion in 2023 to $36.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to baby boomer retirement, desire for freedom and flexibility, rising disposable income, camping and outdoor lifestyle, rv parks and infrastructure.
The motorhome vehicle market size is expected to see strong growth in the next few years. It will grow to $49.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to environmental consciousnes, rise in adventure tourism, smart and connected features, shorter, weekend getaways, sharing economy. Major trends in the forecast period include innovative design and lightweight materials, digital nomadism, technological advancements, luxury and high-end features, autonomous driving technology.
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Market Drivers and Trends:
The rise in the global tourism industry is expected to propel the growth of the motorhome vehicle market going forward. The tourism industry refers to the total number of businesses directly supplying products or services to support business, pleasure, and leisure activities outside the home. Travelers can stay in a convenient and pleasant location on the road using motorhomes as mobile accommodations. For instance, in August 2022, according to the World Travel and Tourism Council, a UK-based forum for the travel and tourism industry council, the GDP contribution of the global travel and tourism sector climbed by $1 trillion (+21.7% growth) in 2021 to reach $5.8 trillion. Its share of the overall economy rose to 6.1% in 2021. Further, global travel and tourism jobs increased by 18.2 million to 289.5 million in 2021. Therefore, the rise in the global tourism industry is driving the growth of the motorhome vehicle market.
Product innovations are a key trend gaining popularity in the motorhome vehicle market. Major companies in the motorhome market are introducing technologically advanced motorhomes to sustain their position in the market. For instance, in March 2023, Grounded, a US-based automotive company, launched the Grounded 1 electric RV, the world's first smart, customizable electric recreational vehicle. The G1, which is based on Ford's E-Transit platform, has a range of up to 108 miles, a smooth ride and handling, and a roomy interior with amenities including a Pull-out table and bench seating, a kitchen with a sink, a refrigerator/freezer, and an induction cooktop. Additionally, 650 watts of integrated solar electricity are used to run appliances and boost the charge in the powertrain.
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Major Key Players of the Market:
Thor Industries Inc., Forest River Inc., Winnebago Industries Inc., REV Group Inc., Fleetwood RV Inc., Jayco Inc., Knaus Tabbert GmbH, Tiffin Motorhomes Inc., Newmar Corporation, Heartland Recreational Vehicles LLC, Gulf Stream Coach Inc., Hobby-Wohnwagenwerk Ing, Airstream Inc., Carthago Reisemobilbau GmbH, Dethleffs GmbH & Co KG, Holiday Rambler Corporation, Adria Mobil Doo, Hymer GmbH & Co KG, Monaco Coach Corporation, Coachmen Recreational Vehicle Company LLC, Niesmann + Bischoff GmbH, Triple E Recreational Vehicles, Renegade RV, Bürstner GmbH & Co KG, Midwest Automotive Designs LLC, Pleasure-Way Industries Ltd., Entegra Coach, American Coach, Rapido Motorhomes SA, Nexus RV LLC.
Motorhome Vehicle Market 2024 Key Insights:
• The motorhome vehicle market size is expected to see strong growth in the next few years. It will grow to $49.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Global Tourism Surge Propels Growth In The Motorhome Vehicle Market
• Innovative Products Is Driving The Future Of The Motorhome Market With Groundbreaking Electric Rvs
• North America was the largest region in the motorhome vehicle market in 2023
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