RV market would reach $56.5 billion by 2024, the global market segmented by vehicle and fuel

Jul 9, 2019 | Member News

According to a report by Global Market Insights, Inc., recreational vehicle market size is expected to be pegged at an appreciable $56.5 billion by 2024. Attributed to the ever-rising demand for luxury vehicles and the expanding tourism industry, recreational vehicle market is projected to continue gathering exponential momentum.

 

Recreational vehicle market, which was valued at over $36 billion according to a 2017 estimate, is expected to continue to draw in more growth from the tourism sector in the coming years. Recreational vehicle (RVs) are quickly becoming the crucial aspect of a majority of recreational and camping activities for quite a massive percentage of the global populace. Indeed, the popularity of these vehicles, as on today, has reached such a point that they have become synonymous with road trips and camping. According to an early 2018 report by the RV Industry Association (RVIA), 89% of consumers rent-out or purchase RVs for camping purposes.

 

Read the full article at technologymagazine.org