Recreational Vehicle Market drivers of growth analyzed in a new research report

Selbyville,Delaware, United States,Nov 18 2020 (WiredRelease) Global Market Insights, Inc–:How will stern environmental norms impact recreational vehicle market outlook by 2026?

The recreational vehicle (RV) market is likely to witness noteworthy gains on account of surging demand for electric RVs that are integrated with advanced features. Increasing imposition of stringent environmental regulations has led to the demand for electric RVs worldwide. Organizations like the U.S. Environmental Protection Agency and the European Union are implementing such environment-related guidelines to curb carbon emissions. 

Increasing number of people involving in recreational activities like camping tourism along with strong growth in consumer spending capacity backed rising disposable income might stimulate the demand for RVs in the near future. Considering these aspects, Global Market Insights, Inc., estimates that the recreational vehicle market could reach USD 64 billion by the year 2026. Availability of customized RVs models may further favor industry growth.

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Increasing constraints in effective international trade owing to rising restrictions on cross-border business and geopolitical tensions could adversely impact the growth of both the recreational vehicle industry and the automobile sector. Factors like shortage of critical components, labor, and raw materials could massively hinder production capabilities of automotive companies. 

Meanwhile, rampant spread of the COVID-19 virus has dampened the global economic growth, affecting recreational vehicles business. With the imposition of nationwide lockdowns alongside strict instruction by federal authorities to stay indoors to curb the spread of the disease, recreational activities and the tourism sector is seeing a drastic decline in customers. 

Estimates say that the COVID-19 might negatively impact the expected growth rates of the Indian automobile sector, causing almost $1.5 – $2 billion per month in revenue loss. However, the precise magnitude of this impact still depends on the duration of the nationwide lockdown and associated effects caused by it. 

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Europe is considered to be a lucrative market for recreational vehicle manufacturers and is projected to observe noteworthy growth over the predicted timeframe. This growth can be contributed to the integration of advanced solutions like smart devices and high-speed connectivity in RVs. Manufacturers are providing innovative features and appliances that enhance their product’s functionality. Burgeoning demand for semi-autonomous vehicles equipped with advanced solutions could strengthen the demand for RVs in Europe.

Companies operating in the recreational vehicle industry are concentrating on adopting business plans like forming strategic collaborations and partnerships with technology companies, signing lucrative acquisition deals and launching new and advanced products to enhance their market and geographical presence. Taking August 2020, prominent service provider for RV and marine markets, Pontiac plywood company was acquired by Patrick Industries Inc.
 

This content has been published by Global Market Insights, Inc company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at contact@wiredrelease.com.

source https://wiredrelease.com/press-release/recreational-vehicle-market-drivers-of-growth-analyzed-in-a-new-research-report-2-2020-11-18