Market Research Report
Recreational Vehicle Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||625963|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Recreational Vehicle Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 120 Pages||
The recreational vehicle market is anticipated to grow at a CAGR of over 6% during the forecast period.
Motorhomes Segment to Experience the Highest Growth During the Forecast Period
The motorhomes segment of the market is anticipated to grow at the highest CAGR during the forecast period. The increase in the number of campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. Also, they are being widely used in the country, not only for vacation traveling, but also for tailgating, traveling with pets, for business, and as a preferred mode of transportation in outdoor sports and other leisure activities.
Among the motorhomes, the Class C motorhomes provide better fuel efficiency than the type A or B motorhomes. They are often referred to as mini-motorhomes, which provide the amenities of a larger motorhome in a scaled-down version and at a lower price. The price of these motorhomes starts from approximately USD 40,000 and goes up to USD 200,000. In addition, manufacturers are adding multiple slide-outs to increase the living space and designing a large variety of floor plans with larger chassis versions. These hybrid class C+ (ideal for a family with 4-6 members) are currently being tested for increasing their consumer base of class C motorhomes. Such developments are anticipated to boost the growth of the segment during the forecast period.
Asia Pacific Region is Expected to Generate the Highest Demand During the Forecast Period
Asia Pacific region is expected to generate the highest demand for recreational vehicle market during the forecast period. The significant growth of the middle-class population and increasing emphasis on the development of tourism is boosting the demand for leisure-related goods and activities, like camp grounding and RV camping, etc., in countries including China, India, Thailand, South Korea, Australia, and Japan have led to the increase in demand for RVs in Asia-Pacific. In recent years, China emerged as the largest recreational vehicles market in the Asia Pacific with about 25,000 RVs purchases in 2016 and further, Chinese consumers are estimated procure about 500,000 by 2020. The country has 56 active RV manufacturers, who offer a wide range of products from towable RVs to motorhomes. Domestically produced RVs dominate the marketplace, which accounts for the majority of overall RV sales. Also, the RV Industry Association is working closely with government agencies and major trade groups in China, Korea, and Japan to promote the US RV standards and improve their sales. During the period of 2012 - 2017, US exports to these three countries accounted for USD 258 million. With such initiatives from governments and promotion of self-driving and recreational vehicles, tourism is anticipated to support the growth of the market in the region during the forecast period.
Some of the prominent players in the recreational vehicle market are Thor Industries Inc., Forest River Inc., Winnebago Industries, Inc., REV Group, and NeXus RV. Also, the growing demand for fuel-efficient vehicles is driving the motorhome manufacturers toward expanding their product portfolio. Also, with growing stringent emission norms, electrification of motorhomes and camper vans is gradually becoming an important strategy in the RV industry. Thus, few RV manufacturers have already started introducing all-electric RV in the market, majorly from 2017.
In the growing trend of electric RVs, new players have started entering the RV industry. For instance, Nissan has launched an electric campervan based on its e-NV200 van model in Spain on July 2018. Additionally, few existing RV manufacturers, namely Winnebago Industries Inc. and Dethleffs Motorhomes have also started developing electric motorhomes. With new technologies and new models, the manufacturers are planning to expand their presence in different geographic areas and increase their market share in the years to come.