Market Research Report
North America Recreational Vehicle Market - Growth, Trends, And Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||625963|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|North America Recreational Vehicle Market - Growth, Trends, And Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 80 Pages||
The North America recreational vehicle market is anticipated to register a CAGR of about 7.02% during the forecast period (2019 - 2024).
An RV is a vehicle, which combines transportation and temporary living quarters for travel, recreation, and camping. The two main categories of RVs are motorhomes (motorized) and towable (towed behind the family car, van or pickup).
The North American recreational vehicle market has been segmented by type.
Growing Recreational Vehicles Shipments in the US
According to a study commissioned by the Recreation Vehicle Industry Association, the US ownership of RVs is increasing at a fast pace.
One of the primary reason propelling the growth of the market is a rise in income, employment, and household wealth. However, owing to the rise in the manufacturing cost for RV manufacturers, and RV dealers adjusting their inventories due to changes in inventory carrying costs, resulting in a decline in the sales of RVs.
As per Frank Hugelmeyer, President, RV Industry Association, favorable population trends and the growing desire among the consumers to be outdoors, is expected to propel the demand for and sale of RVs in the coming years.
Additionally, newer and younger RV owners and shoppers demonstrate higher and more robust shopping intentions than older RVers. Most current owners say they will probably purchase another RV sometime in the future. Furthermore, baby-boomers are also propelling the demand for and sales of motorhomes. They prefer an experience-seeking lifestyle post-retirement, thus, they prefer motorhomes as well as travel trailers as a viable and convenient option due to the fuel economy offered by them.
Type B expected to Witness Strong Demand
Type B motorhomes are commonly called van campers. They are driven like a family van and are however smaller in size compared to the type A motorhomes. These are built on the chassis of a full-sized van and feature a raised roof to facilitate walking upright.
These vehicles provide the campers with comfortable sleeping quarters and all the necessities, along with some luxurious features such as refrigerator, hot water, air conditioning, and heating. However, they miss out some features such as full sized entertainment system and laundry facilities, owing to their small size.
These motorhomes are less expensive in nature and are preferred by consumers who have 2-3 family members, and occasional campers. They cost between USD 60,000 and USD 130,000, with the difference in price arising from different models providing different amenities.
Being smaller in size, the major advantages of type B motorhomes are maneuverability and the ease of driving them around.
The major players of the North America recreational vehicle market are Winnebago Industries, REV Group, Erwin Hymer Group North America, Nexus RV, Forest River Inc. and Triple E RV. The recreational vehicle market is fairly competitive. The companies are continually competing with each other, and are opting strategies like acquisition, heavy investment in R&D projects, and offering more luxurious services in the vehicle. For instance, in2016, Winnebago Industries Inc. acquired Grand Design, a manufacturer of towable vehicles for USD 500 million.
Additionally, in October 2018, American Coach launched American Dream Class A Diesel RV at the annual Elkhart RV Dealer Open House event. American Coach represents REV Group's top-of-the-line luxury RV brand. The vehicle is available in both 42- and 45-foot floorplans, the American Dream is spacious and flexible. The vehicle is priced at USD 600,000.