North America sales of recreational vehicle are projected to reach US$ 26.19 Bn by 2024 end, expanding at a CAGR of over 7%. In terms of consumption volume, recreational vehicles will possibly exceed 465,000 units within the first half of the assessed period. Persistence Market Research delivers key insights into the critical factors expected to impact the market growth over the next few years.
Drivers, Trends, and Opportunity Insights
Rising consumer inclination toward entertaining outdoors and adventure travel will remain the key drivers to North America market for recreational vehicles. Recent style and design innovations fuel the market growth further. Developing outdoor recreational infrastructure and growing preference for sustainable tourism against mass tourism will collectively create revenue generation channels for RV manufacturers.
Baby Boomers have always been the largest consumer cluster for recreational vehicle. However, several manufacturers are increasingly targeting young consumers through emphasis on new, cost-effective product launches based on advanced technology.
Country-wise Market Insights
U.S. based manufactures are likely to encounter with attractive opportunities in developing Asian countries, including Japan, China, and South Korea. For existing network expansion, various small manufacturers are consolidating with established players. Vendors are also offering multiple financing options on RV purchase.
A few more factors that will continue to favor the growth of recreational vehicle market include initiatives by governments. States’ rising investments in specialized roadways specifically designed for recreational vehicle prompt at lucrative opportunities in near future.
Geographical analysis of North America recreational vehicle market bifurcates the market into the U.S. and Canada. While the U.S. is anticipated to take a leap over US$ 22 Bn by 2024 end, Canada market will possibly represent a total incremental opportunity of US$ 1,552.2 Mn by 2024.
U.S. currently accounts for over 87% share of the North American market; however, Canada is identified to be a growing market driven by relatively higher growth opportunities.
Although large motorhomes, especially those equipped with solar and wireless technologies are experiencing higher traction, travel trailers and campers will remain dominant throughout the forecast period. Travel trailers and campers segment currently holds a dominant share of nearly 61%, followed by motor homes segment with around 37% share of the entire market revenues. Over the forecast period, travel trailers and campers segment will reach US$ 14.59 Bn gaining around 570 BPS.
Class A and class B motorhome segments reflect higher growth potential, attributed to affordability and user-friendliness. Class A vehicle will continue to represent the largest motorhomes sub-segment, followed by class C. Whereas, motor homes segment will witness the fastest growth at over 9% CAGR by 2024.
Key Vendor Insights
Some of the most dominant players active in North America recreational vehicle market, include Thor Industries, Inc., Forest River, Inc., Winnebago Industries, Inc., Tiffin Motorhomes, Inc., REV Group, Inc., Triple E Recreational Vehicle, and Winnebago Industries, Inc. A majority vendors are strengthening their market positions through new product launches, while others are focusing on strategic acquisitions.
- Winnebago Industries, Inc. acquired Grand Design RV, LLC. More recently, the company launched a new class B motorhome model (2016)
- Thor Industries, Inc. announced production capacity expansion and purchased an additional production facility (2016)
- Forest River brought in a new lineup of class A and class B diesel motorhomes (2016)
- REV Group, Inc. introduced rubber shackle ‘airless’ suspension system on a class A Ford F-53 chassis (2016)
- Nexus RV LLC. recently partnered with The RV Factory. More recently, the company launched an additional lineup to its class B Viper 25V motorhomes (2016)
- Triple E Recreational Vehicle brought in a new wonder lineup to its class C and class B+ motorhomes. Earlier in 2016, the company announced collaboration with Truma in a bid to feature water heating system to one of its product lineups.
Companies
- Thor Industries, Inc.
- Winnebago Industries, Inc.
- Forest River, Inc.
- REV Group, Inc.
- Nexus RV LLC.
- Triple E Recreational Vehicles
- Tiffin Motorhomes, Inc.
- Others.
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Segment Insights
By exterior construction material, North America’s recreational vehicle market is classified as –
- Wood
- Aluminum
- Fiberglass
- Steel
- Others
Aluminum segment, with roughly 40% value share, currently leads the market. Persistence Market Research expected this segment to surpass US$ 10 Bn in 2024, closely followed by fiberglass. The latter is likely to demonstrate the highest growth at a CAGR of over 9%, gaining around 320 BPS over the next eight years. This growth is due to surging demand for eco-friendly, lightweight vehicles.
By type, the recreational vehicle market in North America is segmented into –
- Motorhomes
- Class A Motor Homes
- Class B Motor Homes
- Class C Motor Homes
- Travel Trailer & Campers
- Conventional Travel Trailers
- Fifth-wheel Travel Trailer
- Camping Trailers
- Folding Camping Trailer
- Truck Camper
The global recreational vehicles market is anticipated to garner a CAGR of 7.0% during the forecast period (2018-2023), Market Research Future (MRFR) reveals in a detailed report.
Recreational vehicles, also known as motorhomes, are considered mobile hotels on wheels, representing an inexpensive way to tour long distances without the need to repack and unpack at every stop.Market Potential and PitfallsThe global recreational vehicles market has witnessed a tectonic surge over the past few years.
These vehicles help to save up to 78% of the travel costs during a vacation.
These vehicles have witnessed significant growth in its adoption, especially in developing economies like China, India, and Brazil, due to shifting consumer travel preferences, surging demand for cost-effective alternatives for shelter, and growing disposable income.
People are showing interest and choosing to explore the countryside with recreational vehicles.
Such factors are likely to contribute to the growth of the market in the coming years.Moreover, government initiatives which support private-public partnerships and influencing them to accelerate the development of campgrounds are likely to trigger the demand from the recreational vehicles market across the globe.On the contrary, the dearth of regulatory standards and framework governing the recreational vehicle manufacturers are likely to restrict the growth in the foreseeable future.Request for Free Sample Report @ https://www.marketresearchfuture.com/sample_request/7537Recreational Vehicles Market: Segmental AnalysisThe global recreational vehicles market is segmented on the basis of product type, fuel type, and exterior construction material.By product type, the recreational vehicles market is segmented into Class A, Class B, Class C, and travel trailers & campers.
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The Recreational Off-Highway Vehicle Association (ROHVA) projects a continuous rise in sales of the recreational off-highway vehicles (ROVs) in the forthcoming years, with shifting trends toward power sports, and high demand for all-terrain vehicles (ATVs).
Consumer spending on leisure and sports has surged on account of their inclining preference toward leading a healthy lifestyle, complemented by growing GHDI across developed and developing nations.
Touring and recreational activities have been influenced by the upward trend of leisure & sports expenditure, thereby impacting demand for ROVs as a consequence.To gain more valuable insights, request a sample: https://www.factmr.com/connectus/sample?flag=S_id=786Primarily a discretionary purchase, recreational off-highway vehicle sales flow and ebb with fluctuations in disposable income.
Prospects of recreational off-highway vehicles market continue to be positive, as demand for high-performance vehicles, subjected to rough landscapes and environments, direct manufacturers’ focus toward sustainable technologies & designs, according to a recent Fact.MR report.Current trend in the ROVs Market is widening the application scope and curtailing costs for facilitating & driving technological penetration.
The recreational off-highway vehicles industry continues to explore different electrification levels, including full electrification or mild hybridization, given the consensus that there are a couple of effective strategies apropos of alternative energy for powering these vehicles.The industry is demonstrating a paradigm shift toward all-electric ROVs, driven by the convergence of a plethora of factors that include reduction of fossil fuel dependency, recapturing energy, and ability of electric power in making vehicles more productive by leveraging efficient hybrid systems.
Integration of technologies such as battery advancements, artificial intelligence (AI), combined electro-hydraulic actuators, and autonomy, will further turbocharge the abilities of electrification in ROVs.Report Customization: https://www.factmr.com/connectus/sample?flag=RC_id=786Led by the U.S., North America will continues to spearhead the recreational off-highway vehicles market, with an estimated value share of over 50% by 2028-end.
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