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.
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
