DUBLIN--(BUSINESS WIRE)--The "Recreational Vehicle Market - Growth, Trends, COVID-19 Impact and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The recreational vehicle market was valued at USD 31 billion in 2020, and it is expected to reach USD 48 billion by 2026, registering a CAGR of 7% during the forecast period (2021 - 2026).
Companies Mentioned
- Thor Industries Inc.
- Forest River Inc.
- Winnebago Industries Inc.
- REV Group
- NeXus RV
- Tiffin Motorhomes Inc.
- Triple E Recreational Vehicles
- Dethleffs GmbH & Co. KG
- Burstner GmbH & Co. KG
- The Swift Group
- Rapido Motorhomes
Key Market Trends
Motorhomes Segment Expected to Lead the Market
The motorhomes segment of the market is anticipated to register 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. Additionally, they are widely used in the country, not only for vacation traveling but also for tailgating, traveling with pets, business, and as a preferred mode of transportation for 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. Moreover, manufacturers are adding multiple slide-outs to increase the living space and are 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 the consumer base of class C motorhomes. Such developments are anticipated to boost the growth of the segment during the forecast period. The class C segment is expected to reach over USD 13 billion by 2025. Class C combines the best features of both class A and B into a more versatile and affordable mid-size motorhome.
Class A motorized are expected to continue to dominate in terms of revenue, contributing approximately 50% of the global recreational vehicle market share in 2019. The growth in online rental websites and applications has further eased the process of renting, boosting the demand in the tech-savvy millennial population.
North America also dominated the commercial sales in 2019, and it is likely to dominate during the forecast period. The United States is the largest commercial RV market across the world, which is primarily dominated by rental agencies.
North America to Witness Significant Growth
The North American recreational vehicle market is the largest across the globe. RV is highly popular among Americans, and over 11% of households own it. Over 1 million households in the United States live in RVs full time. It allows traveling at 20-60% less cost, which is mainly driving the popularity of RV among millennials. The recreational vehicle market contributes an overall USD 114 billion to the US economy, employing over 600,000 people. Thus, RV is one of the global industries in the US economy.
Over the next few years, the United States is expected to drive revenue growth of the North American recreational vehicles market. The Canadian recreational vehicles market may also exhibit significant growth in the years to come. Canada is expected to gain more than 15 BPS. It is expected to hold more than a 10% share of the North American recreational vehicles market until the end of the forecast period.
On the other hand, the United States may lose more than 10 BPS, but it is likely to occupy more than 80% of this regional market until the end of 2024. In terms of CAGR, Canada is more lucrative than the United States in the North American recreational vehicles market. However, the United States is a more attractive market in terms of market share, owing to growing personal disposable income levels and tax relaxation.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Towable RVs
5.3 By Motorhomes
5.4 By Application
5.5 By Geography
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/q2ps5m
