Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

A recreational vehicle or RV is a motor vehicle that includes quarters designed for accommodation. There are different types of RVs including campervans, caravans, truck campers, popup campers, fifth-wheel trailers, and campervans. RVs are typically used for travel, season use, recreation, or camping. A typically is comprised of a kitchen, a bathroom, and one or more sleeping facilities. Furthermore, RVs can either be trailer or self-motorized. The majority of RVs are single-deck though double-deck RVs also exist. Some RVs have expandable sides or canopies to provide larger areas. Moreover, the fifth-wheel trailer is a type of travel trailer are known for its spacious two-level floor plans and it can be towed with a pickup truck. The capacity is up to six people.

The North America Recreational Vehicle Market was accounted for US$ 437,880.0 Mn in terms of value in 2019 and is expected to grow at CAGR of 7.9% for the period 2020-2027.

Market Dynamics- Drivers

  1. Supportive demographic conditions for RVs are expected to drive growth of the North America recreational vehicle market during the forecast period

Demographics in North America is highly favorable for recreational vehicles. These vehicles are majorly adopted by an elderly or geriatric population that is entering the phase of retirement. According to Coherent Market Insights’ analysis, the large segment of consumer age is between 35-54 years in North America. However, manufacturers are now focused on consumers aged between 18-34 years as a new consumer group. According to the North American Camping Report 2016, around 44% of the 1.2 Mn households in North America that started camping in 2015 were millennial generation. Hence, these factors are expected to drive growth of the market in the near future.

  1. Rising incorporation of solar-powered systems is expected to propel the North America recreational vehicle market growth over the forecast period

Technological advancements and developments have led to adoption of RVs in North America. Consumers are increasingly preferring recreational vehicles with home-like amenities such as fully-equipped kitchens and bath, surround-sound stereos, flat-screen TVs, and more. Furthermore, manufacturers are focused on incorporating solar-powered systems to full fill spiked demand for RVs. Hence, these factors are expected to propel the North America recreational vehicle market growth over the forecast period.

Statistics:

U.S. held dominant position in the North America Recreational Vehicle market in 2019, accounting for 76.2% share in terms of value, followed by Canada, respectively

Figure 1: North America Recreational Vehicle Market Share (%) in terms of Value, By Country, 2019

 North America Recreational Vehicle  | Coherent Market Insights

Market Dynamics- Restraints

  1. Lack of skilled labors is expected to restrain growth of the North America recreational vehicle market during the forecast period

Manufacturing recreational vehicles require skilled and experienced laborers. However, lack of skilled labors is a major restraining factor in North America. North American Camping Report 2016, 44% of the 1.2 Mn households in North America that started camping in 2015 were millennial generation. Furthermore, new industry players are finding it challenging to expand their business, owing to the dearth of skilled personnel. This, in turn, is expected to hamper growth of the market during the forecast period.

  1. Factors such as seasonality and cyclicality are expected to hinder the North America recreational vehicle market growth over the forecast period

During the summer and spring seasons, the demand for recreational vehicles is high though it declines during winter season. Constantly changing weather conditions are expected to hamper the market growth. Furthermore, recreational vehicle industry witnesses cycles of growth and reduction in consumer demand, depending on demographic, and prevailing economic conditions. Thus, these factors are expected to hinder the North America recreational vehicle market growth over the forecast period.

Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 430,887 Million
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 7.9% 2027 Value Projection: USD 522,013 Million
Geographies covered:
  • North America: U.S.,Canada.
Segments covered:
  • By Exterior Construction Material: Wood, Aluminum, Fiberglass, Steel and Others
  • By Type: Motorhomes (Class A Motor Homes (Gasoline, Diesel), Class B Motor Homes (Gasoline, Diesel) Class C Motor Homes(Gasoline and Diesel), Travel Trailer & Campers (Conventional Travel Trailers and Fifth-wheel Travel Trailers) and Camping Trailers (Folding Camping Trailer and Truck Camper
Companies covered (18):

Thor Industries, Inc., Tiffin Motorhomes, Inc., Winnebago Industries, Inc., Forest River, Inc., Jayco, Inc., Nexus RV LLC, REV Group, Inc., Starcraft RV, Inc., Heartland Recreational Vehicles, Airstream, Northwood Manufacturing, and Triple E Recreational Vehicles.

Growth Drivers:
  • Supportive demographic conditions for RVs
  • Rising incorporation of solar-powered systems 
Restraints & Challenges:
  • Lack of skilled labors

Market Opportunities

  1. Rising exports of RVs from the U.S. can present major business opportunities

Rising disposable income in middle-class consumers in Asia Pacific countries has increased the demand for recreational vehicles. The manufacturers from the U.S. and Canada are witness massive demand from Asia Pacific, especially in countries such as South Korea, China, and Japan, owing to large number of consumers preferring recreational vehicle lifestyle and camping. Market players can capitalize on these opportunities and gain a competitive edge in the market.

  1. Growing demand for advanced and affordable recreational vehicles can provide lucrative opportunities

Consumers in the market are demanding recreational vehicles with incorporation of advanced technologies with wireless systems. In fact, younger generation is demanding RVs with inclusion of novel design and digitalization. Furthermore, key manufacturers in the market are focused on introducing recreational vehicles with incorporation of advanced technologies at affordable prices. For instance, in 2016, Thor Industries, Inc. introduced motorhomes such as smaller Class C and Class A recreational vehicles, which are designed to fit a younger demographic.

Figure 2: North America Recreational Vehicle Market Value (US$ Mn), 2017 - 2027

North America Recreational Vehicle  | Coherent Market Insights

The North America Recreational Vehicle market was valued at US$ 437,880.0 Mn in 2019 and is forecast to reach a value of US$ 690,697.6 Mn by 2027 at a CAGR of 7.9% between 2020 and 2027.

Market Trends

  1. Advent of hybrid recreational vehicle models is a major trend in the market

Major manufacturers in the market are introducing hybrid recreational vehicles that utilize combination of diesel engines and batteries. These recreational vehicles depend upon battery power for slower driving and both diesel engine and battery for higher speed, similar to hybrid cars. Key manufacturers such as Winnebago Industries, Inc. and Fleetwood RV, a division of REV GROUP, INC., are focused on introducing RV hybrid models that integrate batteries and diesel engines.

  1. Growing adoption of eco-friendly recreational vehicles

Majority consumers have started adopting eco-friendly recreational vehicles. Manufacturers too have started offering recreational vehicle products with enhanced fuel-efficiency and augmented design. Furthermore, latest models for recreational vehicles are equipped with fuel-efficient diesel engines that get about 15 MPG and vehicles with lighter composites, which could improve the overall fuel efficiency and contribute to reduced emissions. Many RVs are installing solar panels, in order to provide power for bathroom, kitchen, and home entertainment systems. According to the Recreational Vehicle Industry Association, up to 20% of recreational vehicles use solar panels to power onboard systems. Moreover, manufacturers such as Coachmen RV, Airstream Inc., and Forest River Inc. are focused on eco-friendly building practices to manufacture RVs.

Competitive Section

Key players operating in the North America recreational vehicle market are Thor Industries, Inc., Tiffin Motorhomes, Inc., Winnebago Industries, Inc., Forest River, Inc., Jayco, Inc., Nexus RV LLC, REV Group, Inc., Starcraft RV, Inc., Heartland Recreational Vehicles, Airstream, Northwood Manufacturing, and Triple E Recreational Vehicles.

Key Developments

  1. Major companies in the market are focused on business expansion, in order to expand the market presence. For instance, in January 2020, Thor Industries, Inc. formed a subsidiary Hymer USA, which will be focused on producing and marketing recreational vehicles used in European practices.
  2. Key players in the market are involved in mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in September 2019, Winnebago Industries, Inc., a U.S.-based manufacturer or motorhomes, acquired Newmar Corporation, a manufacturer of Class A and Super C motorized RVs.

A recreational vehicle or RV is a motor vehicle that includes quarters designed for accommodation. There are different types of RVs including campervans, caravans, truck campers, popup campers, fifth-wheel trailers, and campervans. RVs are typically used for travel, season use, recreation, or camping. A typically is comprised of a kitchen, a bathroom, and one or more sleeping facilities. Furthermore, RVs can either be trailer or self-motorized. The majority of RVs are single-deck though double-deck RVs also exist. Some RVs have expandable sides or canopies to provide larger areas. Moreover, the fifth-wheel trailer is a type of travel trailer are known for its spacious two-level floor plans and it can be towed with a pickup truck. The capacity is up to six people.

Market Dynamics

Demographics in North America is highly favorable for recreational vehicles. These vehicles are majorly adopted by an elderly or geriatric population that is entering the phase of retirement. According to Coherent Market Insights’ analysis, the large segment of consumer age is between 35-54 years in North America. However, manufacturers are now focused on consumers aged between 18-34 years as a new consumer group. According to the North American Camping Report 2016, around 44% of the 1.2 Mn households in North America that started camping in 2015 were millennial generation. Hence, these factors are expected to drive growth of the market in the near future. Technological advancements and developments have led to adoption of RVs in North America. Consumers are increasingly preferring recreational vehicles with home-like amenities such as fully-equipped kitchens and bath, surround-sound stereos, flat-screen TVs, and more. Furthermore, manufacturers are focused on incorporating solar-powered systems to full fill spiked demand for RVs. Hence, these factors are expected to propel the North America recreational vehicle market growth over the forecast period.

Market Taxonomy

This report segments the North America Recreational Vehicle  Market on the basis of Exterior Construction Material, Type, and Country. On the basis of Exterior Construction Material, North America Recreational Vehicle Market is segmented into Wood, Aluminum, Fiberglass, Steel and Others. On the basis of Type, the North America Recreational Vehicle Market is segmented into Motorhomes (Class A Motor Homes (Gasoline, Diesel), Class B Motor Homes (Gasoline, Diesel) Class C Motor Homes(Gasoline and Diesel), Travel Trailer & Campers (Conventional Travel Trailers and Fifth-wheel Travel Trailers) and Camping Trailers (Folding Camping Trailer and Truck Camper. On the basis of country, North America Recreational Vehicle Market is segmented into U.S. and Canada.

Key features of the study:

  • This report provides an in-depth analysis of the North America Recreational Vehicle Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the North America Recreational Vehicle Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the North America Recreational Vehicle Market includes Thor Industries, Inc., Tiffin Motorhomes, Inc., Winnebago Industries, Inc., Forest River, Inc., Jayco, Inc., Nexus RV LLC, REV Group, Inc., Starcraft RV, Inc., Heartland Recreational Vehicles, Airstream, Northwood Manufacturing, and Triple E Recreational Vehicles.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, Country up gradation, market expansion, and marketing tactics
  • The North America Recreational Vehicle market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the North America Recreational Vehicle Market

Detailed Exterior Construction Segmentation:

  • North America Recreational Vehicle Market, By Exterior Construction Material:
    • Wood
    • Aluminum
    • Fiberglass
    • Steel
    • Others
  • North America Recreational Vehicle Market, By Type:
    • Motorhomes
      • Class A Motor Homes
        • Gasoline
        • Diesel
      • Class B Motor Homes
        • Gasoline
        • Diesel
      • Class C Motor Homes
        • Gasoline
        • Diesel
    • Travel Trailer & Campers
      • Conventional Travel Trailers
      • Fifth-wheel Travel Trailers
    • Camping Trailers
      • Folding Camping Trailer
      • Truck Camper
  • North America Recreational Vehicle Market, By Country:
    • U.S.
    • Canada
  • Company Profiles
    • Airstream
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Forest River, Inc.
    • Heartland Recreational Vehicles
    • Jayco, Inc.
    • Nexus RV LLC
    • Northwood Manufacturing
    • REV Group, Inc.
    • Starcraft RV, Inc.
    • Thor Industries, Inc.
    • Tiffin Motorhomes, Inc.
    • Triple E Recreational Vehicles.
    • Winnebago Industries, Inc.

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Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, BY Exterior Construction Material
      • Market Snippet, By Type
      • Market Snippet, BY Country
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Type Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. North America Recreational Vehicle Market, BY Exterior Construction Material, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Exterior Construction Material Trends
    • Wood
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Aluminum
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Fiberglass
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Steel
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  5. North America Recreational Vehicle Market, By Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Exterior Construction Material Trends
    • Motorhomes
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Class A Motor Homes
          • Gasoline
          • Diesel
        • Class B Motor Homes
          • Gasoline
          • Diesel
        • Class C Motor Homes
          • Gasoline
          • Diesel
    • Travel Trailer & Campers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Conventional Travel Trailers
        • Fifth-wheel Travel Trailers
    • Camping Trailers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Folding Camping Trailer
        • Truck Camper
  6. North America Recreational Vehicle Market, By Country, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • U.S.
      • Regional Trends
      • Market Size and Forecast, Exterior Construction Material, 2020–2027(US$ Million)
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
    • Canada
      • Regional Trends
      • Market Size and Forecast, Exterior Construction Material, 2020–2027(US$ Million)
      • Market Size and Forecast, By Type, 2020–2027 (US$ Million)
  7. Competitive Landscape
    • Company Profiles
      • Airstream
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Forest River, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Heartland Recreational Vehicles
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Jayco, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Nexus RV LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Northwood Manufacturing
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • REV Group, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Starcraft RV, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Thor Industries, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Tiffin Motorhomes, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Triple E Recreational Vehicles.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Winnebago Industries, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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Frequently Asked Questions

The North America market for Recreational Vehicle is expected to reach USD 522,013 Million by 2022.
Supportive demographic conditions for RVs are expected to drive growth of the North America recreational vehicle market during the forecast period
Folding Camping Trailer sub-segment holds the largest market share among Camping Trailers segment contributing 76.2% market share in terms of value in 2019.
U.S. Country hold the largest share in the North America Recreational Vehicle market in 2019, accounting for 87.6% share in terms of value.
Key players operating in the North America Recreational Vehicle market are Thor Industries, Inc., Tiffin Motorhomes, Inc., Winnebago Industries, Inc., Forest River, Inc., Jayco, Inc., Nexus RV LLC, REV Group, Inc., Starcraft RV, Inc., Heartland Recreational Vehicles, Airstream, Northwood Manufacturing, and Triple E Recreational Vehicles.
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