Market Trends of North America Recreational Vehicle Industry
This section covers the major market trends shaping the North America Recreational Vehicle Market according to our research experts:
Motorhome segment Likely to Dominate the Market During the Forecast Period
The motorhomes segment of the market is likely 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.
The above mentioned all factors witnessing major growth for the motorhome segment across the North America and creating an opportunity for the recreational vehicle market during the forecast peirod.
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United States is Expected to Dominate the Market During the Forecast Period
The increase in the number of campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. Thus, the United States has more than 230 chain outlets and local motorhome dealers engaged in the trading of motorhomes, to meet the increasing demand for the same. These dealers provide not only a range of state-of-the-art motorhomes but also the latest-model-year second-hand motorhome units preferred by most fleet operators.
The quick and steady recovery of the United States from the recent COVID-19 pandemic, along with the availability of a healthier financing environment, drives the motorhome market in the United States. Currently, the country forms the largest market for RVs, globally.
Motorhomes are widely used in the country, not only for travels during vacations, but also for tailgating, traveling with pets, for business, and as a preferred mode of transportation in outdoor sports and other leisure activities.
These vehicles provide campers with comfortable sleeping quarters and all the necessities, along with some luxurious features, such as a refrigerator, hot water, air conditioning, and heating. However, they miss out on some features, such as a full-sized entertainment system and laundry facilities, owing to their small size. Therefore, all the above mentioned factors expected to contribute for overall development of market during the forecast period.
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