Recreational Vehicles Market is Projected to Grow at a Healthy CAGR During 2015 to 2021

Recreational vehicle is a motor vehicle or trailer equipped with living space and amenities found in a home. Recreational vehicle generally includes a kitchen, a bathroom and one or two sleeping facilities. Recreational vehicles are generally meant for leisure activities such as camping and vacations. Recreational vehicles are generally found in recreational vehicle parks or campgrounds. These vehicles can also be rented in most major cities and tourist areas. It can also be used as mobile offices for business travelers and generally include customization such as satellite internet, extra desk space and generator.

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On the basis of product type recreational vehicle market is divided in three broad segments: motor homes, travel trailer and campers and camping trailers. Motor homes are further divided into three sub-segments: class A motor homes, class B motor homes and class C motor homes. Travel trailers are also further divided in two sub-segments: conventional travel trailers and fifth-wheel travel trailers, where as camping trailers are divided in two sub-segments: folding camping trailer and truck camper.

The market of recreational vehicle in North America is expected to witness a significant growth rate in the forecasted period. According to Recreation Vehicle Industry Association, in 2013, the recreational vehicle industry shipped around 321,127 units, a gain of 12.4% over the last year. After the U.S. economy is recovering from economic recession, the market of recreational vehicle has also returned to growth path. Currently, more than nine million American households own recreational vehicles, a 16% increase since 2001 and a 64% gain since 1980. The U.S. represents the largest market for recreational vehicles in the North America region due to a rebounding economy coupled with healthier financing environment.

Some of the major drivers contributing the overall market growth of recreational vehicles include improved technology and high-tech features, higher consumer confidence and improved economy, continued growth in the 55-to-64 year-old cohort and increasing interest among younger customers. In the recent scenario, recreational vehicles are equipped with innovative features and cool gadgets, results in attracting new generations of buyers. Traditionally, recreational vehicles are equipped with kitchens, bath, central heat or air-conditioning and sleeping beds, where as in the current scenario recreational vehicles are also equipped with high-tech entertainment and communication systems, making recreational vehicle travel more comfortable and convenient than ever. Electronic gadgets found on recreational vehicles include video game systems, cellular phones, flat-screen TVs, satellite dishes and CD and DVD players. It is also equipped with power window curtains or shades, touch-screens to control the RV's environment, built-in recharging stations for two-way radios, fold-out exterior barbecue grills, automatic ice makers and closed-circuit rear-view cameras for backing up. Thus improved technology and high-tech features drives the demand for recreational vehicles market.

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The major companies operating in the recreational vehicles market include Eclipse Recreational Vehicles Inc., Fleetwood RV, Inc., Forest River, Inc., Gulf Stream Coach, Inc., Jayco Inc., Monaco RV, LLC, Skyline Corporation, Thor Industries Inc., Heartland Recreational Vehicles, LLC, Starcraft RV, Inc., Coachmen Recreational Vehicle Company, LLC and Universal Trailer Corporation.

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