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North America Recreational Vehicle Market is Poised to Reach US$ 26.19 Bn by 2024
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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. Thor Industries recently (2016) introduced smaller Class C and Class A motorhomes, specifically targeting younger generation consumers.
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.
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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 between 2016 and 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.
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.
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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
PMR stands committed to bringing more accuracy and speed to clients’ business decisions. From ready-to-purchase market research reports to customized research solutions, PMR’s engagement models are highly flexible without compromising on its deep-seated research values.
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