The North America recreational vehicles market is expected to expand at a value CAGR of 7.9% during the forecast period. The U.S. is the largest market for recreational vehicles and was estimated to hold more than 80% share of the market till 2016 end.
New York, NY -- (SBWIRE) -- 09/20/2017 -- North America sales of recreational vehicle are projected to reach US$ 26.19 Bn by 2024 end, expanding at a CAGR of over 7%. In terms of consumption volume, recreational vehicles will possibly exceed 465,000 units within the first half of the assessed period i.e. by 2020 end.
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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.
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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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