North America Recreational Vehicles Market to Record an Impressive Growth By 2020
Zion Research has published a new report titled “Recreational Vehicles Market (Motorhomes (Type A, Type B and Type C) and Towable RVs) : North America Market Perspective, Comprehensive Analysis and Forecast 2014 – 2020.” According to the report, North America’s demand for Recreational Vehicles industry was valued at USD 16 billion in 2014 and is expected to reach USD 20.24 billion in 2020, growing at a CAGR of 4.1% between 2015 and 2020. In terms of volume, the North America recreational vehicles market stood at 345 thousand units in 2014.
Recreational vehicle is a motorized or towable vehicle that combines transportation and temporary living quarters for travel, recreation and camping activities. Recreational vehicles do not include mobile homes, off-road vehicles, snowmobiles or conversion vehicles. Recreational vehicles include automobiles or towable trailers specifically designed or tailored for leisure activities such as vacations and camping, both on and off highways. Recreational vehicles include features such as sleeping, kitchen, and bathroom facilities for use during travel and camping. Recreational vehicles are subject to the same registration and licensing as other automobiles, and may have to abide by specific laws.
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The recreational vehicles market in North America has tremendous potential to grow in the near future owing to the materialization of certain trends, such as increase in ownership affordability. Consumers are increasingly purchasing more recreational vehicles as they save over 59 percent on their vacation costs over other forms of travel. However, increased dealer interest in recreational vehicles auctions hinders the growth of the recreational vehicles market in North America. In North America, many dealers have been participating in auctions either to acquire pre-owned RVs or to dispose of used RVs, thus challenging the growth of the market in the region.
Motorhomes and towable recreational vehicles are the two major segments of the recreational vehicle industry. Recreational vehicles market in North America was dominated by the towable recreational vehicles with over two third share of the market in 2014. Motorhomes account for relatively smaller share in the recreational vehicles market in North America. Motorhomes market is further classifies as type A, type B and type C motorhomes. Type A motohomes segment dominates the market segment with over 40% share of the total market in 2014.
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The recreational vehicles market is also segmented based on ownership. New recreational vehicle buyers accounted for one third of the total recreational vehicles market in 2014. Pre-owned recreational vehicles market is twice in market size as compare to new vehicles.
The recreational vehicles market in North America is fragmented because of the presence of many vendors and a variety of products. Some of the leading industry participants operating in the North America recreational vehicles market include Eclipse RV, Gulf Stream Coach, Northwood Manufacturing, Palomino, and Thor Industries.
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