DUBLIN–(BUSINESS WIRE)–The “North America Recreational Vehicle Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The North America Recreational Vehicle market was valued at USD 26.7 billion in 2020 and is anticipated to reach USD 35.7 billion by 2026, at a CAGR of about 5% during the forecast period (2021 – 2026).
The outbreak of COVID-19 and the subsequent shutdowns have affected the RV industry in almost every country in the region. The negative impacts of the pandemic are visible in the sales and registration of RVs. Hence, the reduction in production rates due to the pandemic-induced disruptions is expected to hinder the growth of the market during the initial few years of the forecast period.
North America has more than 370 national chain outlets and local RV dealers. These dealers are involved with state-of-the-art, as well as latest RV units. These sellers offer deals not just on new motorhome models, but also on pre-owned units for savings, along with easy financing for eligible and legitimate borrowers.
The Canadian government recommended investing in the tourism policies, such as advertising and messaging, which is expected to promote domestic RV dealers over foreign RV dealers in the market. There are more than 4,300 campgrounds across Canada. Thus, the investment in camping and RV infrastructure is likely to improve the tourism industry and the Canadian RV market.
Over the years, the renting process of a new RV has become easier. In addition, the RV rentals are offering lucrative deals to lure the customers. With the new models and new technologies in the market every year, the customers have a plethora of options to choose from. Every new trip can be made with a new RV model with different amenities. This factor provides the customers a new experience every time they rent a new type of RV.
Key Market Trends
Impact of COVID-19 on the Recreational Vehicle Market
After the outbreak of coronavirus, the worldwide retail and manufacturing sites have been shut down, which has halted the supply-demand chain owing to which the RV shipment are declining. The total RV shipments ended in March 2020 with 30,288 units, a decrease of 20.3% from the 38,015 units shipped in March 2019.
Towable RVs, led by conventional travel trailers, totaled 27,723 units for March 2020, a decrease of 17.9% compared to last March’s total of 33,754 units. Motorhomes finished the month with 2,565 units, down 39.8% compared to the March 2019 total of 4,261 units. Park Model RVs finished the month with a 12.9% decrease compared to last March with 364 wholesale shipments.
However in the second half of the year, as the restrictions were lifted up, the demand for RVs soared as people started traveling with their RVs for safer escape after being locked in their homes for months.
The RV Industry Association published that the suppliers are witnessing as much as 170% increase in first-time RV buyers, with around 46 million Americans planning on taking an RV trip within the next 12 months. Whereas according to organization monthly survey of manufacturers the total RV shipments ended the July with 43,035 units, which was an increase of 53.5% from the 28,044 units shipped in July 2019.
Competitive Landscape
The major players of the North American recreational vehicle market are Thor Industries Inc., Forest River Inc., Winnebago Industries, and REV Group. The recreational vehicle market is highly competitive amongst the dominant players. The companies are continually competing with each other, and are opting for strategies, like acquisition, heavy investment in R&D projects, and offering more luxurious services in the vehicle.
For instance, In 2019, Thor Industries Inc. has announced the complete acquisition of Erwin Hymer Group excluding its North American business.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Towable RVs
5.1.1 Travel Trailers
5.1.2 Fifth Wheel Trailers
5.1.3 Folding Camp Trailers
5.1.4 Truck Campers
5.2 Motorhomes
5.3 Country
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Thor Industries Inc.
6.2.2 Winnebago Industries
6.2.3 Forest River Inc.
6.2.4 REV Group
6.2.5 Nexus RV
6.2.6 Triple E RV
7 MARKET OPPORTUNITIES
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