Recreational vehicle consists of transportation and temporary living compartments for recreation, camping, and travelling purpose. Recreational vehicles are incorporated with certain comfort features such as cooking facilities, cooking and bathroom facilities, air condition system, entertainment system and slide out rooms. These vehicles are primarily categorized into towable recreational vehicle and motorized recreational vehicle.
Increasing popularity of adventure activities coupled with a rise in spending on vehicle recreation is anticipated to drive the recreational vehicles market during the forecast period. Rising demand for short-distance travel and attractive offerings from recreational vehicle manufacturers are likely to propel the recreational vehicles market in the near future. Furthermore, a rise in per capita income across developed and developing countries across the globe results in an increase in vehicle spending coupled with rise in spending on luxury and adoption of new technologies in recreational vehicles is likely to propel the recreational vehicles market during the forecast period. Rising adoption of electric recreational vehicles, owing to stringent emission norms, is expected to boost the demand for recreational vehicle during the forecast period.
The global Recreational vehicles market can be segmented based on type, application, fuel, and region. Based on type, the recreational vehicles market can be segregated into towable recreational vehicle and motorized recreational vehicle. The towable recreational vehicle is towed by a motorized vehicle and does not require highway movement permit. Under towable recreational vehicle several categories are present such as Folding Camping Trailer, Truck Camper, Travel Trailer, and Fifth Wheel. The motorized recreational vehicle segment is projected to expand significantly during the forecast period. Motorized recreational vehicles are self-propelled and consist of transportation and living quarters. Class A Motorhome, Class B Motorhome, Class C Motorhome are comes under motorized recreational vehicle. Based on application, the recreational vehicles market can be bifurcated into commercial and domestic. The domestic segment is likely to hold a major share of the recreational vehicles market owing to increasing preference for comfortable traveling among consumers.
In terms of fuel, the recreational vehicles market can be segregated into gasoline and diesel. The gasoline segment is likely to hold a major share of the recreational vehicles market owing the advantages of gasoline powered recreational vehicles, such as less maintenance, as compare to recreational vehicles powered by diesel. Gasoline fuel offers more power along with superior speed control on hilly roads and hence, the gasoline segment is likely to dominate the recreational vehicles market during the forecast period.
Based on region, the recreational vehicles market can be segmented into North America, Latin America Europe, Asia Pacific, and Middle East & Africa. North America held a significant share of the recreation vehicle market, owing to the presence of major recreational vehicle manufacturers and distributors in the region. Rise in disposable income in countries in Asia and increase in spending on luxury and comfort are likely to boost the recreational vehicles market in Asia Pacific.
Key players operating in the Recreational vehicles market include Thor Industries, Winnebago Industries, Forest River Inc., REV Recreation Group, Airstream, Bison RV center, Crossroads RV, Cruiser RV, DRV Luxuty Suites, Dutchmen RV, Erwin Hymer, Fleetwood Corporation, GMC Motorhome, Grand Desigh RV, Highland Ridge, Kropf Industries, Keystone RV, Skyline Corporation, and Pleasure-Way Industries.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.