RV Rental Market: Introduction
A recreational vehicle, often abbreviated as RV, is a motor vehicle or trailer, which includes living quarters designed for accommodation. Typical amenities of an RV include a kitchen, a bathroom, and one or more sleeping facilities.
Key Drivers of RV Rental Market
- Rapid growth of economies in Asia Pacific, a burgeoning middle class with discretionary income, rising consumer interest in RVs and RV camping, campground development, and a large number of individuals choosing to explore the countryside with recreation vehicles are key factors driving the demand for recreational vehicles and consequently, propelling the RV rental business
- Increased participation in outdoor recreational activities is a significant factor that is projected to drive the market especially in Europe and North America. Sports and active recreation category generates two-thirds of all recreational physical activity spending, as these activities are highly diverse, accessible, affordable, and prevalent across every region and population groups.
Restrains in RV Rental Market
- From mid-March until almost the end of June, global economies have experienced highly stringent restrictions on business activity. Likewise, RV renting business witnessed a decline in demand. However, some renting agencies have turned to a secondary area, serving government and other large clients. In several cases, they are providing RVs for key workers, such as medical personnel, who require lodging when work keeps them away from home. Moreover, people with urgent travel needs have adopted RV rental services. Since the government COVID-19 related restrictions were eased, the demand for RVs has witnessed higher demand to the point that RV dealers have experienced shortfall in inventories, especially in the U.S., as the pandemic made more people reluctant to fly on commercial airlines, take cruises, or travel overseas.
- For instance, Outdoorsy witnessed a 1,500% surge in bookings from the lowest booking day amid the coronavirus pandemic to the highest booking day during the second to last week of May. The company's popularity has only continued to trend upwards since. Prior to 2020, Outdoorsy was growing 400% year-over-year. However, from April 2020 to October, the company grew a 4,600%. Consequently, 44% of all of the company's business occurred last year, amid the coronavirus pandemic.
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Opportunities in RV Rental Market
- Younger campers are considering the renting option prior to purchasing their own RV, while RV owners are increasingly making their vehicles available for peer-to-peer rental, seeing a means to generate income from their RV purchase. This trend is anticipated to make availability of more number of recreational vehicles in the market, and lowering the rental prices of RVs, thereby boosting the market.
Asia Pacific to Witness Rise in Demand for RV Rentals
Asia Pacific is a rapidly expanding market for RV rentals owing to expansion of economies, rising middle class that is boosting the demand for leisure-related goods and activities, such as RVs and RV camping. The RV market in China has witnessed significant changes for the last few years, including a national focus on the development of tourism, campgrounds, and the RV industry. Rise in demand for RVs in China, India, and other countries in Asia Pacific led to a shift in travel preferences of consumers choosing to explore the countryside and roads with recreation vehicles. This is projected to fuel the RV industry in the region in the next few years.
Key Players Operating in RV Rental Market
The global RV rental market is concentrated with limited players. A few of the key players operating in the global RV Rental market are:
- Cruise America
- RV Share
- EI Monte RV
- RV Scout
- RV Rental Connection
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Global RV Rental Market: Research Scope
Global RV Rental Market, by Product
- Fifth-Wheel Trailer
- Pop-up Camper
Global RV Rental Market, by Rental Supplier Type
- Private/Individual Owner
- Fleet Operator
Global RV Rental Market, by Booking Type
- Offline Booking
- Online Booking
Global RV Rental Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.