RV Industry Outlook
Motorhomes recreational vehicles market to amass hefty proceeds by 2024, global industry valuation to cross USD 56.5 billion by 2024
Recreational vehicles, owing to their comfort & connectivity, are massively adopted by tourists of late, stimulating recreational vehicles market. That said, in order to promote the regional tourism industry, several countries have been investing in the deployment of recreational vehicles. These vehicles are priced higher when compared to the conventional vehicles owing to which, numerous travelers have been giving preference to rental services. In this regard, rental service industries have also been looking forward to attracting more consumers by providing high-quality product ranges with sufficient insurance and low-cost maintenance facilities. The increasing popularity of high-end luxury and fuel-efficient recreational vehicles is thus slated to boost recreational vehicles market over the years ahead.
U.S. Recreational Vehicles Market, By Fuel, 2017 & 2024, (Units)
In the last few years, the demand for motorhomes has increased tremendously, encouraging vehicle manufacturers to design newer models of the same. As of now, most of the automakers have increased their production capabilities to fulfil the rising vehicle demand. Recently, the German motorhome and campervan manufacturer, Hymer has officially declared the launch of new variants of its motorhome product that is expected to be mainstream by 2019. In its newly designed vehicles, it has integrated the Mercedes-Benz Sprinter to enhance the vehicle profile. It has also improvised the interior of the vehicle and reduced its overall weight by using glass reinforced plastics for manufacturing various vehicle components such as water tanks, double floor, plumbing, and heating systems. In addition, this motorhome manufacturer has also entered the UK recreational vehicles market with the launch of three new A-class models.
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The increasing popularity of moving restaurants has also had a considerable impact on the recreational vehicles industry size. Rather than constructing a new building for hotels, there has been a surging preference of late, for on-vehicle hotels that resolves the issues of food, shelter, and income on a single platform. In fact, space utilization for hospitality and residential purposes was a major concern that prompted Protec to launch a new Q18 motorhome. With extensive research and development, Protec has configured new motorhome that is equipped with a dry bathroom, dining room, full kitchen, sink, fridge with freezer, and an additional pull-out worktop. The deployment of luxurious amenities in the vehicle will further fuel the product demand that will ultimately boost the recreational vehicles market outlook.
Though the luxury motorhome has become more popular, its higher cost has been restricting buyers to invest in its production. Taking into account the future business opportunities in class-A motorhomes, renowned recreational vehicle manufacturers have been working together to develop an affordable package of the recreational vehicle. For instance, in January 2018, the American recreational vehicle manufacturer, Jayco Inc., collaborated with the specialty chassis and vehicle design leader, Spartan Specialty Vehicles to introduce a luxury class A diesel motorhome. While designing this new vehicle, they have considered all the luxury aspects for making it accessible for the younger crowd of enthusiastic buyers. They also have taken into consideration the preferences of customers who are looking for smaller coach sizes for better serviceability. This customer-centric view of vehicle manufacturers will considerably stimulate the demand for motorhomes which procured 50% of recreational vehicles industry share in 2017.
It is noteworthy to mention that the shifting trends toward the development of emission-free vehicles for controlling the pollution level in the environment have generated a new business avenue for vehicle manufacturers. In fact, some companies have been establishing electric vehicle platforms as well, in order to stay ahead of competition. The development of fuel-efficient and luxurious vehicles is poised to have a positive impact on the recreational vehicles industry size, which reportedly, over 2018-2024, will register a CAGR of 6%.
Author Name : Sunil Hebbalkar