LONDON--(BUSINESS WIRE)--Technavio analysts forecast the recreational vehicle market in North America to grow at a CAGR of more than 8% during the period 2018-2022, according to their latest market research report.
The installation of solar technology in recreational vehicles (RVs) is one of the major trends being witnessed in the recreational vehicle market in North America. Conventionally, the engines of the RVs or external generators were used to power electrical appliances fitted in RVs. However, these power sources are not economical and environment-friendly as they would require fossil fuels and contribute to air and noise pollution, thereby requiring additional costs.
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In this report, Technavio analysts highlight the substantial cost savings by using RVs over conventional modes of vacation as a key factor contributing to the growth of the recreational vehicle market in North America:
Recreational vehicle market in North America: Substantial cost savings by using RVs over conventional modes of vacation
There is a growing preference for road trips and vacations in the market in the recent years. Planning the finances involved in the trip is also essential. At present, several options are available that would help consumers save money on trips and owning an RV is one such option that would help consumers save costs when compared with other models available for road trips.
According to a senior analyst at Technavio for automotive manufacturing, “There are three major options that help in the cost-effective planning of road trips, including driving own car and staying at a hotel, owning an RV, and renting an RV. It has been comprehended that owning an RV is typically the best option for cost-effectively planning a trip. In addition, as RVs combine both staying and traveling, they allow individuals to travel and stay at their convenience and time.”
Recreational vehicle market in North America - US tops the market
This market research report segments the recreational vehicle market in North America by RV type (towable RVs and motorized RVs) and geography (the US and rest of North America). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The US was the leading region for the recreational vehicle market in North America in 2017. It accounted for a market share of approximately 91%. This region is expected to dominate the market throughout the forecast period.
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Five Forces Analysis
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- Vendors covered
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