According to UnivDatos’ research report “Caravan and Motorhome Market”, the market is expected to witness robust growth during the forecast period (2022-2023).
Recreational vehicles with built-in living spaces are referred to as caravans and motorhomes. It majorly comprises travel trailers, fifth wheelers, expandable caravans, truck campers, campervans, etc. These vehicles are either self-propelled or can be pulled behind other vehicles. Caravan and motorhome are broadly used for outdoor travel, camping, cross-country travel, exploration, and adventure activities. They are equipped with various modern facilities and features. Caravans and motorhomes are adaptable, highly convenient and maneuverable and easy-to-drive vehicles. These vehicles also provide enhanced comfort, cost savings, and ease to navigate coupled with extended storage options and off-road capabilities.
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The Caravan and Motorhome market is expected to grow at a steady rate of around 8% owing to the rise in demand for recreational vehicles coupled with rapid growth in industrialization are fueling the growth of the global caravan and motorhome market. The upsurge in disposable income of consumers to spend on luxury, safety and best-in-class features vehicles is also one of the key features driving the growth of the market. For instance, In March 2021, Rev Recreation Group (RRG) introduced the new diesel-powered luxury motor coach, the 2021 American Dream 39RK, to add the luxury factor to recreational vehicles. Furthermore, technological advancements and innovation to improve the efficacy and efficiency of caravan and motorhome vehicles will boost the growth of the market during the forecast period.
Based on product type, the market is broadly segmented into caravan and motorhome. Caravans are further segmented into travel trailers, fifth-wheel trailers, folding camp trailers and truck campers. Similarly, motorhomes are further classified into Type A, Type B and Type C. Among them, the motorhome category is expected to offer lucrative opportunities for the growth and expansion of caravan and motorhome market during the forecast period owing to the increased customer preference towards recreational vehicles. Furthermore, motorhome is gaining popularity as these vehicles can be used in for daily driving purposes. One of the major factor contributing towards the growth of the motorhome category is the travelling utility and comfort. In addition, they fulfills maneuverability concerns for the solo, group and family travelers and campers. Caravan segment will also hold the significant CAGR during the period of forecast. Owing to the presence of large capacity of the trailers having built-in living spaces and convenient features like home. For instance, these recreational vehicles have water supply, kitchen, bedding space, electricity, etc.
Based on end-user, the market is divided into direct buyers and fleet owners. Among them, the direct buyer segment held the maximum market share and is expected to maintain its position during the period of forecast owing to increasing per capita income of the individuals globally and growing millennial population is propelling the growth of the caravan and motorhome market. Furthermore, fleet owner’s category will hold the second largest CAGR during the forecast period due to shift in preference for renting recreational vehicles is driving the market growth. Adoption of such RV rental services is supported by decreased costs and rising availability of the vehicles.
Europe to witness extensive growth
For a better understanding of the market adoption of the caravan and motorhome industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific), Rest of World. Europe holds the major market share in caravan and motorhome market and is anticipated to grow at a substantial CAGR during the forecast period. Major reason for growth and expansion of this market in the region is inclination of buyers towards adding more value, comfort and features in their vehicles. Mobile applications connected to the car, providing information like amount of gas and water in the tank and battery capacity, are gaining popularity in the region.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the caravan and motorhome market are THOR Industries, Forest River, Inc, Winnebago Industries, Inc., Hymer GmbH & Co. KG, Bürstner GmbH & Co. KG, The Swift Group, Dethleffs GmbH & Co. KG, Knaus Tabbert AG, Jayco, Inc., and Triple E Recreational Vehicles.
“Global Caravan and Motorhome Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Product Type (Caravan and Motorhome)
2. By End-User: (Direct Buyers and Fleet Owners)
3. By Region (North America, Europe, Asia-Pacific, Rest of the World)
4. By Company (THOR Industries, Forest River, Inc, Winnebago Industries, Inc., Hymer GmbH & Co. KG, Bürstner GmbH & Co. KG, The Swift Group, Dethleffs GmbH & Co. KG, Knaus Tabbert AG, Jayco, Inc., and Triple E Recreational Vehicles.)
Key questions answered in the study:
1. What are the current and future trends of the global caravan and motorhome market industry?
2. How the industry has been evolving in terms of product type and end-user?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global caravan and motorhome market industry?
5. What is the customer orientation, purchase behavior, and expectations from the global caravan and motorhome market suppliers across various region and countries?
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