Newark, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 32.2 billion motorhome market will reach USD 72.8 billion by 2033. A motorhome is a self-contained recreational vehicle that may accommodate a variety of facilities, such as bunkrooms, schools, isolation units, medical clinics, portable offices, command centres, and lavatories and showers. Furthermore, RVs come with fixed or convertible sleeping arrangements that accommodate two to eight people. These vehicles are meant to be used as temporary lodging for vacations, camping, and sometimes even short-term seasonal use. These cars are utilised for longer-term events like concerts, festivals, and holidays. The travel and tourism industry is expected to grow, especially in emerging economies, boosting the market. Two recreational vehicle categories used as temporary houses for camping, vacationing, or seasonal use are motorhomes and towable. Besides travel, motorhomes are often used for other activities such as concerts, festivals, and multi-day events. The extra benefit of motorhomes is that they can save up to 55% on vacation expenses compared to conventional vacation activities. The advantages above have driven up demand for motorhomes in recent years, and this trend is expected to persist throughout the projected future.
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Key Insights on Motorhome Market
North America will account for the largest market size during the forecast period.
Due to the rising number of families that own motorhomes and the increasing demand for rental motorhomes in the area, North America is currently leading the global motorhome market. In 2023, the region accounted for more than 50% of the global motorhome market. The world's hub for RV production is the United States. The Recreation Vehicle Industry Association commissioned research that shows that the number of RV owners in the US is rapidly rising. The overall number of RV shipments in December 2021 is anticipated to be 40,382 units, up 46.8% from the 27,516 units sold in December 2021, per the RVIA's December 2021 manufacturer survey. In December 2021, 3920 RVs were shipped overall, a 30% increase from the previous year.
The class C segment dominated the market with the most significant revenue of USD 13.5 billion.
The class C segment dominated the market with the most significant revenue of USD 13.5 billion. As these RVs are less expensive and are constructed on pre-existing bodies, families on a low budget love them. They are called mini-motor homes since they offer the same facilities as larger RVs but at a reduced cost. The price range for these RVs is from USD 40,000 to USD 200,000. The type C motorhome is constructed using an automobile's van chassis and a fitted cab section.
The direct buyers segment dominated the market with the most significant revenue of USD 24.0 billion.
The direct buyers segment dominated the market with the most significant revenue of USD 24.0 billion. Direct owners, as opposed to fleet owners, have unrestricted travel freedom, which is anticipated to propel the segment's expansion.
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Market Dynamics:
Drivers: Rising family time
Convertible interior designs and increased family time during the COVID-19 pandemic are driving the growth of RVs. Studies by the RV Industry Association show that the RV, or Motorhome, sector in the US supported around 600,000 jobs, paid over USD 32 billion in salaries, and contributed over USD 12 billion in local, state, and federal taxes. Additionally, the RV sector brought USD 114 billion to the US economy. Investigate how the RV industry has affected the economy of your state or congressional district by using the interactive economic contributions map. RV campers can readily assert their social dominance when they require additional space.
Restraint: Fluctuating prices of raw materials
Price fluctuations for raw materials like copper, steel, and aluminium can have a negative impact on RV manufacturers' sales and profit margins. Price variations may cause parts for motorhome to fluctuate, which could result in an insufficient supply of motorhome to fulfil market demand. Furthermore, the rising cost of components due to fluctuating raw material costs forces motorhome manufacturers to raise the vehicle's starting price, which hinders the market's growth. Consequently, the volatile cost of raw materials utilised in producing motorhomes impedes market expansion.
Opportunity: Availability of wide variations of motorhome
The increasing availability of motorhome broad varieties will provide significant growth opportunities during the forecast period. The market for motorhomes is also expected to be driven by the travel and tourist industry's recent growth and extra features offered by manufacturers, such as movable kitchens, sleeping pods, bathrooms, and portable toilets. In addition, more family time during the COVID-19 pandemic and convertible interior designs contribute to motorhomes' popularity.
Some of the major players operating in the motorhome market are:
● Winnebago Industries, Inc.
● Hymer GmbH & Co. KG
● Rapido Motorhomes
● Tiffin Motorhomes Inc.
● BURSTNER GMBH & CO. KG
● Thor Industries, Inc.
● Dethleffs GmbH & Co. KG
● Forest River Inc.
● The Swift Group
● Triple E Recreational Vehicles
Key Segments cover in the market:
By Model Type:
● Class C
● Class B
● Class A
By End-User:
● Direct Buyers
● Fleet Owners
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About the report:
The global motorhome market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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