The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Thu Jun 15, 2017
Deerfield Beach, Florida - According to a report from Zion Market Research, the North American demand for RVs was valued at $16 billion in 2014 and is expected to reach $20.24 billion in 2020, growing at a CAGR of 4.1 percent between 2015 and 2020. In terms of volume, the North American RV market stood at 345,000 units in 2014.
Zion Market Research has published a new report titled “Recreational Vehicles Market (Motorhomes (Type A, Type B and Type C) and Towable RVs): North America Market Perspective, Comprehensive Analysis and Forecast 2014 - 2020”.
The recreational vehicle's market in North America has tremendous potential to grow in the near future owing to the materialization of certain trends, such as an increase in ownership affordability, according to the report. Consumers are increasingly purchasing more recreational vehicles as they save more than 59 percent on their vacation costs over other forms of travel. However, increased dealer interest in recreational vehicle auctions hinders the growth of the recreational vehicle's market in North America. In North America, many dealers have been participating in auctions either to acquire pre-owned RVs or to dispose of used RVs, thus challenging the growth of the market in the region.
Motorhomes and towable recreational vehicles are the two major segments of the recreational vehicle industry. Recreational vehicles market in North America was dominated by the towable RVs with more than two-third share of the market in 2014. Motorhomes account for a relatively smaller share of the RV market in North America. Motorhomes market is further classifies as type A, type B and type C motorhomes. Type A motohomes segment dominates the market segment with more than 40 percent share of the total market in 2014.
The recreational vehicle's market is also segmented based on ownership. New recreational vehicle buyers accounted for one-third of the total recreational vehicles market in 2014. Pre-owned recreational vehicles market is twice in market size as compare to new vehicles.
The recreational vehicle's market in North America is fragmented because of the presence of many vendors and a variety of products. Some of the leading industry participants operating in the North America RV market include Eclipse RV, Gulf Stream Coach, Northwood Manufacturing, Palomino and Thor Industries.
Inquire more about this report by following the link below.