The American RV industry could grow by nearly $10 billion in the next few years, according to a new market report from Technavio.
The analyst company’s report, titled “Recreational Vehicle (RV) Market in North America 2019-2023, shows that inclusion of advanced technology in new RVs could lead to a widespread boom in the industry. Technavio released its new report Monday.
Technavio has been monitoring the recreational vehicle (RV) market in North America, and concludes it is poised to grow by $ 9.92 bn during 2019-2023, progressing at a CAGR of over 8% during the forecast period.
“The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment,” the company said.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Click here to request the latest Free Sample Report on COVID-19 Impact.
The market is fragmented, according to Technavio, and the degree of fragmentation will accelerate during the forecast period. The report identifies Forest River Inc., Gulf Stream Coach Inc., REV Group Inc., Thor Industries Inc., and Winnebago Industries Inc. as market leaders.
“To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments,” the report shows. “The integration of advanced technologies into RVs has been instrumental in driving the growth of the market.”
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Recreational Vehicle (RV) Market in North America 2019-2023 : Key Highlights
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will assist recreational vehicle (RV) market in North America growth during the next five years
- Estimation of the recreational vehicle (RV) market in North America size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the recreational vehicle (RV) market in North America
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of recreational vehicle (RV) market in North America vendors
