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Motorhome Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 4534499
  • Report
  • February 2020
  • Region: Global
  • 70 pages
  • Mordor Intelligence
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until Jun 30th 2020
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FEATURED COMPANIES

  • BÜRSTNER GMBH & CO. KG
  • Dethleffs GmbH & Co. KG
  • Forest River Inc.
  • Hymer GmbH & Co. KG
  • Rapido Motorhomes
  • The Swift Group
  • MORE
The motorhome market is anticipated to record a CAGR of over 6.5% during the forecast period, 2020 - 2025.

Recreational vehicles are designed for temporary living quarters for camping, recreational, travel, or seasonal use, and classified into two main types, such as motorhomes and towable.

Motorhomes are not only used for vacation activities but are also widely used across various activities like the festival, concerts, and multi-day events. Motorhomes have an added advantage of reducing vacation costs by an average of 55% over other conventional vacation activities. The aforementioned benefits have been driving an increasing demand for motorhomes in the market over the past two years (2017-2018), and this is likely to continue during the forecast period.

North America captured a major share of more than 30% of the global motorhome market in 2017, owing to the increasing number of households owning motorhomes (a majority owned by millennials) and the growing demand for motorhome rentals. In the region, the US motorhome market accounted for a major share of more than 50% of the North American motorhome market in 2017.

Key Market Trends

Increasing Demand for Class C Motorhome

Class C motorhomes are mid-sized RVs which are not built upon existing truck bodies and van chassis. These RVs provide better fuel efficiency than the type A or B motorhomes. Their size varies from 20 ft to 33 ft.

Being built upon existing bodies, these RVs do not cost much and are preferred by families that are on a budget. They are often referred to as mini-motorhomes, which provide the amenities of a larger motorhome in a scaled-down version and at a lower price. The price of these motorhomes start from approximately USD 40,000 and goes up to USD 200,000.

The type C motorhome is built on an automotive manufactured van frame with an attached cab section. They are built on a more powerful chassis than a type B motorhome, and thereby, provide more amenities. The shape of Type C is akin to a van cab with an attached camper, unlike that of the class A's ‘bus-like’ shape.

Most of these models have foldable furniture that converts into sleeping space and also features cupboards similar to homes, where most of the important storage products are kept. Most of these RVs have side doors that enable easy accessibility.

Most of the manufacturers are looking to roll out various advancements in their class C versions. These RV manufacturers are increasing their class C models, making it bulky by shifting out from the van chassis and opting for a large Ford, Chevy, and other heavy-duty vehicle chassis. Most of these larger versions are also diesel powered, making them apt to pull a heavier load while being more fuel-efficient, compared to gasoline engines.

In addition, manufacturers have also added multiple slide-outs to increase the living space, and have been designing a large variety of floor plans with larger chassis versions. These are a lot of varieties being tested to increase the consumer base of class C motorhomes, where these hybrid class C+ options are ideal for a family with 4-6 members.

North America to Lead the Motorhome Market

North America captured a major share of more than 50% of the global motorhome market in 2018, owing to the increasing number of households owning motorhomes (a majority owned by millennials) and the growing demand for a motorhome rental. However, owing to the rise in the manufacturing cost for RV manufacturers, RV dealers are adjusting their inventories due to changes in inventory carrying costs, hence resulting in a decline in the sales of RVs.

The United States is the manufacturing hub of RVs worldwide. According to a study commissioned by the Recreation Vehicle Industry Association, the US ownership of RVs is increasing at a fast pace.

According to the RVIA, the total RV shipments registered about 504,599 units in the United States, with a 17.2% increase in 2017, out of which, 62.64 thousand shipments were of motorhomes, contributing only 12% of the total RV shipments, owing to its expensive price. A typical class A motorhome’s cost ranges between USD 60,000 to USD 500,000, while that of class B and class C ranges from USD 40,000 to USD 150,000.

Motorhomes are being widely used in the country, not only for vacation traveling, but also for tailgating, traveling with pets, for business, and as a preferred mode of transportation in outdoor sports and other leisure activities. According to the Kampgrounds of America (KOA), in 2017, the country experienced an increase of 2.6 million new camper households, where 24% of all campers preferred an RV as their primary camping.

The increase in the number of campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. Thus, to meet the rising demand for motorhomes, the United States has more than 230 chain outlets and local motorhome dealers engaged in the trading of motorhomes. These dealers provide not only a range of state-of-the-art motorhomes but also the latest-model-year second-hand motorhome units preferred by most fleet operators.

The increase in the adoption rate of motorhomes by the younger generation, advent of motorhomes with technological improvements, and a healthy economy are expected to significantly contribute to the growth of the market during the forecast period. Additionally, sellers are providing lucrative deals and benefits not just on new motorhome models, but also on pre-owned units, along with easy financing facilities for qualified borrowers.

Competitive Landscape

Some of the major players in the motorhome market are Thor Industries, Inc., Winnebago Industries, Inc., Tiffin Motorhomes Inc., and Forest River, Inc.. The competition among the manufacturers has been increasing over the past two years, owing to the growing demand for fuel-efficient vehicles. The aforementioned trend is driving the motorhome manufacturers toward expanding their product portfolio, focusing more on electric drive motorhomes.

Major players are trying to consolidate their sales by cutting down the costs, while smaller players are focusing on new product launches and expansions. Market leaders are trying to acquire smaller players. In 2018, RV retailer LLC signed an agreement to acquire RV One Superstores. In February 2019, Thor Industries acquired one of Europe’s largest RV manufacturers, Erwin Hymer Group. During 2018, RV One sold more than 8,000 recreational vehicles.

For instance, in September 2017, Dethleff Motorhomes, a UK-based company, partnered with Victron Energy and exhibited a new electric motorhome at the Caravan Salon Düsseldorf 2017.

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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • BÜRSTNER GMBH & CO. KG
  • Dethleffs GmbH & Co. KG
  • Forest River Inc.
  • Hymer GmbH & Co. KG
  • Rapido Motorhomes
  • The Swift Group
  • MORE
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

5.1 Type
5.1.1 Class A
5.1.2 Class B
5.1.3 Class C
5.2 End-user
5.2.1 Fleet Owners
5.2.2 Direct Buyers
5.2.3 Other End Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Thor Industries, Inc.
6.2.2 Winnebago Industries, Inc.
6.2.3 Dethleffs GmbH & Co. KG
6.2.4 Hymer GmbH & Co. KG
6.2.5 Forest River Inc.
6.2.6 Rapido Motorhomes
6.2.7 The Swift Group
6.2.8 Tiffin Motorhomes Inc.
6.2.9 Triple E Recreational Vehicles
6.2.10 BÜRSTNER GMBH & CO. KG

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • Thor Industries, Inc.
  • Winnebago Industries, Inc.
  • Dethleffs GmbH & Co. KG
  • Hymer GmbH & Co. KG
  • Forest River Inc.
  • Rapido Motorhomes
  • The Swift Group
  • Tiffin Motorhomes Inc.
  • Triple E Recreational Vehicles
  • BÜRSTNER GMBH & CO. KG
Note: Product cover images may vary from those shown
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