Technavio analysts forecast the RV market in North America to grow at a CAGR of more than 8 percent during the period 2018 to 2022, according to their latest market research report.
The installation of solar technology in RVs is one of the major trends being witnessed in the RV market in North America.
Conventionally, the engines of the RVs or external generators were used to power electrical appliances fitted in RVs. However, these power sources are not economical and environment-friendly as they would require fossil fuels and contribute to air and noise pollution, thereby requiring additional costs.
In this report, Technavio analysts highlight the substantial cost savings by using RVs over conventional modes of vacation as a key factor contributing to the growth of the RV market in North America.
There is a growing preference for road trips and vacations in the market in the recent years. Planning the finances involved in the trip is also essential. Technavio’s study reports that, at present, several options are available that would help consumers save money on trips and owning an RV is one such option that would help consumers save costs when compared with other models available for road trips.
“There are three major options that help in the cost-effective planning of road trips, including driving own car and staying at a hotel, owning an RV, and renting an RV,” said a senior analyst at Technavio for automotive manufacturing. “It has been comprehended that owning an RV is typically the best option for cost-effectively planning a trip. In addition, as RVs combine both staying and traveling, they allow individuals to travel and stay at their convenience and time.”
This market research report segments the RV market in North America by RV type (towables and motorized RVs) and geography (the U.S. and rest of North America). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The U.S. was the leading region for the RV market in North America in 2017. It accounted for a market share of approximately 91 percent. This region is expected to dominate the market throughout the forecast period.
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