LONDON–(BUSINESS WIRE)–The recreational vehicle (RV) market in North America is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the recreational vehicle (RV) market size in North America is the integration of advanced technologies into RVs. The RV manufacturing industry has been evolving along with changing consumer preferences. Manufacturers focus on introducing innovative technologies to cater to the needs of customers. Moreover, advancements in automotive technology and increasing penetration rate of electronics in vehicles have made the regional RV market highly competitive. As a result, RV manufacturers are forming strategic alliances to cater to the diversified requirements of RV users, such as digital connectivity. Furthermore, companies are developing hybrid vehicle drivetrains that can deliver better performance and not cause pollution. Such developments will positively impact the RV market growth in North America.
As per Technavio, the emergence of smart driver assist systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This recreational vehicle (RV) market in North America 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Recreational vehicle (RV) market in North America: Emergence of smart driver assist systems
The RV market has been witnessing significant technological advancements that are focused on improving the interaction between the driver and the RVs. Infotainment systems integrated into RVs have undergone tremendous evolution. These systems include the latest features and possess fast processing power to deliver a personalized experience to the driver. Moreover, manufacturers are collaborating with technology providers to promote the integration of advanced features in a wider segment of their product portfolio. For instance, Renault-Nissan-Mitsubishi and Google are working together since 2018 to embed the Android operating system in their infotainment systems by 2021. This will allow drivers to manage vehicle functions with voice commands through Google Assistant and include turn-by-turn navigation with Google Maps. Such advances are likely to have a positively impact on the growth of the RV market size in North America during the forecast period.
“Apart from the emergence of smart driver assist systems, other factors such as the diversification of product offerings of OEMs, and the increased use of advanced materials for component design will have a significant impact on the growth of the recreational vehicle market in North America during the forecast period,” says a senior analyst at Technavio.
Recreational vehicle (RV) market in North America: Segmentation analysis
This market research report segments the recreational vehicle (RV) market in North America by product (towable RVs, and motorized RVs), and geographic regions (the US, and rest of North America).
The US led the North American recreational vehicle market in 2018, and it is expected to maintain its position as the largest market through 2023. The growth of the recreational vehicle (RV) market in the US can be attributed to the growing desire of consumers to experience outdoor activities and enjoy quality personal time simultaneously. Moreover, the integration of modern technologies, such as onboard Wi-Fi Internet access, has enhanced the level of luxury offered by an RV, thus making it an attractive mode of transport in the US.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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