North America Travel Trailers Market is Anticipated to Grow at a Strong 18.10% CAGR, with a Market Value of US$ 112.4 Bn by 2032
Brand Story 16 Nov 2022, 22:15 GMT+10
The North America travel trailers market is anticipated to generate US$ 33.95 billion. Sales are anticipated to grow at a strong 18.10% CAGR, with a market value of US$ 112.4 billion by 2032. The North America travel trailers market accounts for 8-10% of all recreational vehicle sales.
Travel and tourism are becoming more and more important on a worldwide scale, opening up the attractive potential for industry growth. By 2032, travel and tourism will continue to boost the business by increasing the demand for outdoor camping activities.
The World Tourism Organization reports that compared to 2020, worldwide tourism climbed by 4% in 2021, boosting sector growth. Rapid technical breakthroughs have increased consumer demand for electric leisure vehicles with the development of improved batteries and electric power trains (RVs).
Consumers are adopting electric and hybrid RVs as a result of severe automotive pollution rules, which support market data. The business is rapidly expanding as a result of the integration of cutting-edge technologies, like driver assistance and accident prevention systems, into RVs to increase passenger and pedestrian safety.
Coronavirus fears are causing tourists to load up their families into RVs and look for campgrounds around the nation, which looks to be causing the sector to experience another boom. Moreover, COVID-19 has contributed by giving families a self-contained travel option that avoids interacting with restaurants and motels directly.
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46% of respondents to a Thor Industries survey of RV renters conducted in December 2020 stated they had never leased an RV before the pandemic.
The market for RVs increased significantly in the spring and summer of 2020, according to dealers and RV manufacturers, including Thor Industries, Winnebago, and Forest River. According to industry analysts, there may be more prosperous months to come.
Key Takeaway From The Industry
The North America travel trailers market is expected to reach US$ 59 billion, with a CAGR of 9 % during the forecast period.
The valuation of the North America travel trailers market is US$ 33.95 billion in 2022.
The RV business supported approximately 600,000 employees in 2019, delivering more than $32 billion in salaries and more than $12 billion in federal, state, and local taxes.
Overall, the RV industry had a $114 billion economic effect on the US economy.
In Canada, the industry is responsible for over $3.8 billion in retail sales each year.
Elon Musk's SpaceX Starlink launched $135 per month Internet services for recreational vehicles, which is one of the factors driving the industry's development.
The pandemic sparked a renewed passion for safe, reclusive van and RV living.
North America Travel Trailers Market Competitors Following the Market Trends
Major market players are concentrating on business expansion to increase their market presence. This opens up several prospects for important travel trailer manufacturers in North America. Strong RV sales and great consumer interests are also supporting the RV industry.
Leading players operating in the North America Travel Trailer Sector market are - Thor Industries Inc., Winnebago Industries Inc., Forest River Inc., REV Group, NeXus RV, Triple E Recreational Vehicles, Tiffin Motorhomes Inc., REV Group, Inc., Starcraft RV, Inc., Heartland Recreational Vehicles, Airstream, Northwood Manufacturing, etc. are among others.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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