NORTH AMERICA RECREATIONAL VEHICLE MARKET ANALYSIS

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2. NORTH AMERICA RECREATIONAL VEHICLE MARKET ANALYSIS North America Recreational Vehicle (SAN) Market By Exterior Construction Material (Wood, Aluminum, Fiberglass, Steel and Others), By Type (Motorhomes (Class A Motor Homes (Gasoline, Diesel), Class B Motor Homes (Gasoline, Diesel) Class C Motor Homes(Gasoline and Diesel), Travel Trailer & Campers (Conventional Travel Trailers and Fifth-wheel Travel Trailers) and Camping Trailers (Folding Camping Trailer and Truck Camper), By Country (U.S. and Canada) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. Market Overview • A recreational vehicle or RV is a motor vehicle that includes quarters designed for accommodation. There are different types of RVs including campervans, caravans, truck campers, popup campers, fifth-wheel trailers, and campervans. RVs are typically used for travel, season use, recreation, or camping. A typically is comprised of a kitchen, a bathroom, and one or more sleeping facilities. Furthermore, RVs can either be trailer or self-motorized. The majority of RVs are single-deck though double-deck RVs also exist. Some RVs have expandable sides or canopies to provide larger areas. Moreover, the fifth-wheel trailer is a type of travel trailer are known for its spacious two-level floor plans and it can be towed with a pickup truck. The capacity is up to six people. • The North America Recreational Vehicle Market was accounted for US$ 437,880.0 Mn in terms of value in 2019 and is expected to grow at CAGR of 7.9% for the period 2020-2027.

4. Market Dynamics- Drivers Supportive demographic conditions for RVs are expected to drive growth of the North America recreational vehicle market during the forecast period • Demographics in North America is highly favorable for recreational vehicles. These vehicles are majorly adopted by an elderly or geriatric population that is entering the phase of retirement. According to Coherent Market Insights’ analysis, the large segment of consumer age is between 35-54 years in North America. However, manufacturers are now focused on consumers aged between 18-34 years as a new consumer group. According to the North American Camping Report 2016, around 44% of the 1.2 Mn households in North America that started camping in 2015 were millennial generation. Hence, these factors are expected to drive growth of the market in the near future. Rising incorporation of solar-powered systems is expected to propel the North America recreational vehicle market growth over the forecast period • Technological advancements and developments have led to adoption of RVs in North America. Consumers are increasingly preferring recreational vehicles with home-like amenities such as fully-equipped kitchens and bath, surround-sound stereos, flat-screen TVs, and more. Furthermore, manufacturers are focused on incorporating solar-powered systems to full fill spiked demand for RVs. Hence, these factors are expected to propel the North America recreational vehicle market growth over the forecast period.

5. Statistics: • U.S. held dominant position in the North America Recreational Vehicle market in 2019, accounting for 76.2% share in terms of value, followed by Canada, respectively

6. Figure 1: North America Recreational Vehicle Market Share (%) in terms of Value, By Country, 2019

7. Market Dynamics- Restraints Lack of skilled labors is expected to restrain growth of the North America recreational vehicle marketduring the forecast period • Manufacturing recreational vehicles require skilled and experienced laborers. However, lack of skilled labors is a major restraining factor in North America. North American Camping Report 2016, 44% of the 1.2 Mn households in North America that started camping in 2015 were millennial generation. Furthermore, new industry players are finding it challenging to expand their business, owing to the dearth of skilled personnel. This, in turn, is expected to hamper growth of the market during the forecast period. Factors such as seasonality and cyclicality are expected to hinder the North America recreational vehicle market growth over the forecast period • During the summer and spring seasons, the demand for recreational vehicles is high though it declines during winter season. Constantly changing weather conditions are expected to hamper the market growth. Furthermore, recreational vehicle industry witnesses cycles of growth and reduction in consumer demand, depending on demographic, and prevailing economic conditions. Thus, these factors are expected to hinder the North America recreational vehicle market growth over the forecast period.

8. Market Opportunities Rising exports of RVs from the U.S. can present major business opportunities • Rising disposable income in middle-class consumers in Asia Pacific countries has increased the demand for recreational vehicles. The manufacturers from the U.S. and Canada are witness massive demand from Asia Pacific, especially in countries such as South Korea, China, and Japan, owing to large number of consumers preferring recreational vehicle lifestyle and camping. Market players can capitalize on these opportunities and gain a competitive edge in the market. Growing demand for advanced and affordable recreational vehicles can provide lucrative opportunities • Consumers in the market are demanding recreational vehicles with incorporation of advanced technologies with wireless systems. In fact, younger generation is demanding RVs with inclusion of novel design and digitalization. Furthermore, key manufacturers in the market are focused on introducing recreational vehicles with incorporation of advanced technologies at affordable prices. For instance, in 2016, Thor Industries, Inc. introduced motorhomes such as smaller Class C and Class A recreational vehicles, which are designed to fit a younger demographic.

9. Figure 2: North America Recreational Vehicle Market Value (US$ Mn), 2017 - 2027

10. Market Trends Advent of hybrid recreational vehicle models is a major trend in the market • Major manufacturers in the market are introducing hybrid recreational vehicles that utilize combination of diesel engines and batteries. These recreational vehicles depend upon battery power for slower driving and both diesel engine and battery for higher speed, similar to hybrid cars. Key manufacturers such as Winnebago Industries, Inc. and Fleetwood RV, a division of REV GROUP, INC., are focused on introducing RV hybrid models that integrate batteries and diesel engines. Growing adoption of eco-friendly recreational vehicles • Majority consumers have started adopting eco-friendly recreational vehicles. Manufacturers too have started offering recreational vehicle products with enhanced fuel-efficiency and augmented design. Furthermore, latest models for recreational vehicles are equipped with fuel-efficient diesel engines that get about 15 MPG and vehicles with lighter composites, which could improve the overall fuel efficiency and contribute to reduced emissions. Many RVs are installing solar panels, in order to provide power for bathroom, kitchen, and home entertainment systems. According to the Recreational Vehicle Industry Association, up to 20% of recreational vehicles use solar panels to power onboard systems. Moreover, manufacturers such as Coachmen RV, Airstream Inc., and Forest River Inc. are focused on eco-friendly building practices to manufacture RVs.

11. Competitive Section • Key players operating in the North America recreational vehicle market are Thor Industries, Inc., Tiffin Motorhomes, Inc., Winnebago Industries, Inc., Forest River, Inc., Jayco, Inc., Nexus RV LLC, REV Group, Inc., Starcraft RV, Inc., Heartland Recreational Vehicles, Airstream, Northwood Manufacturing, and Triple E Recreational Vehicles. Key Developments • Major companies in the market are focused on business expansion, in order to expand the market presence. For instance, in January 2020, Thor Industries, Inc. formed a subsidiary Hymer USA, which will be focused on producing and marketing recreational vehicles used in European practices. • Key players in the market are involved in mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in September 2019, Winnebago Industries, Inc., a U.S.-based manufacturer or motorhomes, acquired Newmar Corporation, a manufacturer of Class A and Super C motorized RVs.

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