A motorhome is a self-propelled vehicle that offers a recreational purpose combined with a living accommodation. It is designed as a temporary living quarters for travel, recreation, camping, and seasonal use. It is also referred to as campervans, recreational vehicles (RV) or caravans.
Owning a motorhome can allow an individual to save money on hotels, tickets and eating out while giving an ultimate freedom to explore. A motorhome chassis typically includes the vehicle frame, engine, transmission, axles, wheels, brakes, cooling system electrical system, steering system, suspension, and instrumentation.
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Market Dynamics:
Some of the notable characteristics of the motorhome industry are that it is highly entrepreneurial and the manufacturers innovate to produce fuel efficient and lightweight motorhomes. This requires a skilled workforce for production and thus this industry is labor intensive. Increase in disposable incomes of the middle class can provide tremendous opportunities for growth to the industry, especially in the emerging markets.
However, the manufacturers may face different challenges in such markets as these do not have adequate infrastructure to accommodate recreational vehicles. In some countries, these are still considered as luxury products attracting huge taxes.
It is being observed that the motorhome industry is targeting a newer audience, especially young people however the traditional customers of the motorhome market were millennials making up 31% of the population. The younger audience is motivated yearning for more freedom, control, and simplicity and this all can be fulfilled by a motorhome being offered as an experience rather than a product. Also changing vacation habits and people taking shorter trips is driving the demand for motorhomes.
Market Segmentation:
Motorhome market is segmented by model type and application of motorhomes.
1) Model type: The market can be segmented as :
i) Class A – This class is regarded as the most expensive and luxurious motorhome. It offers an expansive
front window for viewing the surrounding landscape and berth that convert into a lounge or dining area.
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ii) Class B – It is regarded as a semi-integrated motorhome consisting a double bed at the rear of the vehicle.
iii) Class C – This class provides a double berth over the driving cab. It is also known as coach built
.
2) Application: The market can be segmented as :
i) Direct Buyers
ii) Fleet Owners
iii) Others
Geographical Analysis:
Geographically, the market is segmented into North America, Canada, Europe, China, Japan, India and rest of the world. Europe experienced highest sales of motorhome in 7 years and is expected to grow at the fastest rate. The demand has also picked up in North America after years of slack and the global recession in 2008.
Key Players
Some of the key players in the motorhome industry are Dethleff Motorhomes, Rapido Motorhomes, Swift Leisure, Forest River, REV Group, Tiffin Motorhomes, Newmar Corp., Dutchmen Manufacturing, Airstream, Thor Industries, Winnebago Industries, Northwood Manufacturing, Adria Mobil, Brstner, Carthago, Reisemobilbau GmbH, Chausson and Laika Caravans.
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