Table of Contents
Executive Summary
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- Top takeaways
- Impact of COVID-19 on specialty and recreational vehicles
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- Figure 1: Short-, medium- and long-term impact of COVID-19 on specialty and recreational vehicles, May 2021
- Opportunities and challenges
- Leverage experiences and events to drive category engagement
- Partnerships and collaborations can help generate exposure and appeal
- Electric offerings can introduce excitement and innovation to the segment
- Rental opportunities can circumnavigate purchase barriers
The Market – Key Takeaways
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- With rising gas prices, more EV options will be needed
- Partnerships can help expose brands to new consumers
- Consumer-sharing programs can assist with purchase barriers
Market Factors
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- Impact of COVID-19 on recreational and specialty vehicles
- Increased unemployment and low consumer confidence impact consumers’ ability, and willingness, to enter the category
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- Figure 2: Consumer confidence and unemployment, 2000-April 2021
- Rising gas prices could pose a threat to RVs, boats
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- Figure 3: US gasoline and diesel retail prices, January 2007- April 2021
Shifts in Advertising Approach
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- The pandemic caused shifts in ad spending and approach across the category
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- Figure 4: Monthly digital marketing and paid social spending, select recreational and specialty vehicle brands, January 2019-May 2021
Companies and Brands – Key Takeaways
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- Electric motorcycles are the next big thing for the segment
- RV companies pivot to introduce new travel packages during the pandemic
- Cleveland boat show goes mostly virtual for this year’s events
Competitive Strategies
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- Engines are revved for new EV motorcycles
- Sondors: Metacycle
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- Figure 5: Sondors’ Metacycle offers affordable, sustainable transportation
- Arc Vehicle: Vector
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- Figure 6: Arc Vehicle targets luxury consumers
- Harley-Davidson: LiveWire
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- Figure 7: Harley-Davidson expands target audience with EV motorcycles
- How one RV company pivoted during the pandemic to let consumers travel like a rock star
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- Figure 8: Hemphill Brothers Coach Company offers custom coaches for personal travel
- Cleveland Boat Show pivoted to offer omnichannel shopping experience
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- Figure 9: Cleveland Boat Show offers virtual events
Market Opportunities
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- Electric specialty and recreational vehicles are the future of leisure
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- Figure 10: Taiga Motors offers electric recreational vehicles
- Remote working and changes to commute preferences open doors for new opportunities
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- Figure 11: Triumph Motorcycles as commuter option
- Specialty and recreational vehicle brands should explore consumer-sharing opportunities
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- Figure 12: Outdoorsy offers peer-to-peer RV rentals
- Partnerships can open the doors to new audiences
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- Figure 13: Airstream x Pottery Barn partnership
The Consumer – Key Takeaways
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- Current ownership levels are divided by gender and age
- Urban and young consumers are driving interest in the segment
- Females are an under-tapped market for motorcycles
- Seamless shopping experiences cater to all ages research needs
- Consumers seek specialty/recreational vehicles for fun and adventure
Specialty and Recreational Vehicle Ownership
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- Specialty and recreational vehicle ownership remains niche, has opportunities to expand
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- Figure 14: Specialty and recreational vehicle ownership, March 2021
- Younger male ownership dominates the segment, but there’s room to grow
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- Figure 15: Sea-Doo targets multiple consumer groups
- Figure 16: Specialty and recreational vehicle ownership, by gender, by age, March 2021
Specialty and Recreational Vehicle Consideration
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- Look to build upon interest in owning and renting specialty/recreational vehicles
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- Figure 17: Specialty and recreational vehicle purchase and rental consideration, March 2021
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- Figure 18: RVshare highlights customer review and renting benefits
- Purchase and rental consideration is driven by young consumers
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- Figure 19: Specialty and recreational vehicle purchase and rental consideration, by age, March 2021
- Hosting experiential events can help reach interested urban consumers
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- Figure 20: Specialty and recreational vehicle purchase and rental consideration, by area, March 2021
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- Figure 21: Airstream event in Uptown Shelby, NC
- Younger males dominate motorcycle ownership and interest; opportunities to attract younger females
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- Figure 22: Current ownership – Interest level in purchase or renting, by gender and age, March 2021
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- Figure 23: Harley-Davidson puts the spotlight on female riders
- Parents are a prime targeting opportunity
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- Figure 24: Specialty and recreational vehicle ownership, by parental status, March 2021
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- Figure 25: Airstream focuses on family
Purchase Barriers
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- Consumers don’t see lifestyle compatibility
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- Figure 26: Purchase barriers, March 2021
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- Figure 27: AARP explains RV lifestyle for older consumers
- Younger consumers worry about affordability
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- Figure 28: Purchase barriers – select response, by age, March 2021
- Males concerned with ownership and maintenance costs
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- Figure 29: Purchase barriers – select response, by gender, March 2021
- Consumers have reservations towards smaller engine vehicles
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- Figure 30: Sea-Doo addresses concerns about falling off vehicle
- Figure 31: Consumer fears toward smaller engine vehicles, by age, March 2021
- Lack of expertise and knowledge hinders female consumers’ interest
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- Figure 32: Attributes by vehicle type, by gender – Females, March 2021
Purchase Motivators
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- Brands can transform consumers’ need for fun into a lifestyle
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- Figure 33: Motivations for owning, purchasing and/or renting a specialty/recreational vehicle, March 2021
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- Figure 34: SeaDoo – Live the 2021 Sea-Doo Life
- Figure 35: Airstream reimagines how to live life
- Concerns around COVID continue to spark interest in specialty/recreational vehicles
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- Figure 36: Motivations for owning, purchasing and/or renting a specialty/recreational vehicle – select response, by age, March 2021
- Travel-focused younger consumers view specialty/recreational vehicles as part of their lifestyle
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- Figure 37: HBO Max creates content series in partnership with Calm
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- Figure 38: Motivations for owning, purchasing and/or renting a specialty/recreational vehicle – select response, by age, March 2021
Pre-Purchase Research Methods
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- Consumers gather info from various sources, especially input from others
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- Figure 39: Pre-purchase research methods, March 2021
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- Figure 40: Outer furniture uses actual customers for showrooms
- Seamless shopping experiences can cater to older and younger consumers’ research needs
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- Figure 41: Pre-purchase research methods – select responses, by age, March 2021
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- Figure 42: Malibu Boats offers virtual showrooms & in-person events
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Forecast
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
Appendix – The Consumer
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- Figure 43: Attributes of different specialty/recreational vehicles and motorcycles, March 2021
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