Demand for fifth wheel trailers experienced major decline in the Covid-19 pandemic in 2020 leading to reduced sales. In 2021, as the lockdown and other stringent barriers on production and distribution are lifted up by the government, the sales is gradually rising at a great speed creating a favourable environment towards progress.
Eminent players like Forest River, REV Group, Winnebago Industries, Dethleffs GmbH, Burstner, Swift Group, Thor Industries, Fendt-Caravan Industries, Knaus Tabbert and Berkshire Hathaway are focusing on providing customizations to the users based on their requirements. Further, these manufacturers are indulged in adopting technological advancements, R&Ds, M&A agreements, new product launches, collaborations, product innovations etc as their major tactics to expand their presence and profitability level.
For instance, Thor Industries acquired Tiffin Motorhomes with an investment of $ 300 million to improve the production of its high-end recreational vehicles. The investment was funded with a combination of available cash and a draw on the company’s existing asset-based credit facility. The purchase agreement was executed and effective at the close of business on 18th December, 2020. Tiffin Group after the acquisition will continue to be managed by the Tiffin family and existing senior management team. As per the agreement, Tiffin Group will operate as a stand-alone division within the Thor family. The are working together to bring advancements in their offerings to improve their profitability and customer base.
In addition to that, Winnebago Industries, a leading recreational vehicle manufacturer and Minnesota based experiential marketing agency, Star entered into a strategic partnership to offer mobile experiential marketing opportunities to a broader range of clients. The partnership will utilize Winnebago Industries’ Specialty Vehicle Division’s history of quality production on their commercial shell on a Winnebago RV platform and Star’s experiential marketing expertise to enhance how clients look at mobile marketing. The partership is aimed at delivering experiential marketing innovation to sport teams across the world with community-immersive mobile experiences. They are together working on their first project together to create a food truck and community outreach vehicle called ‘Vikings Table’ catering to children experiencing food insecurity in Minneapolis-St. Paul and adjacent communities, the food truck provides free meal during summer months. Winnebago’s specialty vehicle division produces commercial vehicles that combine their legendary superstructure construction with experienced craftsmen to provide ideal platform for many end-use applications. The partnership with Star is expected to bring visibility to use mobile platforms to serve their communities.
Fifth wheel trailers have gained increased popularity as spacious recreational vehicles (RVs), complemented by their high ceilings, split-level design, and greater number of slide-out rooms. Despite been frowned upon on their size after their initial introduction to the market, fifth wheel trailers have gained widespread acceptance worldwide among consumers as well as for commercial purposes. Easy handling and enhanced comfort offered by fifth wheel trailers are key aspects that have driven their demand and sales across the globe.
Fifth wheel trailer sales continue to witness impact of varying prices in tandem with the customization requirements of end-users. Increased flexibility, along with the provision of a luxurious rig offers fifth wheel trailers with bi-level options, thereby driving their demand across the globe. Sensing varied requirements of end-users, manufacturers have introduced a wide range of fifth wheel trailer variants, which include hybrid travel trailer, tent camping trailer, and truck camper.
Leading manufacturers of fifth wheel trailer have been focusing on efficient equilibrium of weight of these vehicles with towing capacities of trucks. Development of the lightweight fifth wheel trailers, that offer increased fuel efficiency, have also been one of the key developmental focus areas of leading fifth wheel trailer manufacturers.
Growing Popularity for Camping and Traveling to Unleash Growth Opportunities in Asia and Europe
Leading fifth wheel trailer manufacturers such as Keystone Montana, Jayco Eagle, and Heartland Bighorns are focusing on designing innovative and intelligent fifth wheel trailers to offer an enhanced experience. According to the International Trade Association, Canada and Australia are likely to remain the largest markets for recreational vehicles and will offer lucrative growth opportunities to the key companies.
In addition to Australia and Canada, fifth wheel trailers will continue to gain popularity in Asia and Europe. Government in China is taking initiatives to develop recreational vehicles and campgrounds for promoting travel and tourism, which has opened various growth avenues for leading players. In addition, increasing number of campgrounds in Korea, Italy, and New Zealand have continued to attract travelers and tourists from various parts of the world. Growing popularity of camping in these countries has created significant growth opportunities for the leading producers and manufacturers.
Re-innovating Functionality, Quality, Design: Manufacturers to Focus on Offering a Technologically Immersive Experience
Diverse applications of the fifth wheel trailers have led manufacturers to develop application-specific trailers. As fifth wheel trailers witness significant demand for disaster management and addressing urgent healthcare requirements, leading manufacturers such as Grand Design and Keystone Monata are focusing on re-innovating the functionality, design, and quality as per the requirements of end-use industries. For instance, Grand Design has recently launched a range of innovative vehicles such as Reflection 150 series. This fifth wheel trailer offers towable features with spacious interiors and luxury features for customers.
In addition, major manufacturers are focusing on integrating secure and keyless locking systems in the fifth wheel trailers to offer convenience to the customers. For example, RVLock & Co. LLC has developed a range of keyless handles that are equipped with a keypad and wireless lock and unlock system. These advanced keyless access solutions can conveniently be installed in various trailers. Leading companies are incorporating novel and innovative solutions in the fifth wheel trailer to sustain their lead in the competitive market.
Global Approach: Online Rental Service Channels to Broaden Lucrative Growth Avenues
In order to expand their customer base, major companies are focusing on collaborating with the online rental service providers. Advances in technology and rapid adoption of smartphones among customers has created lucrative growth opportunities for the major firms. As customers prefer booking through smartphones and spending on quick vehicle rental services through online portals and applications, leading companies are concentrating on offering their services on these e-commerce channels.
Major companies are focusing on offering per hour and distance rental services at reasonable prices to the customers. Rentcentric.com, Mcrent.eu, Campanda.com, and Outdoorsy.com are some of the popular online portals providing quick and on-demand rental services. To offer convenience to the customers, the companies are also offering them lucrative deals and packages specifically for comfortable journey while traveling. For instance, Mcrent.eu offers rental services across Europe and also offers travel protection services at different stations. In addition, these rental service portals offer lucrative deals in different seasons. Through offering lucrative deals, leading companies are focusing on increasing their customer loyalty and attracting new ones.
Green Certification and Labels: Leading Companies to Boost Their Brand Recognition and Increase Customer Loyalty
Government across various countries are implementing stringent regulations and taking initiatives to lower the emission level. To align with the government regulations, leading manufacturers are focusing on utilizing environment-friendly fuel replacements such as biofuels and hydrogen fuel cells. Leading manufacturers are also utilizing blended fuel, which includes 80% of the diesel and 20% of the biodiesel in replacement of fossil fuels to ensure lower emission level.
Major manufacturers such as Airstream, Coachmen, Featherlite Trailers, and Roadtrek have earned Green certification by the leading third-party green certification company, TRA Certification Inc. for manufacturing eco-smart recreational vehicle. As customers prefer spending on the brands that have earned an eco-friendly certification from TRA, leading manufacturers are focusing on improving their brand recognition by labeling their products as ‘Green Certified’.
In addition, a leading company Jayco Inc. announced that all the brands and products of the company have received ‘Green Certification’ by the TRA Certification Inc. Products offered by this company received Emerald ratings in three categories that include operation and maintenance, water efficiency, and indoor environment quality. Besides these products, the company received Gold ratings for energy and resource efficiency of the products. Through eco-friendly certifications and labels on the product, leading companies are focusing on attaining a competitive edge in the global market.
Valuable perspectives related to the current market developments and trends are encapsulated in the report, which provides the readers and investors a broader view of the global fifth wheel trailer market.
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