North America RV Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 19.83 Billion |
| Market Size (2029) | USD 29.11 Billion |
| CAGR (2024 - 2029) | 7.99 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America RV Market Analysis
The North America Recreational Vehicle Market size is estimated at USD 19.83 billion in 2024, and is expected to reach USD 29.11 billion by 2029, growing at a CAGR of 7.99% during the forecast period (2024-2029).
Over the medium term, a growing number of active campers is contributing to the demand for RVs. The commercial usage of RVs is on the rise. Growth in peer-to-peer rental services is expected to increase popularity among millennials, who are increasingly seeking rental services. Furthermore, the increasing demand for road trips as a getaway from quarantine may boost market growth.
The Canadian government recommended investing in tourism policies, such as advertising and messaging, which are expected to promote domestic RV dealers over foreign RV dealers in the market. Thus, the investment in camping and RV infrastructure is likely to improve the tourism industry and the Canadian RV market.
Over the years, the renting process of a new RV has become easier. In addition, RV rentals are offering lucrative deals to lure customers. With the new models and technologies arriving in the market every year, customers have a plethora of options to choose from. Every new trip can be made with a new RV model with different amenities. This factor provides the customers with a new experience every time they rent a new type of RV.
North America RV Market Trends
Motorhome segment Likely to Dominate the Market During the Forecast Period
The motorhomes segment of the market is likely to register the highest CAGR during the forecast period. The increase in the number of campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. Additionally, they are widely used in the country, not only for vacation traveling but also for tailgating, traveling with pets, business, and as a preferred mode of transportation for outdoor sports and other leisure activities.
Among the motorhomes, the class C motorhomes provide better fuel efficiency than the type A or B motorhomes. They are often referred to as mini motorhomes, which provide the amenities of a larger motorhome in a scaled-down version and at a lower price. The price of these motorhomes starts from approximately USD 40,000 and goes up to USD 200,000. Moreover, manufacturers are adding multiple slide-outs to increase the living space and are designing a large variety of floor plans with larger chassis versions.
These hybrid class C+ (ideal for a family with 4-6 members) are currently being tested for increasing the consumer base of class C motorhomes. Such developments are anticipated to boost the growth of the segment during the forecast period. The class C segment is expected to reach over USD 13 billion by 2025. Class C combines the best features of both class A and B into a more versatile and affordable mid-size motorhome.
The factors mentioned above are witnessing major growth for the motorhome segment across North America and creating an opportunity for the recreational vehicle market during the forecast period.
United States is Expected to Dominate the Market During the Forecast Period
The increase in the number of campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. Thus, the United States has more than 230 chain outlets and local motorhome dealers engaged in the trading of motorhomes to meet the increasing demand for the same. These dealers provide not only a range of state-of-the-art motorhomes but also the latest-model-year second-hand motorhome units preferred by most fleet operators. To compete in the growing electrical vehicle era, most of the RV manufacturing companies are manufacturing electric recreational vehicles to stay ahead in the market. For instance
In January 2022, Thor presented two electric concepts: an electrically powered motorhome and an e-assisted caravan. The Thor Vision Vehicle (TVV) motorhome concept is based on an electric chassis developed jointly with Roush. It is equipped with both a battery pack and a fuel cell, which should allow up to 300 miles (around 480 kilometers) of range.
The quick and steady recovery of the United States from the recent COVID-19 pandemic, along with the availability of a healthier financing environment, drives the motorhome market in the United States. Currently, the country forms the largest market for RVs globally.
Motorhomes are widely used in the country, not only for travels during vacations, but also for tailgating, traveling with pets, for business, and as a preferred mode of transportation in outdoor sports and other leisure activities.
These vehicles provide campers with comfortable sleeping quarters and all the necessities, along with some luxurious features, such as a refrigerator, hot water, air conditioning, and heating. However, they miss out on some features, such as a full-sized entertainment system and laundry facilities, owing to their small size. Therefore, all the factors mentioned above are expected to contribute to the overall development of the market during the forecast period.
North America RV Industry Overview
The major players in the North American RV market are Thor Industries Inc., Forest River Inc., Winnebago Industries, and REV Group. The recreational vehicle market is highly competitive amongst the dominant players. The companies are continually competing with each other and are opting for strategies, like acquisitions and heavy investment in R&D projects while offering more luxurious services in the vehicle. For instance,
In April 2022, REV Group introduced VECTOR, the first North American-style fully electric fire truck. This new electric fire truck packs 316 kW of proven automotive-grade batteries to deliver the longest electric pumping duration in the industry.
North America RV Market Leaders
Thor Industries
Forest River Inc.
Winnebago Industries, Inc.
REV Group
Triple E Recreational Vehicles
*Disclaimer: Major Players sorted in no particular order
North America RV Market News
- April 2023: First Hydrogen introduced a novel zero-emission recreational vehicle (RV), utilizing fuel cell technology in collaboration with the EDAG Group. This partnership seeks to apply fuel cell electric technology to larger vehicles, showcasing the advantage of handling higher payloads and achieving longer ranges compared to battery electric vehicles (BEVs) for RVs. Their inaugural van is designed to cover distances ranging from 249 to 373 miles (400 to 600 kilometers) on a single five-minute refueling, with the expected range for the Gen 2 vehicle yet to be disclosed.
- January 2023: Winnebago Industries debuted its inaugural fully electric RV, the "eRV2," at the Florida RV SuperShow in Tampa. This emission-free model operates all systems—both house and powertrain—on electricity, supporting up to seven days of "boondocking" solely on batteries. The RV incorporates accessories crafted from recyclable and biodegradable materials, complemented by a 900-watt solar capacity for extended off-grid stays. Its 48-volt battery system offers over 15,000 usable watt-hours, cleverly stored beneath the floor in a thin, space-maximizing design. Sustainable practices extend to the interior with recycled materials in flooring, mattresses, and elsewhere. At the same time, the customizable broad-color spectrum lighting aims to reduce light pollution, benefitting local flora and fauna.
North America RV Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increased Travel and Tourism to Fuel Market Demand
4.2 Market Restraints
4.2.1 Recreational Vehicle Rental to Affect The Market Over the Long Term
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Value in USD)
5.1 Towable RVs
5.1.1 Travel Trailers
5.1.2 Fifth Wheel Trailers
5.1.3 Folding Camp Trailers
5.1.4 Truck Campers
5.2 Motorhomes
5.2.1 Type A
5.2.2 Type B
5.2.3 Type C
5.3 Country
5.3.1 United States
5.3.2 Canada
5.3.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share**
6.2 Company Profiles*
6.2.1 Thor Industries Inc.
6.2.2 Winnebago Industries Inc.
6.2.3 Forest River Inc.
6.2.4 REV Group
6.2.5 NeXus RV
6.2.6 Triple E Recreational Vehicles
6.2.7 Tiffin Motorhomes Inc.
7. MARKET OPPORTUNITIES
7.1 Autonomous RV to rebuild the caravanning experience
North America RV Industry Segmentation
A recreational vehicle is a motorized (driveable) or non-motorized (towable) vehicle that includes living quarters. They are used for camping, traveling, and other recreational activities. The two main categories of RVs are motorhomes (motorized) and towable (towed behind family cars, vans, or pickups).
The North American RV market has been segmented by towable RV, motorhome, and country. The towable RV-based segmentation includes travel trailers, fifth-wheel trailers, folding camp trailers, and truck campers. The motorhome-based segmentation includes Type A, Type B, and Type C motorhomes. By country, the market is segmented into the United States, Canada, and the rest of North America.
For each segment market sizing and forecast have been done on the basis of value (USD).
| Towable RVs | |
| Travel Trailers | |
| Fifth Wheel Trailers | |
| Folding Camp Trailers | |
| Truck Campers |
| Motorhomes | |
| Type A | |
| Type B | |
| Type C |
| Country | |
| United States | |
| Canada | |
| Rest of North America |
North America RV Market Research FAQs
How big is the North America Recreational Vehicle Market?
The North America Recreational Vehicle Market size is expected to reach USD 19.83 billion in 2024 and grow at a CAGR of 7.99% to reach USD 29.11 billion by 2029.
What is the current North America Recreational Vehicle Market size?
In 2024, the North America Recreational Vehicle Market size is expected to reach USD 19.83 billion.
Who are the key players in North America Recreational Vehicle Market?
Thor Industries, Forest River Inc., Winnebago Industries, Inc., REV Group and Triple E Recreational Vehicles are the major companies operating in the North America Recreational Vehicle Market.
Which is the fastest growing region in North America Recreational Vehicle Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in North America Recreational Vehicle Market?
In 2024, the North America accounts for the largest market share in North America Recreational Vehicle Market.
What years does this North America Recreational Vehicle Market cover, and what was the market size in 2023?
In 2023, the North America Recreational Vehicle Market size was estimated at USD 18.25 billion. The report covers the North America Recreational Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Recreational Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America RV Industry Report
Statistics for the 2024 North America RV market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America RV analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
