Recreational Vehicle (RV) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 33.23 Billion |
| Market Size (2029) | USD 49.18 Billion |
| CAGR (2024 - 2029) | 8.15 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Recreational Vehicle (RV) Market Analysis
The Recreational Vehicle Market size is estimated at USD 33.23 billion in 2024, and is expected to reach USD 49.18 billion by 2029, growing at a CAGR of 8.15% during the forecast period (2024-2029).
The COVID-19 crisis tremendously affected the tourism industry across the world. This derailed the sales of recreational vehicles in the market for a few months in the first half of the year 2020. However, the market's slow recovery and consumers' preference to stay in caravans than hotels can stimulate the market's growth during the forecast period. The high proliferation of rental services in emerging economies is also expected to drive the market in focus for the short term.
The 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, which are increasingly seeking rental services. Furthermore, the increasing demand for road trips as a getaway from work-life may boost the market growth. The post-lockdown has witnessed significant growth in the use of recreational vehicles across the globe, especially in North America and Europe.
North America is likely to dominate the market. Moreover, it may expand during the forecast period, propelled by a rapidly growing number of regional recreational parks and camping grounds. More than 13,000 privately-owned and 1,600 public campgrounds within the United States enable individuals to experience camping activities with their recreational vehicles.
Because of the increase in the popularity of recreational activities, the global recreational vehicle market is expected to witness rapid growth, especially in North America and Europe. The Asia-Pacific region is expected to witness significant growth during the forecast period. As these vehicles provide a reliable and personal way to travel, it is considered the safest travel alternative because of the COVID-19 pandemic.
Recreational Vehicle (RV) Market Trends
This section covers the major market trends shaping the Recreational Vehicle Market according to our research experts:
Motorhomes Segment Expected to Lead the Market
The motorhomes segment of the market is anticipated 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 countries like the United States and Germany, 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.
Despite the pandemic, Motorhomes have witnessed a significant rise in the number of new registrations over Caravans over the past five years. For instance, in 2019, in Germany, about 55,000 units of new motorhomes were registered, which increased to more than 78,000 units in 2020. The growing number of motorhomes continued in 2021, too, as over 82,000 units were registered in the country. On the contrary, verses 2020 and 2021 saw a 13% dip in new registrations of caravans.
Among the motorhomes, the Type 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 ranges 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.
Type A motorized vehicles are expected to continue to dominate in revenue, contributing approximately 50% of the global recreational vehicle market share in 2021. The growth in online rental websites and applications has further eased the renting process, boosting the demand in the tech-savvy millennial population.
North America also dominated the commercial sales in 2021, which will likely dominate during the forecast period. The United States is the largest commercial RV market in the world, which rental agencies primarily dominate.
North America to Witness Significant Growth
The North American recreational vehicle market is the largest across the globe. RV is highly popular among Americans, and over 11% of households own it. Over 1 million households in the United States live full-time in RVs. It allows traveling at 20-60% less cost, which drives the popularity of RV among millennials. The recreational vehicle market contributes an overall USD 114 billion to the US economy, employing over 600,000 people.
Over the next few years, the United States will drive revenue growth in the North American recreational vehicles market. The Canadian recreational vehicles market may also exhibit significant growth in the years to come. It is expected to hold more than a 10% share of the North American recreational vehicles market until the end of the forecast period.
On the other hand, the United States will likely occupy more than 80% of this regional market until the end of 2024. In terms of CAGR, Canada is more lucrative than the United States in the North American recreational vehicles market. However, the United States is a more attractive market, owing to growing personal disposable income levels and tax relaxation.
For instance, the United States witnessed a surge in the shipments of recreational vehicles in 2021 when compared to 2020. In 2021, more than 600,000 units of shipments of recreational vehicles were observed, which is nearly 30% higher than the figures in 2020.
The proliferation of campgrounds with multiple facilities, including fishing, white water rafting, and hiking, along with natural scenic landscapes, provides robust market opportunities. Luxury RV resorts offer specialized sports facilities, including golf courses, tennis courts, health spas, and gourmet restaurants, which positively influence the market revenue.
Recreational Vehicle (RV) Industry Overview
Key players operating in the global market include Thor Industries, Forest River Inc., Winnebago Industries, Trigano SA, and Hymer GmbH & Co. KG. Other significant players include Airstream, Crossroads RV, Highland Ridge, Skyline Corporation, DRV Luxury Suites, Cruiser RV, Dutchmen RV, Fleetwood Corporation, Grand Design RV, Kropf Industries, GMC Motorhome, Keystone RV, and Pleasure-Way Industries.
The Recreational Vehicle Market is intensely competitive with the presence of several manufacturers selling products that compete directly through product features. Companies operating in the are adopting merger & acquisition strategies coupled with partnerships and collaborations to increase their market share. For instance,
- In January 2022, Ford and Erwin Hymer Group (EHG) announced a framework agreement to deliver customer-ready recreational vehicles and motorhomes based on Ford Transit and Ford Transit Custom.
- In December 2021, Apollo Tourism & Leisure and Tourism Holdings Limited announced the merger of the two entities. The merger will result in Apollo Tourism & Leisure shareholders owning 25% of the combined group. This will expand Apollo's global recreational vehicle networks that include RVs' service, sales, rental, and manufacturing.
Recreational Vehicle (RV) Market Leaders
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Thor Industries Inc.
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Forest River Inc.
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Winnebago Industries Inc.
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Trigano SA
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Hymer GmbH & Co. KG
*Disclaimer: Major Players sorted in no particular order
Recreational Vehicle (RV) Market News
- In January 2022, Thor unveiled a concept E.V motorhome with 300 miles range. The company stated that shifting consumer preferences in electric cars and trucks may also portray growth paths for electric motorhomes.
- In January 2022, Winnebago Industries, a manufacturer of motorhomes, showcased its concept for an all-electric, zero-emission vehicle. This e-RV, similar to a class B RV, will include an 86-kWh battery that will provide a 125-mile driving range while also powering a variety of onboard amenities.
- In January 2022, Thor industries revealed its new electric Airstream concept. Owing to the ZF sourced electric axle, the travel trailer can power itself and improve fuel economy for conventional ICE haulers.
- In May 2021, at the 11th Annual Forest River Product Expo, East To West, a new division of Forest River Inc., will unveil its brand new Della Terra range of travel trailers. The new brand is anticipated to concentrate on high-quality, value-added items with a small number of floorplans, a single color scheme, and a wide range of standards.
Recreational Vehicle (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
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of 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
5.1 By Type
5.1.1 Towable RVs
5.1.1.1 Travel Trailers
5.1.1.2 Fifth Wheel Trailers
5.1.1.3 Folding Camp Trailers
5.1.1.4 Truck Campers
5.1.2 Motorhomes
5.1.2.1 Type A
5.1.2.2 Type B
5.1.2.3 Type C
5.2 By Application
5.2.1 Domestic
5.2.2 Commercial
5.3 By Geography
5.3.1 North America
5.3.1.1 United states
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Spain
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Thor Industries Inc.
6.2.2 Forest River Inc.
6.2.3 Winnebago Industries Inc.
6.2.4 REV Group
6.2.5 NeXus RV
6.2.6 Tiffin Motorhomes Inc.
6.2.7 Triple E Recreational Vehicles
6.2.8 Dethleffs GmbH & Co. KG
6.2.9 Burstner GmbH & Co. KG
6.2.10 The Swift Group
6.2.11 Rapido Motorhomes
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Recreational Vehicle (RV) Industry Segmentation
Recreational vehicles (RVs) are most commonly used as temporary accommodation when traveling. However, some people use them as their main residence due to benefits, like easily towable units, low fuel consumption, lower maintenance and insurance costs, and depreciation value.
By type, the market is segmented into towable RVs and motorhomes. By towable RVs, the market is segmented into travel trailers, fifth-wheel trailers, folding camp trailers, and truck campers. By motorhomes, the market is segmented into Type A, Type B, and Type C. By application, the market is segmented into domestic and commercial. By geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. For each segment, the market sizing and forecast have been done based on value (USD billion).
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Recreational Vehicle (RV) Market Research FAQs
How big is the Recreational Vehicle Market?
The Recreational Vehicle Market size is expected to reach USD 33.23 billion in 2024 and grow at a CAGR of 8.15% to reach USD 49.18 billion by 2029.
What is the current Recreational Vehicle Market size?
In 2024, the Recreational Vehicle Market size is expected to reach USD 33.23 billion.
Who are the key players in Recreational Vehicle Market?
Thor Industries Inc., Forest River Inc., Winnebago Industries Inc., Trigano SA and Hymer GmbH & Co. KG are the major companies operating in the Recreational Vehicle Market.
Which is the fastest growing region in Recreational Vehicle Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Recreational Vehicle Market?
In 2024, the North America accounts for the largest market share in Recreational Vehicle Market.
What years does this Recreational Vehicle Market cover, and what was the market size in 2023?
In 2023, the Recreational Vehicle Market size was estimated at USD 30.73 billion. The report covers the Recreational Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Recreational Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging trends in the Recreational Vehicle (RV) market?
Emerging trends in the Recreational Vehicle Industry are: a) Rise of smart RVs equipped with advanced technologies b) Popularity of compact and lightweight designs c) Increase in rental services
RV Industry Report
The Global Recreational Vehicle (RV) Market is experiencing significant growth, driven by increased leisure activities, a surge in RV rental services, and advancements in electrification. Recreational vehicles, both motorized and non-motorized, provide temporary accommodations for camping, recreation, or travel. The market is divided into motorhomes (Class A, B, C) and towable RVs, with towables leading due to their affordability and ease of maintenance.
Dominated by personal use, the market is primarily driven by the popularity of outdoor touring and road trips. North America holds the largest market share, with Europe and Asia-Pacific also showing substantial growth. Lifestyle changes, demand for tech-savvy RVs, and supportive policies are contributing to market expansion, despite challenges such as environmental concerns and raw material price volatility.
Technological innovations and strategic pricing are expected to sustain market growth. The report provides comprehensive market data and a detailed industry analysis, offering insights into market trends, market size, industry statistics, and market forecast. Industry outlook and market growth are also discussed, highlighting the role of market leaders in shaping the industry's future.
For those seeking in-depth industry information, the report includes market overview, market predictions, market segmentation, and market value. The industry reports and research companies provide a thorough market review, ensuring that stakeholders have access to the latest industry research and industry trends. The report example and report pdf are available for further reference, offering a complete market outlook and market forecast for the recreational vehicle market.
RV Market Report Snapshots
