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Recreational Vehicle Market Size, By Vehicle (Motorhomes [By Class {Class A, Class B, Class C}, [By Fuel {Gasoline, Diesel}], Towable RVs [By Type {Travel Trailer, Fifth Wheel, Tent Trailer}]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

  • Report ID: GMI2967
  • Base Year: 2021
  • Report Format: PDF

Industry Trends

Recreational Vehicle Market size exceeded USD 70 billion in 2021 and is anticipated to grow at a CAGR of over 10% between 2022 and 2028. The rising inclination toward outdoor recreation, such as camping, sports, and tourism activities, is poised to drive the market growth during the forecast period.
 

Recreational Vehicle Market Overview

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The rising emphasis on travel and tourism globally is providing lucrative opportunities for market expansion. Travel and tourism will bolster the demand for outdoor camping activities, supporting the industry through 2028. According to the World Tourism Organization, in 2021, the global tourism increased by 4% as compared to 2020, thereby supporting the industry growth.
 

Rapid technological advancements, such as advanced batteries and electric powertrains, have boosted the market demand for electric recreational vehicles (RVs). The implementation of strict vehicle emission regulations is leading consumers to adopt electric & hybrid RVs, supporting the market statistics. The incorporation of progressive technologies, including driver assistance and collision mitigation systems, into RVs to improve passenger & pedestrian safety is surging the industry expansion.
 

The high initial purchase cost is challenging the recreational vehicle market value. High-quality components, which are used for weight reduction in RVs, along with the customization of interior & exterior features will subsequently contribute to the overall vehicle cost. The high insurance costs and road tax-related expenditures of RVs also add to the high market price, limiting the industry demand.
 

Recreational vehicle (RV) sales were adversely affected during the first six months of 2020, impacting the market revenue. The dip in industry value can be attributed to supply chain disruptions, travel restrictions, and short-term uncertainties. The limited availability of labor and raw materials led to a delay in new vehicle developments, thereby creating a demand-supply gap. However, the industry witnessed a significant growth in the demand in the last two quarters of 2020, backed by rapid rollout of vaccinations and relaxation in travel restrictions, owing to the increased cross-border coordination across the key countries. The rise in RV camping activities without engaging in large crowds is contributing to the growth in market sales.
 

Higher demand for motorhomes due to their superior amenities

Recreational Vehicle Market Share

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The global motorhome segment dominated more than 60% of revenue share in 2021 led by the large floor space, plenty of cargo storage, and superior luxury amenities. The ability of motorhomes to be driven without a carrier is supporting their market representation. Moreover, the growing number of younger generations, with higher income levels, interested in camping activities will support the adoption of motorhomes.
 

The gasoline segment held 50% of the market share in 2021 impelled by its low cost and higher RPM advantages in RVs. Gasoline requires less heat for combustion than diesel, thereby improving the engine power significantly. Companies are emphasizing on designing motorhomes that operate at a higher RPM without the requirement for a greater space in petrol engines. This will result in smaller engine components and combustion chambers, offering enhanced fuel efficiency, in turn, propelling the industry revenue.
 

Increasing participation rate in outdoor recreational activities in North America region

North America Recreational Vehicle Market

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North America recreational vehicle market accounted for USD 25 billion in 2021, with over 600,000 units of new RVs sold. In the U.S., the rise in outdoor activities among youths owing to the change in lifestyle and increase in travel & tourism will support the market demand for RVs in North America. As per the United Nation World Tourism Organization, the U.S. recorded 17% rise in international tourists’ arrivals. The increasing participation in leisure activities will contribute to the high demand for RVs.
 

As per the Outdoor Industry Association, in 2020, over 7.1 million Americans participated in outdoor recreational activities to improve their physical & mental health. Additionally, the increasing number of recreational parks with camping facilities will further foster RV demand in the region.
 

High emphasis of industry players on strengthening their product portfolio

The key companies operating in the market include Forest River, Inc., Thor Industries, GMC Motorhome, Winnebago Industries, Erwin Hymer, Dethleffs GmbH & Co. KG, Auto-Trail VR Ltd., and REV Recreation Group. The other noteworthy market players include Keystone RV, Airstream, CrossRoads RV, Highland Ridge, Skyline Corporation, DRV Luxury Suites, Cruiser RV, Dutchmen RV, Fleetwood Corporation, Grand Design RV, Kropf Industries, and Pleasure-Way Industries. The market leaders are emphasizing on new model launches equipped with advanced features to improve their revenue share and enhance their global presence.
 

The recreational vehicle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2017 to 2028 for the following segments:

Market, By Vehicle

  • Motorhomes
    • By Class
      • Class A
      • Class B
      • Class C
    • By Fuel
      • Gasoline
      • Diesel
  • Towable RVs
    • By Type
      • Travel Trailer
      • Fifth Wheel
      • Tent Trailer

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Sweden
    • Spain
    • Netherlands
    • Norway
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE

 

Authors: Preeti Wadhwani, Prasenjit Saha

Frequently Asked Questions (FAQ) :

Market size of recreational vehicle surpassed USD 70 billion in 2021 and is estimated to expand at a CAGR of 10% from 2022 to 2028 owing to the increasing inclination toward outdoor recreational activities.

Motorhome RV segment value accounted for over 60% of the market share in 2021 and is expected to grow at a substantial rate driven by benefits including superior luxury amenities, plenty of cargo storage, and large floor space.

North America market exceeded USD 25 billion in 2021 and will witness lucrative expansion between 2022 and 2028 considering the upsurge in outdoor activities among youths.

Major players in the industry comprise GMC Motorhome, REV Recreation Group, Forest River, Inc., Auto-Trail VR Ltd., Winnebago Industries, Thor Industries, and others.

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Premium Report Details

  • Published Date: Feb 2022
  • Companies covered: 28
  • Tables & Figures: 487
  • Countries covered: 19
  • Pages: 300

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