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The recreational vehicle (RV) market size is estimated to grow by USD 32.03 billion at a CAGR of 7.82% between 2022 and 2027. The growth of the recreational vehicle market share depends on several factors including increasing adoption of RVs by different generations of consumers, integration of advanced technologies into RVs, and growth in global tourism.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing adoption of RVs by different generations of consumers is the key factor driving the growth of the market. RV manufacturers are incorporating innovative features into their products to deliver the ultimate utility combination at an affordable price to budget-conscious consumers. Consumers prefer recreational vehicles with amenities such as large refrigerators, TVs, and Wi-Fi to achieve a certain level of luxury, which other means of transport do not have. Moreover, RVs are also preferred by different generations of consumers, from baby boomers and millennials to Generation X.
Moreover, the increase in demand for RVs causes manufacturers to launch new RVs models to cater to a wider range of customers in the recreational vehicle market. RV manufacturers like REV Group are expanding their service portfolio to capitalize on the demand for short-term and long-term RV rentals. Therefore, such developments are expected to propel the growth of the market during the forecast period.
The increasing launch of new electric RVs is one of the key trends shaping the growth of the market. Electric RVs are a whole new approach to the RV industry. The Electric RV provides a modern and authentic way to explore the outdoors with minimal impact on the environment. So, due to these advantages, the leading recreational vehicle market players have invested significantly in electric RVs.
For instance, in January 2022, Winnebago Industries Inc. announced that it will debut an all-electric motorhome at the Florida RV Super Show in Tampa, Florida, over the next two years; a new motorhome developed by Advanced Technology Group (ATG). Therefore, the launch of electric RV is expected to support the growth of the market during the forecast period.
Sensitivity to macroeconomic factors is the challenge that affects the growth of the market. The global market is highly competitive due to the presence of several established RV manufacturers, such as REV Group Inc. and Thor Industries Inc., as well as smaller regional players, such as Triple E Canada Ltd. (Triple E). The growth of the RV industry has been marked by aggressive pricing strategies and reduced margins by smaller players in an attempt to increase market share, which could negatively impact the financial outcomes of reputable players in the recreational vehicle market.
Moreover, to gain a competitive advantage, large companies are conducting restructuring, such as expanding production facilities, to optimize product portfolio and improve profitability as well as competitiveness. In addition, unforeseen changes in customer orders due to various economic factors are expected to impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria, and drivers of price sensitivity to help companies evaluate and develop their
market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Nexus RV: The company offers recreational vehicles under the brand Newmar.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The personal segment is estimated to witness significant growth during the forecast period. Within the motor vehicle category, the personal segment includes a wide range of vehicles such as Class A, Class B, and Class C motorhomes. Class A motorized are often considered the epitome of luxury and comfort. Class B motorized, also known as motorhomes, offer a more compact, portable alternative while still providing essential amenities. On the other hand, Class C mobile homes are built on truck and van chassis and are generally smaller than Class A motorhomes.
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The personal segment was the largest segment and valued at USD 35.09 billion in 2017. The personal segment of the global market caters to the diverse needs and preferences of individuals and families. These vehicles allow for a comfortable travel experience, offering the comforts of home on the road. With many options available, individuals can choose a personal vehicle that meets their specific needs, budget, and lifestyle. As a result, with the growing demand for travel and adventure, especially among millennials and retirees, technological advancements such as improved energy efficiency and connectivity features also increase. as the trend of experiential tourism is expected to drive the growth of the personal segment during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as raised adoption of RVs among the younger generation, technological advancements, and a resurgent economy are expected to contribute to the growth of the market in the region. Due to the rising demand for RVs in the region. North America is the major market for RVs. Additionally, the presence of prominent players in the region is one of the key factors for the growth of the regional recreational vehicle market.
Furthermore, some companies, especially large RV original equipment manufacturers (OEMs), have been actively involved in exporting their products, while many small and medium RV manufacturers have limited their focus to the domestic market. The large number of major manufacturers acquiring smaller regional RV manufacturers is a key indicator of emerging market dynamism. Such factors will drive the growth of the market in this region during the forecast period.
The market report forecasts market by revenue at global, regional & country levels and provides market trends and analysis and opportunities from 2017 to 2027.
The Market is experiencing significant growth driven by increasing RV orders and the electrification of RVs, incorporating features like battery packs, Vehicle-to-Grid (V2G), and Vehicle-to-Home (V2H) capabilities. This trend aligns with the growing interest in active campers and outdoor recreational activities. Despite facing stringent government regulations and challenges related to fuel efficiency and high initial costs, the RV industry is thriving, especially in the context of the post-lockdown era, where tourism and leisure activities are rebounding.
The market encompasses various types of RVs, including caravans, Type C motorhomes, and Type A motorized vehicles, catering to diverse consumer needs. The rise of online rental websites and applications is making RVs more accessible, particularly to the tech-savvy millennial population. Additionally, factors such as commercial sales, personal disposable income levels, and tax relaxation are contributing to the increasing sales and shipments of recreational vehicles.
The RV market is not just about the vehicles themselves but also includes the ecosystem around them, such as campgrounds with multiple facilities, luxury RV resorts, and recreational amenities like golf courses, tennis courts, and health spas.
Recreational Vehicle (RV) Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.82% |
Market growth 2023-2027 |
USD 32.03 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.35 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Berkshire Hathaway Inc., Dethleffs GmbH and Co. KG, Entegra Coach Inc., Erwin Hymer Group SE, Gulf Stream Coach Inc., JCBLGroup, Knaus Tabbert AG, Northwood Manufacturing Inc., Pleasure Way Industries Ltd, RAPIDO Motorhomes, REV Group Inc., RV India, Tata Motors Ltd., The Swift Group, Thor Industries Inc., TRIGANO S.A., Triple E Canada Ltd., WildAx Motorhomes, Winnebago Industries Inc., and Nexus RV |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market growth analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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