Home > Automotive & Transportation > Recreational Vehicle Market
Recreational Vehicle Market Size By Vehicle (Motorhomes [By Class, [By Fuel {Gasoline, Diesel}], Caravans [By Type { Conventional Caravans, Tent Trailer, Pop-Top, Pop-Out, Camper Trailer, Fifth Wheeler}]) By Price, End-use & Forecast, 2023 - 2032
- Report ID: GMI2967
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
Recreational Vehicle Market size surpassed USD 60 billion in 2022 and is projected to register 4% CAGR from 2023 to 2032, driven by the increasing number of RV campsites and parks.
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Growing funding from the private sector and government in highway development projects in North America will further shape the industry landscape. In September 2022, the U.S. Department of Transportation announced that the government has invested USD 1.5 billion in multimodal freight and highway projects to make the country’s transportation system resilient.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 60 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 80 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 380 |
| Tables, Charts & Figures: | 808 |
| Segments covered: | Vehicle, Price, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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High purchase and maintenance expenses of RVs
The recreational vehicle market is fuel-intensive and high fuel prices may impede the demand for these vehicles. The use of innovative and high-quality materials for the customization of interior and exterior functionalities and vehicle weight reduction add to the overall cost of an RV. Additionally, the high initial cost and additional expenses like insurance present major challenges to product adoption. The road taxes levied on RVs and storage costs also affect the industry growth.
Fuel-efficiency of pop-top caravans to foster vehicle segment growth
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The industry size from the pop-top caravan type was worth USD 2 billion in 2022, owing to its compactness which makes it easily towable with a small car. In addition, it can be easily maneuvered on narrow roads. These caravans are fuel-efficient and stable due to their low cost and short roof height, also because of their low height, they can be stored under a carport or a garage. They are also compatible with most kinds of towing vehicles.
High demand for caravan amongst millennials to propel B2B/fleet owner RV sector
The recreational vehicle market from the B2B/fleet owner segment is anticipated to cross USD 10 billion by 2032, on account of the rising popularity of outdoor activities for recreation purposes such as tourism, camping, and sports. Moreover, the high espousal of caravans between the generation Z and millennials led by the changing lifestyles and penetration of van-life movements is fueling industry expansion. Furthermore, the demand for contemporary and well-equipped caravans can be attributed to the growing number of rental service providers that offer RVs at low costs.
Surging popularity of tourism to bolster standard price RV demand
The standard recreational vehicle industry is poised to attain 3% gains between 2023 and 2032, impelled by the rising demand for recreational vehicle rental services, which fall under this price segment. This growth can also be credited to the rising popularity of RV camping and tourism and the development of many small and large campsites.
In August 2022, the Indian Ministry of Tourism sanctioned 76 projects worth USD 678.39 million for developing tourism infrastructure in the nation, which will boost the growth of recreational activities such as camping in India and escalate product demand. The paradigm shift in consumer choices and cultures has also compelled RV manufacturers to launch cost-effective RVs.
Concept of electric RVs to strengthen the North American market
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The North America recreational vehicle market amassed around USD 25 billion in 2022, as the rising investments and income levels is creating a strong product demand in the region. However, electric RV concepts are presenting progressive pathways to the industry. For instance, in January 2022, Thor Industries, an American RV manufacturer, launched two electric RV concepts, a travel trailer, and a motorhome, to showcase its eMobility strategy for the electrification of the RV industry. Moreover, low consumer debt and increasing spending power are further contributing to product requirement.
Product innovations to outline the industry’s competitive landscape
Major recreational vehicle manufacturers includes names such as Dethleffs GmbH & Co. KG, LUNAR CARAVANS, Fendt Caravan, Elddis, Thor Motor Coach, Rocket Caravans Ltd, and Swift Group Ltd., among others. Many of these players are focusing on product innovations to keep ahead of the competition. For example, in January 2023, Winnebago, an RV manufacturer, declared that it will display its latest product, Winnebago e-transit van, which is an electric motorhome.
Impact of COVID-19 on the recreational vehicle market trends
The COVID-19 pandemic influenced the global industry negatively as a result of tightened restrictions on tourism and camping activities. As per International Monetary Fund, tourist arrivals declined worldwide by over 65% in the first half of 2020. However, the business started recovering in the post-pandemic era due to the resumption of travel activities and successful vaccination drives across the globe.
Furthermore, in April 2022, the U.S. Department of the Interior and Agriculture declared that it will invest USD 2.8 billion in 2023 to improve recreation infrastructure in the U.S., which is likely to contribute the industry development.
This market research report on recreational vehicle includes in-depth coverage of the industry with estimates & forecasts in terms of volume in million tons and revenue in USD billion from 2018 to 2032 for the following segments:
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Market, By Vehicle
- Motorhomes
- By Class
- Class A
- Class B
- Class C
- By Fuel
- Gasoline
- Diesel
- By Class
- Caravans
- By Type
- Conventional Caravans
- Tent Trailer
- Pop-top
- Pop-out
- Camper Trailer
- Fifth Wheeler
- By Type
Market, By Price
- Standard
- Luxury
Market, By End-use
- B2C/Individual
- B2B/Fleet owner
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Sweden
- Netherlands
- Norway
- Turkey
- Greece
- Hungary
- Georgia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Mexico
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