Recreational Vehicle Market Size By Vehicle (Motorhomes [Class A, Class B, Class C], Towable RVs [Travel Trailer, Fifth Wheel, Tent Trailer]), By Fuel (Gasoline, Diesel), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Oct 2018 | Report ID: GMI2967 | Authors: Ankita Bhutani
Recreational Vehicle Market size valued at USD 36 billion in 2017 and is estimated to exhibit around 6% CAGR between 2018 and 2024. Rising recreational spending across the globe will boost market demand. Additionally, the government entities are providing recreational facilities such as state parks to support healthy living.
Rental industry participants are offering significant number of services to improve the client convenience such as sharing payments, accident insurance, 24-hour roadside assistance, low priced availability. This has led to significant increase in the number of consumers opting for rental options. Thus, to cater the increasing rental demand, commercial players are expected to increasingly invest for their fleet expansion to cater the camping trailer and motorhomes demand which in turn will drive the overall regional market growth.
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Increasing digitalization, shifting global population dynamics and rapid expansion in the global connectivity are the prime factor positively influencing the industry growth. Moreover, market participants are increasingly investing in the development of state-of-the-art interiors, weather-proof construction, robust material mixes, in turn driving the overall material costs at considerable rates.
|Base Year:||2017||Market Size in 2017:||236 Million (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||6%||2024 Value Projection:||56.5 Billion (USD)|
|Pages:||300||Tables, Charts & Figures:||350|
|Geographies covered (19):||U.S., Canada, Germany, UK, Italy, France, Spain, Sweden, Netherlands, Norway, China, Japan, India, Korea, Australia, Brazil, Mexico, Saudi Arabia, UAE|
|Segments covered:||Vehicle, Fuel and Region|
|Companies covered (28):||Airstream Inc., Bison RV Center, Columbia Northwest/Aliner Inc., Crossroads RV, Inc., Cruiser RV, DRV Luxury Suites, Dutchmen RV, Entegra Coach, Erwin Hymer Group North America, Fleetwood Corporation Limited, Forest River Inc., GMC Motorhome, Grand Design RV Co., Heartland RVs, Highland Ridge, K-Z, Inc, Kropf Industries, Keystone RV, Redwood RV, Skyline Corporation, REV Recreation Group, Pleasure-Way Industries ltd., Starcraft RV (Thor Industries), Thor Motor Coach, Tiffin Motorhomes Inc., Van Specialties, Venture RV, Winnebago|
|Pitfalls & Challenges:||
Market by Vehicle
In 2017, Motorhomes accounted for over 50% of the global recreational vehicle market revenue share owing to higher luxury and convenience. The vehicle provides more storage, living space and do not require separate carrier. Industry participants are enhancing their manufacturing capabilities to meet previous backlogs.
Class A motorhomes have significant share as it can accommodate around 7-10 people and have luxurious amenities such as master bedroom, well-equipped kitchen and bathroom facilities. However, high vehicle cost will limit its dominance in next six years. Class B motorhomes will foresee strong growth with better fuel efficiency and easy parking facility. Further, advancement such as digital thermostat, extra shelving and extra battery capacity will support segment growth.
Towable RVs will witness over 6% CAGR through 2024 impelled by lightweight and sturdy construction. Industry players are continuously upgrading their product portfolio to attract more consumers. The towable RVs are more economical and require less maintenance cost.
Market by Fuel
In 2017, gasoline recreational vehicle market size was valued at over USD 23 billion owing to economical cost and less maintenance. The gas run RVs have high compression ratio and performs better in cold weather and high altitude. The vehicles generate higher power and offer superior speed control on hilly terrains. Further, countries are strengthening their fuel distribution infrastructure to support automobile industry.
Diesel RVs will witness significant growth on account of higher fuel efficiency. Diesel fuel offers greater energy density that reduces fuel consumption. The vehicles have rear engine configuration that limits cabin noise and enhances cooling efficiency. Ongoing vehicle upgradation such as air ride suspension and air brakes have increased vehicle safety.
Market by Region
North America will account for approximately 60% market share by 2024 with presence of major RV manufacturers, distributors, and exporters such as Thor Industries, Winnebago Industries, Forest River Inc., and REV Recreation Group.
The U.S. is largest manufacturer of RVs across the globe and produces as many as the rest of the world combined. The country has around 60 RV and over 200 component manufacturers with over 80% vehicles being manufactured in Indiana. The manufacturers are increasing their manufacturing capability to improve economies of scale thereby escalating industry growth.
Asia Pacific recreational vehicle market will witness significant growth with growing disposable income of the middle-class population and increasing government support for the development of tourism in the region.
Competitive Market Share
Major RV manufacturers include Thor Industries, Winnebago Industries, Forest River Inc., and REV Recreation Group. Other significant players include Airstream, Bison RV center, Crossroads RV, Cruiser RV, DRV Luxuty Suites, Dutchmen RV, Erwin Hymer, Fleetwood Corporation, GMC Motorhome, Grand Desigh RV, Highland Ridge, Kropf Industries, Keystone RV, Skyline Corporation, and Pleasure-Way Industries.
Recreational vehicle (RV) industry covers the motorized and non-motorized vehicles adopted for leisure activities including camping, hunting and fishing. Government initiatives including carbon emission limits is resulting in higher needs for energy-efficient transportation. This has enabled industry participants to invest in innovative materials for manufacturing RVs with weight considerations and increasing efficiency. The development of electric powertrain for recreational vehicles with reduced carbon emissions and enhanced efficiency will positively influence the business expansion till 2024.
The (RV) recreational vehicle research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2024, for the following segments:
- Class A
- Class B
- Class C
- Towable RVs
- Travel Trailer
- Fifth Wheel
- Tent Trailer
The above information is provided based on region and countries for the following:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
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