Home > Pressrelease > Motorhomes Market size to reach over $50 Bn by 2032
Motorhomes Market size to reach over $50 Bn by 2032
- Published Date: February 6, 2023
Motorhomes Market size is anticipated to be worth USD 50 billion by 2032, according to the latest research report by Global Market Insights Inc.
The introduction of regulatory policies to limit harmful vehicular emissions is a prominent factor encouraging the usage of motorhomes, particularly the electric variants. With the advancement in electric motor technologies, the acceptance of electric-powered motorhomes will also rise. In addition, the shifting preference from conventional vacation packages to comfortable road trips will create growth opportunities for motorhome manufacturers globally.
Strong demand for travel and accommodation with pets to fuel use of Class C motorhomes
Motorhomes market size from the Class C vehicle segment is projected to reach over 100-thousand-unit sales by 2032, considering the large passenger carrying capacity at low price points. These motorhomes generally have separate storage or sleeping areas, thereby offering more living space and making them ideal for causal campers, cross-country journeys and family camping. Furthermore, the growing preference for pet-friendly travels and outdoor experiences will bolster the production of Class C motorhome ranges.
Low initial investment costs stimulate the development of gasoline-powered motorhomes
The industry size from the gasoline fuel segment was valued at more than USD 20 billion in 2022, owing to the implementation of strict fuel economy norms to mitigate carbon footprint. For example, in April 2022, the U.S. government unveiled new standards to increase fuel efficiency by 8% per year for model years 2024-2025. Since gasoline motorhomes require comparatively low investments to comply with strict emission regulations, product demand is expected to surge. Likewise, the long lifespan, reduced piston movements and other vehicle attributes will escalate the manufacturing of gasoline-powered motorhomes.
Interest in product customization promotes motorhome sales across B2C channels
The motorhomes market size from B2C/individual end-use segment exceeded USD 30 billion in 2022, on account of the increased interest in outdoor recreation among millennial and Gen Z demographics. To cater to the changing needs of individual customers, manufacturers have also been focusing on designing customized motorhomes. These factors, alongside the rising consumer base and the establishment of high-performance products, will generate opportunities for industry growth by end of 2032.
Browse key industry insights spread across 340 pages with 520 market data tables and 23 figures & charts from the report, “Motorhomes Market Size, By Class (Class A, Class B, Class C), By Fuel (Gasoline, Diesel), By Price (Standard, Luxury), By End-use (B2B/Fleet Owner, B2C/Individual), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Preference for comfortable interiors & advanced appliances to spur luxury motorhome adoption
The luxury motorhomes market shipments reached over 50 thousand units in 2022, as a result of the increasing customer inclination toward feature-rich appliances. In luxury motorhomes, LED TVs, cooking tops, home theaters and other advanced appliances are installed, addressing the demand for comfortable interiors. Moreover, the expansion of attractive tourist destinations is projected to augment the installation of luxury motorhome production facilities, especially in emerging nations.
Expanding population of young travelers to proliferate motorhome manufacturing in Europe
The Europe motorhomes industry share is poised to exhibit over 4% CAGR during 2023 to 2032, given the growing number of young travelers, the report claims. According to data from the Central Bureau of Investigation, in 2021, close to 150 million millennials, the generation that travels the most, lived in Europe. Moreover, the increasing preference for touring and recreational activities such as sightseeing, camping and destination exploration will help the region will emerge as a prominent destination for motorhome development by 2032.
Innovative product launches to remain a key growth strategy for industry players
The landscape of the motorhomes market comprises companies such as Dethleffs GmbH & Co. KG, Fendt Caravan, CMC Caravan, Swift Group Ltd., Coachman Caravan Company Limited, Buccaneer Caravans, Airstream, Inc., Adria Mobil, and Abbey Caravans & Leisure, among others. These companies are incorporating strategies such as product range expansions and business developments to reinforce their presence in the global business scenario.
For instance, in January 2022, Winnebago Industries, Inc. unveiled an all-electric concept motorhome at the Florida RV Super Show in Florida. This all-electric concept motorhome was designed as part of the company’s commitment to innovation and sustainability, enabling it to establish a strong market footprint.