Recreational Vehicle Market is segmented by Type (Towable RVs and Motorized RVs), by Application (Residential and Commercial), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World)
Recreational Vehicle Market Definition / Research Scope
For the purpose of this market research report, Recreational Vehicle (RV) is defined as a motor vehicle that has living quarters for accommodation. The types of recreational vehicles include caravans, motor homes, and camper vans. Mostly Recreational Vehicles include facilities like kitchen, bathroom and beds for sleeping. The Recreational Vehicles available range from simpler ones with only basic facilities to luxurious ones with television and satellite receivers. The travel using a Recreational Vehicle is cheaper as it saves the cost of accommodation, and allows flexibility and comfort because users can easily carry whatever they want with them. In addition, it allows being close to nature where other accommodation facilities are unavailable.
Recreational Vehicle Market Growth and Trends
Recreational Vehicle Market shall reach a value of $2x61.4 Million in 2032, growing with a CAGR of 12.13% during the forecast period of 2022 to 2032.
RVs are becoming increasingly popular with adventure-seekers due to the growing demand for short-distance travel and a comfortable means of transportation and accommodation. Several technological innovations have helped make RVs more comfortable and convenient. Customers can now customize their vehicles anywhere via websites and mobile apps, rather than having to visit the dealership every time. Providing large floor-plans and reduced weight assisted by its aluminum body have attracted the consumers significantly. For instance, Airstream introduced a series of towable recreational vehicles in June 2019. In addition, customizable RVs are preferred by the consumers in personal as well as business sector. However, tourism has been drastically affected by the COVID-19 crisis. Consequently, recreational vehicles have suffered. A slow recovery in the market is expected as numerous consumers prefer caravans to hotels. Rental services are expected to proliferate highly in emerging economies over the forecast period. Recreational vehicles are increasingly popular among campers. Commercial applications for recreational vehicles are also increasing. Peer-to-peer rentals are expected to gain traction with millennials, who are increasingly seeking rental services.
Recreational Vehicle Market Segmentation
Within the U.S. recreational vehicles market between 2016 and 2024, motor homes are expected to record more than 500 BPS, having more than 40% value share. It is expected that the motor home segment will grow at a significant rate over the next few years. Approximately 43,900 motor homes are expected to be sold by 2016 end, and 77,200 units are expected to be sold by 2024, growing at a CAGR of 7.3%. Compared with 2016, travel trailers & camper revenue is expected to increase 1.7X by 2024. In terms of revenue, the travel trailers & camper segment is anticipated to exhibit a CAGR of 7.8% over the forecast period. Additionally, the aluminum segment is emerging as a relatively attractive segment by exterior construction material.
Recreational Vehicle Market Regional Analysis
Recreational vehicles are likely to grow significantly in Canada in the coming years as well. There will be an increase of more than 15 BPS in Canada. Up to the end of the forecast period, the market players are predicted to hold more than 15% of the North American recreational vehicle market. As a result of growing income levels and tax relaxations, the United States represents a more attractive market in terms of market share. However, Canadian recreational vehicle sales have a higher CAGR than U.S. sales in North America.
Recreational Vehicle Market Share and Competition
Key companies operating in this industry are: FORD, Spartan Motors and Freightliner Custom Chassis. Recreational Vehicles are fiercely competitive, with several manufacturers offering products that directly compete with each other. For increased market share, companies are finding mergers and acquisitions together with partnerships and collaborations. Williams-Sonoma, Inc.s Pottery Barn brand and Airstream, a travel trailer manufacturer, are collaborating on a line of accessories and accessories inspired by family adventures.
To improve fuel efficiency, vehicle manufacturers are also investing in R&D and continual innovations aimed at developing lightweight raw materials. In August 2020, Forest River announced its expansion into DeKalb and LaGrange counties. Company officials have announced that they may invest USD 3.5 million in expanding their 20-acre manufacturing campus at 685 East Main Street, Butler. A new production facility will enable XLR Toy Hauler to enhance production. A new, more efficient laser cutting system, expected to reduce CO2 emissions by 500 metric tons per year, is being installed at AL-KO Vehicle Technology Group in September 2020. With three state-of-the-art fiber laser cutting systems, the company can produce axles, frames, and drawbars for trailers, leisure vehicles, and commercial vehicles.
Recreational Vehicle Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2032)
• Towable RVs
• Motorized RVs
Application Analysis (Revenue, USD Million, 2022 - 2032)
Region Analysis (Revenue, USD Million, 2022 - 2032)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Recreational Vehicle Market Companies
• Spartan Motors
• Freightliner Custom Chassis
United States Recreational Vehicle Market Research Report
Europe Recreational Vehicle Market Research Report
Asia Pacific Recreational Vehicle Market Research Report
India Recreational Vehicle Market Research Report
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