Product Code: GVR-4-68040-154-800
Recreational Vehicle Market Growth & Trends:
The global recreational vehicle market size is expected to reach USD 144.55 billion by 2030 and is to grow at a CAGR of 11.5% from 2023 to 2030, according to the new report from Grand View Research, Inc. The growing interest in outdoor activities such as fishing, camping, hiking, and visits to national parks has resulted in an increased demand for recreational vehicles (RVs). For instance, a survey conducted by Winnebago Industries, Inc., an RV manufacturer, in 2022 stated that around 82% of Americans engaged in outdoor pursuits such as camping, hiking at a distance from their residences, boating, or exploring state and national parks. This marks a noticeable rise from the figures of 60% in 2020 and 79% in 2021.
Notably, the survey highlights the prominent role of the younger generation in propelling this surge, as the data suggests that GenZ individuals are more inclined to increase their outdoor engagement in 2023 in comparison to Gen X and baby boomers. As more people seek to explore natural landscapes and engage in outdoor adventures, the need for convenient and comfortable travel accommodations has become a priority. RVs offer a unique and practical solution, providing a home-away-from-home experience while enabling individuals to immerse themselves in nature without compromising on comfort and convenience. This trend is appealing to families and individuals seeking flexible and personalized travel experiences, where the journey itself becomes an integral part of the adventure.
However, the intricate and customizable nature of RVs, often designed to provide comfort and luxury on par with homes, contributes to the high production costs. Advanced technology integration, sophisticated amenities, and durable yet lightweight materials all contribute to the overall expenses. While manufacturers have made efforts to introduce more cost-effective options, the initial investment remains a significant barrier, particularly for budget-conscious consumers. As a result, the global market has encountered significant constraints in its expansion primarily due to the high initial costs associated with these vehicles.
Moreover, the RV landscape is also witnessing the rise of electric RVs, which is expected to create new growth opportunities for market growth. The increasing adoption of electric vehicles, favorable government policies for manufacturing electric vehicles, and growing investment in charging infrastructure are prompting recreational vehicle manufacturers to invest in developing electric RVs, which is expected to drive market growth. For instance, in May 2023, Bowlus, the manufacturer of luxury RVs, revealed their plan to manufacture fully electric RV. Embracing an eco-conscious approach, Bowlus announced that all their models, namely the Volterra, Terra Firma, and Heritage, would operate solely on electric power.
Recreational Vehicle Market Report Highlights:
- Amongst the vehicle type, the motorhomes segment is anticipated to grow at the fastest CAGR of 12.7% over the forecast period. The growth of the segment is owing to the growing popularity of outdoor activities and tourism and the rise in camping activities among Gen Z and millennials
- Based on application, the personal segment is expected to register the fastest CAGR of 12.2% over the forecast period. The growth of the segment is attributed to factors such as the convenience of home as amenities on the go and the pursuit of adventure, which contribute to the popularity of RVs worldwide
- Europe region is expected to register the second-fastest CAGR over the forecast period. The growth of RVs in the region is owing to the increasing demand for outdoor leisure experiences and a growing preference for flexible, customizable vehicles
- Companies are engaging in several growth strategies, including acquisitions & mergers, new product launches, partnerships, and geographical expansion, to stay afloat in the competitive market scenario. For instance, in August 2023, Ricardo, a provider of environmental services, partnered with Winnebago Industries, Inc. to develop an all-electric, zero-emission RV named Winnebago eRV2 in North America
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Information Procurement
- 1.2.1. Purchased database.
- 1.2.2. GVR's internal database
- 1.2.3. Secondary sources & third - party perspectives
- 1.2.4. Primary research
- 1.3. Information Analysis
- 1.3.1. Data Analysis Models
- 1.4. Market Formulation & Data Visualization
- 1.5. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Recreational Vehicle Market Snapshot, 2022 & 2030
- 2.2. Vehicle Type Segment Snapshot, 2022 & 2030
- 2.3. Application Segment Snapshot, 2022 & 2030
- 2.4. Competitive Landscape Snapshot, 2022 & 2030
Chapter 3. Recreational Vehicle Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Recreational Vehicle Market - Value Chain Analysis
- 3.3. Recreational Vehicle Market - Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.2. Market Restraint Analysis
- 3.3.3. Market Opportunity Analysis
- 3.4. Industry Analysis Tools
- 3.4.1. Recreational Vehicle Market - Porter's Analysis
- 3.4.2. Recreational Vehicle Market - PESTEL Analysis
Chapter 4. Recreational Vehicle Market Vehicle Type Outlook
- 4.1. Recreational Vehicle Market Share by Vehicle Type, 2022 & 2030 (USD Million) (Volume, Units)
- 4.2. Motorhomes
- 4.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 4.2.2. Class A
- 4.2.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume Units)
- 4.2.3. Class B
- 4.2.3.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume Units)
- 4.2.4. Class C
- 4.2.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume Units)
- 4.3. Towable RVs
- 4.3.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 4.3.2. Fifth Wheel
- 4.3.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume Units)
- 4.3.3. Travel Trailer
- 4.3.3.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume Units)
- 4.3.4. Camping Trailer
- 4.3.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume Units)
Chapter 5. Recreational Vehicle Market Application Outlook
- 5.1. Recreational Vehicle Market Share by Application, 2022 & 2030 (USD Million) (Volume, Units)
- 5.2. Personal
- 5.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 5.3. Commercial
- 5.3.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
Chapter 6. Recreational Vehicle Market: Regional Outlook
- 6.1. Recreational Vehicle Market Share by Region, 2022 & 2030 (USD Million) (Volume, Units)
- 6.2. North America
- 6.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.4. U.S.
- 6.2.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.4.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.4.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.5. Canada
- 6.2.5.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.5.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.2.5.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3. Europe
- 6.3.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.4. UK
- 6.3.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.4.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.4.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.5. Germany
- 6.3.5.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.5.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.5.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.6. France
- 6.3.6.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.6.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.6.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.7. Denmark
- 6.3.7.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.7.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.7.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.8. Spain
- 6.3.8.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.8.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.3.8.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4. Asia Pacific
- 6.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.4. China
- 6.4.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.4.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.4.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.5. India
- 6.4.5.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.5.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.5.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.6. Japan
- 6.4.6.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.6.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.6.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.7. Australia
- 6.4.7.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.7.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.7.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.8. South Korea
- 6.4.8.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.8.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.4.8.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5. Latin America
- 6.5.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.4. Brazil
- 6.5.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.4.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.4.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.5. Mexico
- 6.5.5.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.5.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.5.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.6. Argentina
- 6.5.6.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.6.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.5.6.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6. Middle East & Africa
- 6.6.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.4. UAE
- 6.6.4.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.4.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.4.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.5. Saudi Arabia
- 6.6.5.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.5.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.5.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.6. South Africa
- 6.6.6.1. Market Estimates and Forecast, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.6.2. Market Estimates and Forecast by Vehicle Type, 2018 - 2030 (USD Million) (Volume, Units)
- 6.6.6.3. Market Estimates and Forecast by Application, 2018 - 2030 (USD Million) (Volume, Units)
Chapter 7. Competitive Landscape
- 7.1. Company Categorization
- 7.2. Company Market Ranking/Share Analysis, 2022
- 7.3. Company Heat Map Analysis
- 7.4. Strategy Mapping
- 7.5. Company Profiles (Overview, Financial Performance, Vehicle Type Overview, Strategic Initiatives)
- 7.5.1. ALINER (Columbia Northwest, Inc. )
- 7.5.2. Dethleffs GmbH & Co. KG
- 7.5.3. Forest River Inc.
- 7.5.4. Gulf Stream Coach, Inc.
- 7.5.5. Hymer GmbH & Co. KG
- 7.5.6. Northwood Manufacturing
- 7.5.7. REV Recreation Group
- 7.5.8. Swift Group Limited
- 7.5.9. Thor Industries Inc.
- 7.5.10. Trigona SA
- 7.5.11. Winnebago Industries Inc.