Recreational Vehicle Market Overview
Recreational Vehicle Market was valued at US$ 63.5 Billion in 2024 and is projected to grow at a CAGR of 7.40% to reach US$ 121.4 Billion by 2034.
Recreational Vehicle (RVs) are large vehicle that often has facilities like kitchen, bathroom, bed for use during travelling and camping. Motorhomes, truck camper, housecar, camp trailer, travel trailer, are examples of recreational vehicles. They are designed for human habitation and other occupancy. Recreational Vehicle (RVs) are divided into two categories like towable rigs and motorhomes. Towable RVs requires separate vehicle to tow them. Motorhomes are self-powered RVs which has their own engine and driving classics. Motorhomes are self-propelled and large recreational vehicle. They looks like tiny homes or small apartments. Class C motorhomes are small RVs which are called as ‘mini motorhomes’ or ‘cab over campers’. Small RVs comes in size between 20-35 feet in length. Mini motorhomes are easier to drive and park compared to large size models. Winnebago Navions and Tiffin Wayfarers are living quarters on wheels with sleeping quarters, bathroom facilities, and kitchen. One can rest up at own space wherever one happened to be. Airstream Interstate 19 are the smallest RVs with shower and toilet. RVs cost between $10,000 to $300,000 depending on its features and style. Average RVs of fifth wheel may cost $40,000. Fifth wheels RVs are type of towable RVs. Arizona, Florida and Texas are the cheapest states to buy RVs. Motorhomes RVs uses commercial vehicle as its base. It is taxed as Private Heavy Goods Commercial vehicles or Private Light Goods commercial vehicles. Towable RVs are also called as Travel Trailers RVs. Towable RVs are best for heavy duty vehicle and like to detach from trailer and drive separately. Fifth wheels RV are easiest to tow. There are many benefits of living in RVs like it has freedom which allows to change location whenever we want. It’s cheaper than hotel and house homes, provides unlimited adventure, pets can also travel, to spend quality time with friends and families, growth in relationships, etc. Quartzsite, Arizona are the cheapest place to live in RV. RVs are eco-friendly as it uses limited resources that is not wasteful. RV gives flexibility of going anywhere with having place to eat, and sleep. Benefits of living, spending holidays and changing location any time has given rise in use of RVs (recreational vehicle).
Recreational Vehicle Market Dynamics
Rise in travel and tourism and rate of urbanization
Rise in travel and tourism and rate of urbanization is one of the leading factors for the RV (Recreational Vehicle) Market growth. Urbanization has given rise in travel and tourism to spend the holidays. Urbanization has given rise in disposable income which allows the individual to enhance their lifestyle and enjoy the vacations. According to new study from public opinion researchers (Ipsos) determined that about 20% of U.S. respondents were more interested in recreational vehicles for travelling in aftermath of COVID-19. To Recreational vehicle has provided an opportunity for people to enjoy their holidays with their families by maintaining social distancing. Recreational vehicle provides the facilities like hotels and restrooms. So there is no need to book any hotels or restrooms as one can enjoy all the facilities in recreational vehicle. Due to COVID pandemic companies has enabled the employees to work remotely. Remote work system has allowed an easier way to an individual to travel in recreational vehicle. According to RV Industry association, millions of Americans live full time in RVs (recreational vehicle). People around the world are enjoying camping and exploring outer world. RVs help an individual in exploring outer world. Increase in tourism has given rise in use of RVs. According to data published by United Nations in 2018, about 55% of the world’s population resided in urban areas, and it is projected that this percentage will increase over the forecast period. However, the growth in travel & tourism and population in urban areas boosts the demand for Recreational Vehicle market.
Technological advancement
Technological advancement in recreational vehicle has become the major factor in target market growth. Technology is constantly advancing in recreational vehicle and other types of industries. Manufacturers are working tirelessly to meet the requirements and provide most advanced RVs for an individual. Rising competition in providing advanced RVs has fueled the target market growth. New advancement like auto-leveling systems which are high technology upgrades are becoming standard on fifth wheels and has gained popularity in travel trailers. Manufacturers involved in RVs are upgrading RVs with electronics and solar panels. Recent technological advancement in RVs are, Onboard Weighing Systems – This will help to know the weight of RVs. LoadSafe technology help to know the RVs weight by using app. The app works with tablets and mobile phones making it easier to see the weight on each axle. This will help to travel safely in RV without worrying about RV being overweight. Smart Control Technology – By using mobile application one can control thermostat, monitor RV battery status and locate RV. By using these application one can turn off lights, retract awning and level RV with ease. All-Electric RVs – a great option for shorter camping excursions after being available. iFlex SMARTryde Air Suspension – It is a system which provides world class towing experience and helps in minimizing impact of rough road conditions on an RV. This new system also match the height of tow vehicle with trailer. It provides two onboard air compressor tanks which helps in adjusting tire pressure for any toys brought by an individual. Self-Driving Capabilities – as technology improves these vehicles will soon be available. Touchscreens – RVs has come with multiple touchscreens. These touchscreens are often replace light switches & controls for awnings, RVs leveling system and operating slides. These touchscreens use technologies that allow RVers in controlling many of the RVs functions on their phones. However, technological advancement has given boost to the target market growth.
Restrains:
However, things like insurance, fuel costs, constant and expensive maintenance, space issue, limitations of going, cost of maintaining a campervan, cost of storage, cost of ownership, may somewhat restrain the target market growth.
Recreational Vehicle Market Segmentation
Recreational Vehicle Market is segmented based on vehicle type, fuel, application, and region.
Vehicle Type Insights
On the basis of Vehicle Type Recreational Vehicle Market is segmented into Towable RVs, Motorhomes. Motorhomes RVs are dominating the target market as they offers more luxurious, larger, more spacious and livable for people who are referring to motorhomes RVs than other RVs.
Fuel Insights
On the basis of Fuel Recreational Vehicle Market is segmented into Diesel, Gasoline. Diesel engines are dominating the target market because they are more durable, more efficient and has higher torque than other gas engines.
Application Insights
On the basis of Application Recreational Vehicle Market is segmented into Commercial, Domestic. Commercial vehicle are dominating the target market because of its storage capacity which are strongest suitable for large amount of goods and are transported at once.
Regional Insights:
On region the Recreational Vehicle Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements. Moreover, rising popularity, sustained growth in outdoor leisure activities is anticipated to increase demand for Recreational Vehicle in the region.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2023 |
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Forecast period |
2024 – 2034 |
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Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
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Market Segmentation |
By Vehicle Type - Towable RVs, Motorhomes By Fuel - Diesel, Gasoline By Application - Commercial, Domestic
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Recreational Vehicle Market report based on vehicle type, fuel, application, and region:
Recreational Vehicle Market, By Vehicle Type:
- Towable RVs
- Motorhomes
Recreational Vehicle Market, By Fuel:
- Diesel
- Gasoline
Recreational Vehicle Market, By Application:
- Commercial
- Domestic
Recreational Vehicle Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Recreational Vehicle Market Key Players
The key players operating the Recreational Vehicle Market includes,
- Heartland Recreational Vehicle Company
Heartland Recreational Vehicle Company is the manufacturer of finest recreational vehicles with best quality and innovative features. It offers fifth wheels, luxury travel trailers and toy haulers.
- Thor Industries Inc.
Thor Industries Inc., the world’s largest manufacturer of recreational vehicles which offers travel trailers, motorhomes, fifth-wheel and camping.
- Coachmen Recreational Vehicle Company
Coachmen Recreational Vehicle Company is the nation’s leading recreational manufacturers which offers toy haulers, motorhomes, camping trailers, and others.
- Winnebago Industries Inc.
Winnebago Industries Inc., the leading North American manufacturer of outdoor lifestyle products. It offers quality motorhomes, fifth wheel products, travel trailers, commercial community outreach vehicles with multiple facilities, and stern-drive powerboats.
- Burstner Gmbh & Co.
Burstner Gmbh & Co., the designer, manufacturer of campers, mobile homes, caravans and motorhomes.
- Northwood Manufacturing Inc.
Northwood Manufacturing Inc., provides compact travel trailers, truck campers and travel trailers. This company serves customers in United States.
- NeXus RV
NeXus RV is known for recreational facilities and services. It offers motorhomes like Viper, Ghost, Phantom and Wraith. NeXus RV is located in Elkhart.
- REV Group
REV Group is the American manufacturer of various range of recreational vehicles, lamination, molded fiberglass, buses, ambulances, firefighting vehicles, etc.
- Dethleffs Gmbh & Co. KG
Dethleffs Gmbh & Co. KG is the developer and manufacturer of leisure vehicles. It offers caravans, motorhomes, and other recreational vehicles.
- RAPIDO Motorhomes
RAPIDO Motorhomes is the French motorhome manufacturer which is based in Mayenne. It offers mobile living accommodation with kitchen, fold-out sofa, small bathroom with shower, cassette toilet, etc.
- Kia Corporation
Kia Corporation is Korea’s oldest manufacturer, seller and exporter of motor vehicles, trucks, passenger cars, commercial vehicles, mini-buses, etc. Kia Corporation is South Korean automobile manufacturer which maintains 14 manufacturing facilities in eight countries.
Recreational Vehicle Market Key Issues Addressed
Recent Development:
- In December 2021, Kia Corporation has revealed the ‘Carens’ to the world. ‘Kia Carens’ is designed for modern Indian families which helps in providing comfortable and spacious three row seater ride. It will also help in delivering meaningful experiences to modern families in their daily and leisure life.
- In October 2021, Winnebago Industries Inc., has to be launch new line of motorhomes which includes, The New Ekko, The Vista and Sunstar, The New Hike 100 – it is the new rugged towable loaded with features & storage, The New Solis Pocket, The New Micro Minnie FLX, and The New Roam.
Recreational Vehicle Market Company Profile
- Kia Corporation *
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Heartland Recreational Vehicle Company
- Thor Industries Inc.
- Coachmen Recreational Vehicle Company
- Winnebago Industries Inc.*
- Burstner Gmbh & Co.
- Northwood Manufacturing Inc.
- NeXus RV
- REV Group
- Dethleffs Gmbh & Co. KG
- RAPIDO Motorhomes
“*” marked represents similar segmentation in other categories in the respective section
Recreational Vehicle Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Vehicle Type
- Market Snippet, By Fuel
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Recreational Vehicle Market, By Vehicle Type
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Towable RVs
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Motorhomes
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Recreational Vehicle Market, By Fuel, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Diesel
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Gasoline
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Recreational Vehicle Market, By Application, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Commercial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Domestic
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Recreational Vehicle Market, By Region, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Vehicle Type , 2022 – 2032
- Market Size and Forecast (US$ Bn), By Fuel, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Vehicle Type , 2022 – 2032
- Market Size and Forecast (US$ Bn), By Fuel, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Vehicle Type , 2022 – 2032
- Market Size and Forecast (US$ Bn), By Fuel, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Overview
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- Latin America
- Market Size and Forecast (US$ Bn), By Vehicle Type , 2022 – 2032
- Market Size and Forecast (US$ Bn), By Fuel, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Vehicle Type , 2022 – 2032
- Market Size and Forecast (US$ Bn), By Fuel, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
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- GCC
- Israel
- South Africa
- Rest of Middle East
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- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Heartland Recreational Vehicle Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Thor Industries Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Coachmen Recreational Vehicle Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Winnebago Industries Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Burstner Gmbh & Co.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Northwood Manufacturing Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- NeXus RV
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- REV Group
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Dethleffs Gmbh & Co. KG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- RAPIDO Motorhomes
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kia Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Recreational Vehicle Market is segmented into type, fuel, application, and region.
Recreational Vehicle Market is driven by factors like rise in travel & tourism, rate of urbanization and technological advancement.
By region, the Recreational Vehicle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements.
The key players operating the Recreational Vehicle Market includes, Heartland Recreational Vehicle Company, Thor Industries Inc., Coachmen Recreational Vehicle Company, Winnebago Industries Inc., Burstner Gmbh & Co., Northwood Manufacturing Inc., NeXus RV, REV Group, Dethleffs Gmbh & Co. KG, RAPIDO Motorhomes, Kia Corporation and others.