Market Size of Caravan and Motorhome Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 61.00 Billion |
| Market Size (2029) | USD 88.23 Billion |
| CAGR (2024 - 2029) | 7.66 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Caravan & Motorhome Market Analysis
The Caravan and Motorhome Market size is estimated at USD 61 billion in 2024, and is expected to reach USD 88.23 billion by 2029, growing at a CAGR of 7.66% during the forecast period (2024-2029).
The COVID-19 outbreak increased the demand for recreational vehicles. Furthermore, with the lockdown measures lifted across the world, people are willing to go camping for recreation. Several RV sellers and rental companies noticed this trend and are focusing on developing new products. For instance,
- In May 2022, REE Automotive Ltd announced its plans to install cloud-based robotic assembly lines in its European Integration Center in Coventry, United Kingdom, beginning with its European Integration Center. The first assembly line began its operations in the second half of 2022. To meet customer demand in Europe, it will initially focus on the P7 electric platform for commercial vehicles such as walk-in delivery vans, buses, and recreational vehicles.
Customers are buying recreational vehicles due to the increase in travel activities and cost savings over other modes of transportation. The ability of an RV to be easily customized is also propelling RV technological trends at a breakneck speed. The smart home system in RVs is an important factor in the customers' choice. Companies are also developing new products in response to the increased travel and campaign activities. For instance,
- In September 2022, at the Caravan Salon in Düsseldorf, MAN Truck & Bus and caravan and motorhome manufacturer Affinity debuted the "Affinity M." It is based on the MAN TGE, whose is modified to provide the best camping experience possible. Affinity is the Polish division of KABE AB, a Swedish caravan and motorhome manufacturer.
Motorhomes are becoming increasingly popular around the globe, particularly in Europe. The rising number of high-net-worth individuals (HNWI), combined with the availability of ample RV parking, is driving its adoption in North America and Europe.
