Market Size of Europe Recreational Vehicle Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 11.38 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Recreational Vehicle (RV) Market Analysis
The Europe recreational vehicle market was valued at USD 29.97 billion, and it is expected to reach USD 51.38 billion by registering a CAGR of 11.38% during the forecast period.
- Due to COVID-19 and the economic crisis, the market registered a decline that year. Recreational vehicle shipments increased in Europe mainly due to travel restrictions imposed on account of COVID-19, as it restricted travelers from international travel due to the lockdown. However, after the ease of lockdowns, travelers actively started opting for recreational vehicle-related activities, which continued till the end of the year and provided recovery to the market studied. Thus, many players are coming up with new products in the market. For instance, in July 2022, German electric quadricycle maker ElectricBrandshas recently came up and showcased its new camper version of XBusto to the public for the first time at the JubilaumsExpo held in Vienna. Although this was not an official launch, this has made the public much interested in the company's official launch in the RV segment.
- Over the long term, with the increase in per capita income, the number of high-net-worth individuals (HNWI) in Europe is also witnessing continuous growth. Last year, Europe accounted for about one-fifth of the total number of HNWIs worldwide. Countries such as the United Kingdom, Germany, Sweden, France, Switzerland, Spain, and Italy accounted for most HNWIs across Europe. Companies in Europe are also focusing on developing new technology to meet the demands of the customers. For instance,
- In May 2022, REE Automotive Ltd. announced plans to install cloud-based robotic assembly lines at its network of highly digitalized global manufacturing plants, beginning with its European Integration Center in Coventry, UK. The first assembly line is scheduled to open in the second half of this year. It will initially focus on the P7 electric platform for commercial vehicles such as walk-in delivery vans, buses, and recreational vehicles to meet European customer demand.
- Moreover, in Europe, the number of millennials is increasing. Last year, the region accounted for one-fifth of the total number of millennials worldwide, which is anticipated to increase during the forecast period.
- However, the high cost associated with the recreational vehicle may hinder the growth of the target market during the forecast period.
Europe Recreational Vehicle (RV) Industry Segmentation
A recreational vehicle, also known as an RV, is a motor vehicle or trailer with living quarters designed for accommodation. Motorhomes, campervans, coaches, caravans (also known as travel trailers and camper trailers), fifth-wheel trailers, popup campers, and truck campers are examples of RVs.
The European recreational vehicle market is segmented by type and by country. By type, the market is segmented into towable RVs and motorhomes. By country, the market is segmented into Germany, United Kingdom, Italy, France, Netherlands, Spain, Norway, and the Rest of Europe.
The report offers the market size in value (USD) and forecasts for all the above segments.
By Type | |
Towable RVs | |
Motorhomes |
By Country | |
Germany | |
United Kingdom | |
Italy | |
France | |
Netherlands | |
Spain | |
Norway | |
Rest of Europe |
Europe Recreational Vehicle Market Size Summary
The European recreational vehicle market has been experiencing notable growth, spurred by the rise in per capita income and an increased interest in leisure and recreational activities. The market faced a decline due to the economic crisis caused by the COVID-19 pandemic, but it recovered as travelers started opting for RV-related activities after the easing of lockdowns. This has led to the entry of new players and the introduction of innovative products in the market. Companies are also focusing on developing new technologies to meet customer demands, with a focus on the high-net-worth individuals and millennials who make up a significant portion of the market. The market is driven by a variety of factors, including the popularity of camping, particularly among millennials, and the increasing affordability of recreational vehicles. Towable RVs, in particular, have gained popularity due to their lower prices compared to motorized RVs. Market participants are focusing on launching new models with various amenities to improve the customer experience. There is also a trend towards incorporating advanced technologies into RVs, such as IoT, sensors, and automated control systems. However, the high cost associated with recreational vehicles may hinder market growth.
Explore MoreEurope Recreational Vehicle Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Recreational Activities Across the region
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1.2 Market Restraints
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1.2.1 High Upfront Cost
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Towable RVs
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2.1.2 Motorhomes
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2.2 By Country
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2.2.1 Germany
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2.2.2 United Kingdom
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2.2.3 Italy
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2.2.4 France
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2.2.5 Netherlands
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2.2.6 Spain
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2.2.7 Norway
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2.2.8 Rest of Europe
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Europe Recreational Vehicle Market Size FAQs
What is the current Europe Recreational Vehicle Market size?
The Europe Recreational Vehicle Market is projected to register a CAGR of 11.38% during the forecast period (2024-2029)
Who are the key players in Europe Recreational Vehicle Market?
Thor Industries Inc., Dethleffs GmbH & Co. KG, Autotrail motorhomes, Swift Group Limited and Knaus Tabbert GmbH are the major companies operating in the Europe Recreational Vehicle Market.