|Fastest Growing Market:||North America|
|Largest Market:||North America|
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The North American recreational vehicle (RV) market was valued at USD 33.95 billion in 2021 and is anticipated to reach USD 59.16 billion by 2027, at a CAGR of about 9.7% during the forecast period (2022 – 2027).
The COVID-19 crisis has adversely impacted the tourism industry. Thus, this has derailed the sales of recreational vehicles in the market. However, the slow recovery of the market and consumers’ preference to stay in caravans, then hotels can stimulate the growth of the market. The high proliferation of rental services in emerging economies is expected to propel the market over the forecast period.
Over medium term growing number of active campers is contributing to the demand for RVs. The commercial usage of RV is on the rise. Growth in peer-to-peer rental services is expected to increase popularity among millennials, which are increasingly seeking rental services. Furthermore, the increasing demand for road trips as a getaway from quarantine may boost market growth. The post lockdown period is likely to witness a rise in the number of first-time buyers.
The Canadian government recommended investing in tourism policies, such as advertising and messaging, which is expected to promote domestic RV dealers over foreign RV dealers in the market. There are more than 4,300 campgrounds across Canada. Thus, the investment in camping and RV infrastructure is likely to improve the tourism industry and the Canadian RV market.
Over the years, the renting process of a new RV has become easier. In addition, the RV rentals are offering lucrative deals to lure customers. With the new models and technologies arriving in the market every year, customers have a plethora of options to choose from. Every new trip can be made with a new RV model with different amenities. This factor provides the customers a new experience every time they rent a new type of RV.
Scope of the Report
A recreational vehicle is a motorized (driveable) or non-motorized (towable) vehicle that includes living quarters. They are used for camping, traveling, and other recreational activities. The two main categories of RVs are motorhomes (motorized) and towable (towed behind family cars, vans, or pickups).
The North American RV market has been segmented by towable RV, motorhome, and country. The towable RV-based segmentation includes travel trailers, fifth wheel trailers, folding camp trailers, and truck campers. The motorhome-based segmentation includes Type A, Type B, and Type C motorhomes. By Country, the market is segmented into United States, Canada and Rest of the North America. The report provides the market sizes and forecasts for all the major countries in North America. The profiles of major players in the market are also covered along with their market shares. For each segment market sizing and forecast have been done on basis of value (USD billion).
|Fifth Wheel Trailers|
|Folding Camp Trailers|
|Rest of North America|
Key Market Trends
Motorhome segment Likely to Dominate the Market During the Forecast Period
The motorhomes segment of the market is likely to register the highest CAGR during the forecast period. The increase in the number of campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. Additionally, they are widely used in the country, not only for vacation traveling but also for tailgating, traveling with pets, business, and as a preferred mode of transportation for outdoor sports and other leisure activities.
Among the motorhomes, the class C motorhomes provide better fuel efficiency than the type A or B motorhomes. They are often referred to as mini-motorhomes, which provide the amenities of a larger motorhome in a scaled-down version and at a lower price. The price of these motorhomes starts from approximately USD 40,000 and goes up to USD 200,000. Moreover, manufacturers are adding multiple slide-outs to increase the living space and are designing a large variety of floor plans with larger chassis versions.
These hybrid class C+ (ideal for a family with 4-6 members) are currently being tested for increasing the consumer base of class C motorhomes. Such developments are anticipated to boost the growth of the segment during the forecast period. The class C segment is expected to reach over USD 13 billion by 2025. Class C combines the best features of both class A and B into a more versatile and affordable mid-size motorhome.
The above mentioned all factors witnessing major growth for the motorhome segment across the North America and creating an opportunity for the recreational vehicle market during the forecast peirod.
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United States is Expected to Dominate the Market During the Forecast Period
The increase in the number of campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. Thus, the United States has more than 230 chain outlets and local motorhome dealers engaged in the trading of motorhomes, to meet the increasing demand for the same. These dealers provide not only a range of state-of-the-art motorhomes but also the latest-model-year second-hand motorhome units preferred by most fleet operators.
The quick and steady recovery of the United States from the recent COVID-19 pandemic, along with the availability of a healthier financing environment, drives the motorhome market in the United States. Currently, the country forms the largest market for RVs, globally.
Motorhomes are widely used in the country, not only for travels during vacations, but also for tailgating, traveling with pets, for business, and as a preferred mode of transportation in outdoor sports and other leisure activities.
These vehicles provide campers with comfortable sleeping quarters and all the necessities, along with some luxurious features, such as a refrigerator, hot water, air conditioning, and heating. However, they miss out on some features, such as a full-sized entertainment system and laundry facilities, owing to their small size. Therefore, all the above mentioned factors expected to contribute for overall development of market during the forecast period.
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The major players of the North American RV market are Thor Industries Inc., Forest River Inc., Winnebago Industries, and REV Group. The recreational vehicle market is highly competitive amongst the dominant players. The companies are continually competing with each other and are opting for strategies, like acquisitions and heavy investment in R&D projects, while offering more luxurious services in the vehicle. For instance,
- In May 2021, Pottery Barn, a portfolio brand of Williams-Sonoma, Inc., partners with travel trailer brand, Airstream, to a new collection of statement décor and accessories inspired by the spirit of adventure that brings the comforts of home on the road.
- In August 2020, Forest River announced that it is expanding its operations in DeKalb and LaGrange counties. The company said it may invest USD 3.5 million to expand its 20-acre manufacturing campus at 685 E. Main St. in Butler. The new facilities are expected to allow the company to enhance the production of the XLR Toy Hauler.
- In April 2022, REV Group introduced VECTOR, the first North American style fully electric fire truck. This new electric fire truck packs 316 kW of proven automotive-grade batteries to deliver the longest electric pumping duration in the industry.
- In May 2021, East To West, a new division of Forest River Inc., is set to debut its brand new line of travel trailers, Della Terra, at the 11th Annual Forest River Product Expo. The new brand is expected to focus on high-quality, value-added products with a limited number of floorplans, one color scheme, and a broad selection of standards.
- In December 2020, Thor Industries Inc. announced that it had bought Tiffin Motorhomes, in a deal worth USD 300 million. After the deal, the Tiffin Group will operate as a stand-alone division of the corporation, and the Tiffin family will continue to run it.
- In November 2020, the Winnebago Industries' Specialty Vehicle Division introduced its updated 2021 Accessibility Enhanced (AE) RV line. The Inspire AE and Adventurer 30T AE 2021 models will feature standard wheelchair tie-downs, platform wheelchair lifts, and expanded hallways and bathrooms.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Towable RVs
5.1.1 Travel Trailers
5.1.2 Fifth Wheel Trailers
5.1.3 Folding Camp Trailers
5.1.4 Truck Campers
5.2.1 Type A
5.2.2 Type B
5.2.3 Type C
5.3.1 United States
5.3.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Thor Industries Inc.
6.2.2 Winnebago Industries Inc.
6.2.3 Forest River Inc.
6.2.4 REV Group
6.2.5 NeXus RV
6.2.6 Triple E Recreational Vehicles
6.2.7 Tiffin Motorhomes Inc.
7. MARKET OPPORTUNITIES
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Frequently Asked Questions
What is the study period of this market?
The North America Recreational Vehicle Market market is studied from 2018 - 2027.
What is the growth rate of North America Recreational Vehicle Market?
The North America Recreational Vehicle Market is growing at a CAGR of 9.7% over the next 5 years.
What is North America Recreational Vehicle Market size in 2018?
The North America Recreational Vehicle Market is valued at 33 Billion USD in 2018.
What is North America Recreational Vehicle Market size in 2027?
The North America Recreational Vehicle Market is valued at 59 Billion USD in 2027.
Which region has highest growth rate in North America Recreational Vehicle Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in North America Recreational Vehicle Market?
North America holds highest share in 2021.
Who are the key players in North America Recreational Vehicle Market?
Thor Industries, Forest River Inc., Winnebago Industries, Inc., REV Group, Triple E Recreational Vehicles are the major companies operating in North America Recreational Vehicle Market.