Market Trends of North America Recreational Vehicle Industry
Motorized RVs are the Largest Segment by Type
With travel and tourism gaining popularity across the globe, people are seeking unique and adventurous experiences. The desire for experiential and immersive travel experiences has contributed to the increased demand for motorized RVs. The shortage of available campgrounds in many countries has also contributed to the demand for motorized RVs.
Further, motorhomes are witnessing a significant growth in demand across North American countries like the United States and Canada. The increasing number of HNWIs and the availability of widespread parking areas for RVs are driving their adoption in North America.
The demand for recreational vehicles has boomed after the outbreak of the pandemic, as most people started planning their holidays while avoiding public transportation due to safety precautions. Several recreational vehicle companies across North America witnessed significant booking growth during the COVID-19 pandemic.
Moreover, over the past few years, the demand for Class B and Class C motorhomes has also increased due to their advantages. For instance, the population of the United States participating in camping has seen an upward trajectory over the last few years.
• In 2023, the number of users opting for camping in the United States stood at over 57 million, as compared to the figure of around 55 million in 2022.
All these factors combined will positively boost the demand for motorized RVs during the forecast period.
United States is Expected to Dominate the Market During the Forecast Period
The increase in 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 are trading motorhomes to meet the increasing demand for them. These dealers provide a range of state-of-the-art motorhomes and the latest-model-year second-hand motorhome units preferred by most fleet operators. To compete in the growing electrical vehicle era, most of the RV manufacturing companies are manufacturing electric recreational vehicles to stay ahead in the market. For instance
• In March 2023, Harbinger, a Southern California-based automotive manufacturer, delivered a purpose-built medium-duty EV chassis to THOR Industries. THOR plans to upfit the chassis into an electrified class A RV at its THOR US Innovation Lab in Elkhart, Indiana.
The quick and steady recovery of the United States from the recent COVID-19 pandemic and the availability of a healthier financing environment drive the motorhome market in the United States. Currently, the country forms the largest market for RVs globally.
Motorhomes are widely used in the country for travels during vacations and for tailgating, traveling with pets, and business. They are also 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 factors mentioned above are expected to contribute to the market's overall development during the forecast period.
