Recreational Vehicle Market - Growth, Trends, and Forecast (2020 - 2025)

The Recreational Vehicle Market is segmented by Type (Towable RVs and Motorhomes) and Geography.

Market Snapshot

Study Period:

2019-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

6 %

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Market Overview

The recreational vehicle market is anticipated to register a CAGR of over 6% during the forecast period.

  • The increasing demand for adventure camping and camping grounds in the regions of Europe, Asia-Pacific, and the United States are expected to support the growth of the recreational vehicle market during the forecast period.
  • The Asia-Pacific region is expected to lead in terms of growth rate during the forecast period, propelled by the significant growth of the middle-class population and increasing emphasis on the development of tourism in the countries of the region.
  • Government regulations related to RV standards, like specifications of vehicle (weight and width and safety ventilation), electrical installation inside the vehicles, etc., are anticipated to hamper the growth of the market.
  • Advanced technologies are being incorporated to decrease carbon emissions and improve the fuel efficiency of RVs. Electrification and installation of portable solar panels for motorhomes and recreational vehicles are the major innovation areas for the companies to invest in.

Scope of the Report

Recreational vehicles (RVs) are most commonly used as temporary accommodation when traveling. However, some people use them as their main residence due to benefits, like easily towable units, low fuel consumption, lower maintenance and insurance costs, and depreciation value.

Type
Towable RVs
Travel Trailers
Fifth Wheel Trailers
Folding Camp Trailers
Truck Campers
Motorhomes
Type A
Type B
Type C
Geography
North America
Europe
Asia-Pacific
Rest of the World

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Key Market Trends

The Motorhomes Segment is Expected to Experience the Highest Growth During the Forecast Period

The motorhomes segment of the market is anticipated 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. Also, they are being widely used in the country, not only for vacation traveling, but also for tailgating, traveling with pets, for 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. In addition, 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.

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The Asia-Pacific Region is Expected to Generate the Highest Demand During the Forecast Period

The Asia-Pacific region is expected to generate the highest demand for recreational vehicles during the forecast period. The significant growth of the middle-class population and increasing emphasis on the development of tourism are boosting the demand for leisure-related goods and activities, like camp grounding and RV camping, in countries, including China, India, Thailand, South Korea, Australia, and Japan, which has led to an increase in demand for RVs in Asia-Pacific. In recent years, China emerged as the largest recreational vehicle market in Asia-Pacific with about 25,000 RVs purchases in 2016, and further, Chinese consumers are estimated to procure about 500,000 by 2020. The country has 56 active RV manufacturers that offer a wide range of products from towable RVs to motorhomes. Domestically produced RVs dominate the marketplace and account for the majority of the overall RV sales. Also, the RV Industry Association is working closely with government agencies and major trade groups in China, Korea, and Japan to promote the US RV standards and improve their sales. During the period of 2012 – 2017, US exports to these three countries accounted for USD 258 million. With such initiatives from the governments and promotion of self-driving and recreational vehicles, tourism is anticipated to support the growth of the market in the region during the forecast period.

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Competitive Landscape

Some of the prominent players in the recreational vehicle market are Thor Industries Inc., Forest River Inc., Winnebago Industries Inc., REV Group, and NeXus RV. The growing demand for fuel-efficient vehicles is driving the motorhome manufacturers toward expanding their product portfolios. Also, with growing stringent emission norms, electrification of motorhomes and camper vans is gradually becoming an important strategy in the RV industry. Thus, few RV manufacturers have already started introducing all-electric RV in the market, majorly from 2017.

Amid the growing trend of electric RVs, new players have started entering the RV industry. For instance, Nissan launched an electric campervan based on its e-NV200 van model in Spain, in July 2018. Additionally, few existing RV manufacturers, namely Winnebago Industries Inc. and Dethleffs Motorhomes, have also started developing electric motorhomes. With new technologies and new models, the manufacturers are planning to expand their presence in different geographic areas and increase their market shares in the years to come.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Towable RVs

        1. 5.1.1.1 Travel Trailers

        2. 5.1.1.2 Fifth Wheel Trailers

        3. 5.1.1.3 Folding Camp Trailers

        4. 5.1.1.4 Truck Campers

      2. 5.1.2 Motorhomes

        1. 5.1.2.1 Type A

        2. 5.1.2.2 Type B

        3. 5.1.2.3 Type C

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 Rest of the World

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Thor Industries Inc.

      2. 6.2.2 Forest River Inc.

      3. 6.2.3 Winnebago Industries Inc.

      4. 6.2.4 REV Group

      5. 6.2.5 NeXus RV

      6. 6.2.6 Tiffin Motorhomes Inc.

      7. 6.2.7 Triple E Recreational Vehicles

      8. 6.2.8 Dethleffs GmbH & Co. KG

      9. 6.2.9 Burstner GmbH & Co. KG

      10. 6.2.10 The Swift Group

      11. 6.2.11 Rapido Motorhomes*

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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