Market Snapshot
| Study Period: | 2018-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | North America |
| Largest Market: | North America |
| CAGR: | 8 % |
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Market Overview
The Recreational Vehicle Rental Market was valued at USD 642.12 million in 2021, and it is expected to reach USD 1018.96 Million and register a CAGR of about 8% during the forecast period 2022-2027.
The demand for recreational vehicle rentals boomed during the pandemic outbreak, as most people were planning their holidays while avoiding public transportations. Several RV rental companies witnessed significant booking growth during the COVID-19 pandemic.
Over the long term, the recreational vehicle rental market is expected to witness significant growth due to the population of young and old opting for RV touring. Moreover, the development of the tourism industry and the growing popularity of recreational vehicle camping are also driving the demand for RV rental services across the globe. With the increasing per capita income and increase in the number of HNWI, the average spending on recreational activities, such as traveling and camping, consistently increases across developed regions such as Europe and North America.
RVs are significantly expensive to purchase, due to which a large population across the globe is opting for RV rental services, which eliminates the cost associated with vehicle purchase, insurance, and maintenance. The ease of accessing RV rental services and increase in the number of RV rental service providers across the globe are attracting customers who have budget constraints and are unwilling to invest in purchasing new RVs.
The market is expected to witness rapid growth, especially in North America and Europe, as these vehicles provide a reliable and personal way to travel. It is considered the safest travel alternative during the coronavirus pandemic while maintaining social distance norms and hygiene conditions for safety.
Scope of the Report
A recreational vehicle is a mobile dwelling vehicle that incorporates living quarters designed specifically for accommodation. RVs are available in varying types, such as fifth-wheel trailers, popup campers, motorhomes, campervans, caravans, and truck campers. The recreational vehicle rental market report covers the latest trends, COVID-19 impact, and technological developments in the market.
The market is segmented by Rental supplier type, Booking Type, Product Type, and Geography. By Rental Supplier type, the market is segmented into private/individual owners and fleet operators. By booking type, the market is segmented into online booking and online booking. By product type, the market is segmented into caravans and motorhomes. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, market sizing and forecast have been done on the basis of value (USD million).
| Rental Supplier Type | |
| Private/Individual Owners | |
| Fleet Operators |
| Booking Type | |
| Offline Booking | |
| Online Booking |
| Product Type | |
| Caravans | |
| Motorhomes |
| Geography | |||||||
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Key Market Trends
Increasing Demand for Online Rental Booking Services During the Forecast Period
Active commuters who travel short distances mainly contributed to the growing demand for online rental services. Further, the increasing demand for road trips as a getaway from quarantine may also boost the growth. The post-lockdown period will likely witness a rise in first-time buyers with significant contributions from the digitalization of services.
The high penetration of internet users is primarily attributed to high-speed internet availability at affordable prices. In January 2021, the number of mobile internet users in Europe stood at 645 million. This has motivated RV rental players to shift their business models from brick-and-mortar structures to online business models to provide an easy and hassle-free customer experience.
Online platforms have grown globally, connecting various recreational vehicle rental groups, like independent dealers and private owners, with customers.
With the growing preference for RV rental across the globe and the increase in the availability of peer-to-peer rental service providers, the online booking segment of the market is anticipated to witness significant growth during the forecast period.
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Asia-Pacific Region is Expected to Witness Significant Growth During Forecast Period
The Asia-Pacific region is likely to hold a significant share in the market, followed by North America. Asia-Pacific is a rapidly expanding market for RV rentals owing to the expansion of economies and the rising middle class that is boosting the demand for leisure-related goods and activities, such as RVs and RV camping. The RV market in China has witnessed significant changes in the last few years, including a national focus on the development of tourism, campgrounds, and the RV industry. These aforementioned factors are likely to contribute to the growth of the recreational vehicle rental market during the forecast period.
The rise in demand for recreational vehicles in China, India, and other countries in Asia-Pacific led to a shift in travel preferences of consumers choosing to explore the countryside and roads with recreational rental vehicles. This is projected to fuel the market in the region in the next few years.
The North American recreational vehicle rental market is anticipated to grow at a faster pace during the forecast period due to rapidly growing recreational parks and camping grounds in the region. Over the next few years, the United States is expected to witness revenue growth in the recreational vehicle rental market. The Canadian recreational vehicle rental market may also exhibit significant growth in the years to come.
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Competitive Landscape
The market is moderately consolidated, with numerous international and domestic companies operating across the globe. However, the industry is on the verge of consolidation, with few players capturing most of the market. For instance,
- Tourism Holdings Ltd (THL), an international RV rental company based in New Zealand, purchased Santa Fe Springs, a California-based El Monte RV, for USD 65 million.
- Recently, China Beijing International Recreational Vehicle and Camping Exhibition IVECO launched its intelligent daily recreational vehicle, and along with that, it displayed more than 20 imported IVECO daily RVs. These RVs are equipped with features such as remote temperature and ventilation control, lighting, and one-button parking.
Some major players operating in the market are USA RV Rental, Apollo RV Rentals, Cruise America, McRent, EI Monte RV, Fujii, and Cars Japan, among others.
Recent Developments
- In March 2022, Indie Campers has announced the launch of its peer-to-peer rental platform in the United Kingdom. The platform is designed to give owners total control over who rents their motorhome by requiring them to approve a traveler’s booking request. If approved, travelers pay through Indie Camper’s secure booking system to keep both parties safe.
- In October 2021, Outdoorsy announced the partnership of its insurance business Roamly with Spinnaker Insurance Company. The partnership allows Roamly to offer RV owners year-round protection through their proprietary suite of insurance products.
- In September 2021, Outdoorsy, the most-trusted global online RV rental and outdoor travel marketplace, announced the launch of its partnership with Lead Bank to bring innovative RV-focused lending solutions to the United States, making a deeper push into offering financial services that support RV, motorhome, trailer, and overland vehicle owners. The partnership between Outdoorsy and Lead Bank kicks off with the launch of an RV loan financing product to help eligible owners take advantage of competitive interest rates.
Table of Contents
1. INTRODUCTION
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 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value in USD Million)
5.1 Rental Supplier Type
5.1.1 Private/Individual Owners
5.1.2 Fleet Operators
5.2 Booking Type
5.2.1 Offline Booking
5.2.2 Online Booking
5.3 Product Type
5.3.1 Caravans
5.3.2 Motorhomes
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Spain
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Apollo Tourism & Leisure Ltd (ATL)
6.2.2 McRent
6.2.3 El Monte RV
6.2.4 Fuji Cars Japan
6.2.5 Cruise America
6.2.6 Just Go Motorhome Hire
6.2.7 Camper Travel USA
6.2.8 Outdoorsy, Inc.
6.2.9 Indie Campers
6.2.10 MotorVana (Ideamerge LLC)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Recreational Vehicle Rental Market market is studied from 2018 - 2027.
What is the growth rate of Recreational Vehicle Rental Market?
The Recreational Vehicle Rental Market is growing at a CAGR of 8% over the next 5 years.
What is Recreational Vehicle Rental Market size in 2018?
The Recreational Vehicle Rental Market is valued at 642 Million USD in 2018.
What is Recreational Vehicle Rental Market size in 2027?
The Recreational Vehicle Rental Market is valued at 1018 Million USD in 2027.
Which region has highest growth rate in Recreational Vehicle Rental Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Recreational Vehicle Rental Market?
North America holds highest share in 2021.
Who are the key players in Recreational Vehicle Rental Market?
Cruise America, Apollo Tourism & Leisure Ltd (ATL), Camper Travel, El Monte RV, MC Rent are the major companies operating in Recreational Vehicle Rental Market.
