Recreational Vehicle Market Size Worth USD 63.65 Billion, Globally, by 2030 at a CAGR of 4.03%
The Global Recreational Vehicle Market to Grow at 4.03% CAGR During 2023-2030; Emplifi Joined Forces with Pleasure-Way Industries Ltd to Provide an Immersive Shopping Experience to Boost RV Sales
Pune, India., Aug. 21, 2023 (GLOBE NEWSWIRE) — The global recreational vehicle market size was valued at USD 47.47 billion in 2022. The market is projected to grow from USD 48.26 billion in 2023 to USD 63.65 billion by 2030, growing at a CAGR of 4.03% during the forecast period. Growing trend of electrification in the automotive sector and development of new electrification technologies, such as Vehicle-to-Home and Vehicle-to-Grid, will attribute to market augmentation in the forecast timeframe. This information is provided by Fortune Business Insights, in its report titled, “Recreational Vehicle Market, 2023-2030.”
The global recreational vehicles market research reports offer a comprehensive and insightful analysis of recreational vehicles industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as recreational vehicles market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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Drivers & Restraints-
Rapid Expansion of Tourism Industry to Boost the Demand for RVs
The expanding tourism sector is a key factor contributing to the demand for RVs. As a result, jobs would be created and fiscal revenues of local governments will grow, thus helping them achieve economic development. The growing popularity of motorhomes and development of new camping sites in scenic spots is boosting RV demand in Germany, China, the U.K., Australia, and the U.S. Moreover, the governments of several economies are announcing supportive policies to strengthen the RV industry. On the other hand, high initial and maintenance costs of RVs and additional costs, such as parking costs, insurance premiums, and fuel, will serve as challenges for businesses operating in this domain.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 4.03% |
| 2030 Value Projection | USD 63.65 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 48.26 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 191 |
Competitive Landscape-
Innovative Product Launches by Key Players to Boost Market Proliferation
Tactical moves are a common way for leading players to maintain their dominance and earn higher revenues and profits. One such move is launching new products to meet ever increasing consumer demands. For instance, in January 2022, THOR Industries unveiled two electric RV concepts and announced its first phase of e-mobility strategy. The company also launched its travel trailer concept, eStream, built on THOR’s exclusive high-voltage electric chassis and powered by a propriety system. The trailer enhances gas mileage for traditional tow vehicles and decreases loss of range for electric tow vehicles.
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Segments-
Low Maintenance Costs and Cost-Effective Nature of Towable RVs to Aid Segment Growth
As per type, the market is split into Class A, Class B, Class C, and towable. The towable segment dominated the market in 2022 owing to high penetration of camper trailers owing to its cost-effectiveness and sustainable nature. The segment offers a large product portfolio and flexible pricing. Moreover, towable RVs don’t require motive power as they can be attached to another vehicle and they have a low maintenance cost.
High Cost of Motorized RVs Boosted Demand for Non-motorized RVs Owing to Consumer-friendly Pricing
According to propulsion type, the market is divided into motorized and non-motorized. The non-motorized segment captured majority of the recreational vehicle market share in 2022 owing to the rising adoption of trailers, camper trailers, and fifth wheelers due to its low cost and ease of maintenance. Moreover, non-motorized RV buyers do not have to worry about fuel efficiency as they don’t have engines and are towed using a secondary vehicle. These factors have led to the consumer demand for non-motorized RVs.
Rising Popularity of Road Tours and Traveling Fuels the Personal Use Segment Expansion
By application, the market is arrayed into commercial use and personal use. The personal use segment held the largest market share in 2022 as the popularity of road trips has increased. Moreover, RVs are widely used in outdoor touring applications such as camping, traveling, and transportation purposes. These factors are responsible for the higher demand for ownership of recreational vehicles worldwide. Geographically, the market is segregated into North America, Europe, Asia Pacific, and the Rest of the World.
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Regional Insights-
North America to Dominate Stoked by Rising Adoption of RVs and Growing Number of Camper Sites
North America captured majority of the market share in 2022, owing to the high operational rate of trailers and motorhomes in the region. The rising popularity of camper sites and RVs in the region will boost the adoption of these vehicles in the region, thus aiding market augmentation. The strong growth in outdoor recreational activities in the region is also aiding regional market expansion.
Europe held the second largest share in the global market in 2022 backed by the rising number of caravans and motorhomes in France, Germany, and other parts of Europe. The growing tourism sector and surging demand for isolated stays, especially after the pandemic boosted regional market proliferation.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
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A list of prominent Recreational Vehicles manufacturers operating in the global market:
- Thor Industries, Inc. (U.S.)
- Forest River, Inc. (U.S.)
- Trigano (France)
- Winnebago Industries, Inc. (U.S.)
- REV Group (U.S.)
- Triple E Recreational Vehicles (Canada)
- The Swift Group (U.K.)
- Gulf Stream Coach Inc. (U.S.)
- Pleasure-Way Industries Ltd. (Canada)
- Groupe Pilote (France)
COVID-19 Impact:
Rising Popularity of Transportation and Tourism Activities during the Pandemic Boosted Market Growth
The COVID-19 pandemic resulted in nationwide lockdowns and travel restrictions to curb the rising number of cases. This impacted the travel and tourism sector negatively. However, RVs showcased high demand amid the pandemic as the popularity of tourism and travel remained the same. People prefer to use RVs for domestic tourism and outdoor activities during the pandemic as it helped them fulfil their wish to travel in safe manner, which attributed to the recreational vehicle market growth. As per the RV Industry Association’s December 2021 survey, total RV shipments for 2021 accounted for 600,240 wholesale shipments, exceeding the 2017 total of 504,599 shipments by 19%. Total RV shipments of 2021 increased up to 39.5% over the RV units shipped in 2020.
Notable Industry Development:
- May 2022: Emplifi, a leading unified customer experience (CX) platform, announced that it has joined forces with Pleasure-Way Industries Ltd, a Canadian Recreational Vehicle (RV) manufacturer, to provide an immersive shopping experience to boost sales. Through this partnership, Pleasure-Way customers had the ability to tour vehicles via livestream video and can even connect with product experts, from the comfort of their own home via the Pleasure-Way Go Live Showroom.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights – Impact of COVID-19 Pandemic on Global Recreational Vehicle Market
- Global Recreational Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Type
- Class A
- Class B
- Class C
- Towable
- Market Analysis, Insights and Forecast – By Propulsion Type
- Motorized
- Non-motorized
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Recreational Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Class A
- Class B
- Class C
- Towable
- Market Analysis, Insights and Forecast – By Propulsion Type
- Motorized
- Non-motorized
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Propulsion Type
- Canada
- Market Analysis, Insights and Forecast – By Propulsion Type
- Mexico
- Market Analysis, Insights and Forecast – By Propulsion Type
- Market Analysis, Insights and Forecast – By Type
- Europe Recreational Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Class A
- Class B
- Class C
- Towable
- Market Analysis, Insights and Forecast – By Propulsion Type
- Motorized
- Non-motorized
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Market Analysis, Insights and Forecast – By Country
- Germany
- Market Analysis, Insights and Forecast – By Propulsion Type
- France
- Market Analysis, Insights and Forecast – By Propulsion Type
- U.K.
- Market Analysis, Insights and Forecast – By Propulsion Type
- Rest of the Europe
- Market Analysis, Insights and Forecast – By Propulsion Type
- Market Analysis, Insights and Forecast – By Type
- Asia Pacific Recreational Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Class A
- Class B
- Class C
- Towable
- Market Analysis, Insights and Forecast – By Propulsion Type
- Motorized
- Non-motorized
- Market Analysis, Insights and Forecast – By Application
- Commercial Use
- Personal Use
- Market Analysis, Insights and Forecast – By Country
- Australia
- Market Analysis, Insights and Forecast – By Propulsion Type
- China
- Market Analysis, Insights and Forecast – By Propulsion Type
- India
- Market Analysis, Insights and Forecast – By Propulsion Type
- Japan
- Market Analysis, Insights and Forecast – By Propulsion Type
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast – By Propulsion Type
- Market Analysis, Insights and Forecast – By Type
Continued…
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