Recreational Vehicle Market Updates by 2031
The recreational vehicle market size is projected to reach US$ 82.70 billion by 2031 from US$ 57.72 billion in 2023. The recreational vehicle market is projected to grow at a CAGR of 4.6% during 2023–2031. The rising demand for sustainable travel options and regulations towards environmental pollution from the transportation industry are likely to remain key trends in the market.
Recreational Vehicle Market Analysis
An increase in recreational and leisure activities, a rise in recreational rental services, and electrification of recreational vehicles are expected to fuel the recreational vehicles market during the analyzed timeframe. In addition, changing consumer behavior towards the adoption of recreational vehicles among young people group is projected to drive the demand for recreational vehicles which in turn is anticipated to propel the market growth during the forecast period. Moreover, the growth of the tourism industry, along with the rise in adventure activities across the globe, is further projected to create opportunities for the key players operating in the market from 2023 to 2031.
Recreational Vehicle Market Overview
The rise in the adoption of recreational vehicles in family vacations minimized the expenses associated with accommodation from hotels, restaurants, and others and is expected to fuel the market growth in the coming years. According to the RV Industry Association (RVIA), in 2022, the shipments for recreational vehicles valued at 493,268, in which motorhomes registered an increase in shipments by 3.9% as compared to 2021. This is owing to the increase in demand for recreational vehicles for comfortable travel, adventures, family trips, and others in North America, Europe, and Asia Pacific region. Moreover, the move towards the adoption of alternative fuels, along with the rise in funding towards electric charging infrastructure and government initiatives towards reducing carbon emissions, is projected to boost the market growth from 2023 to 2031.
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Recreational Vehicle Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Recreational Vehicle Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Recreational Vehicle Market Drivers and Opportunities
Rising Demand for Recreational Vehicles from Younger Population to Favor Market
The rise in demand for recreational vehicles for travel, adventure, camping, temporary housing, and other applications is anticipated to drive the recreational vehicle market during the analyzed timeframe. Increasing use of recreational vehicles for comfortable travel during trips, adventures, and other activities among younger passenger groups or young population is further driving the recreational vehicles market growth in the coming years. As per the Recreational Vehicle Industry Association (RVIA), currently young population with the age below 34 years makes up nearly 25% of the current recreational vehicles in the world. Hence, an increase in interest in recreational vehicles among young generations is anticipated to boost the recreational vehicle market growth from 2023 to 2031.
Raising Efforts towards Development of Electric Recreational Vehicles
An increase in the popularity of electric vehicles and a rise in awareness & environmental regulations towards reducing carbon emissions is anticipated to create the opportunity for the players operating in the recreational vehicle market during the forecast period. As automakers continue to produce more electric vehicles, zero-emission RVing could soon be on the horizon. Especially as the production of electric trucks and vans increases, the chassis designed for this purpose can become the frame for motorhomes and recreational vehicles. In fact, RV manufacturers Winnebago Industries and THOR Industries announced major EV initiatives earlier this year, with all-electric products currently in testing.
Recreational Vehicle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the recreational vehicle market analysis are vehicle type and application.
- Based on vehicle type, the recreational vehicle market is divided into motorhomes and towable RVs. The towable RV segment held a larger market share in 2023.
- By application, the market is classified into personal and commercial. The personal segment held the larger share in the market in 2023.
Recreational Vehicle Market Share Analysis by Geography
The geographic scope of the recreational vehicle market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America is leading the recreational vehicle market. The US is one of the prominent countries in the recreational vehicle market in North America. Across the US, RV travel remains a popular option for people and families looking for fun and safe outdoor experiences. According to the RV Industry Association, RV shipments to dealers increased 15.5% in March 2022 compared to March 2021. However, with the rising popularity of electric vehicles (EVs), more and more people are thinking about how to make their RV experiences more sustainable and environmentally friendly.
Recreational Vehicle Market Report Scope
Recreational Vehicle Market News and Recent Developments
The recreational vehicle market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the recreational vehicle market are listed below:
- Erwin Hymer Group partnered with Ford-Werke GmbH. This partnership aimed at product development in meeting consumer needs in the leisure and recreational vehicle market (Source: Erwin Hymer Group, Press Release, January 2022)
- Hon Hai Technology Group (Foxconn) launched three electric vehicles: named model C recreational vehicle, model E sedan, and model T electric bus. This has enhanced the product portfolio of the company and hence strengthened its position in the market. (Source: Hon Hai Technology Group, Press Release, October 2021)
Recreational Vehicle Market Report Coverage and Deliverables
The “Recreational Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Recreational vehicle market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Recreational vehicle market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Recreational vehicle market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the recreational vehicle market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
4.6% is the expected CAGR of the recreational vehicle market.
US$ 82.70 billion estimated value of the recreational vehicle market by 2031.
THOR Industries, Forest River, Inc., Winnebago Industries, Inc., Fleetwood Enterprises, Jayco, Inc., Monaco, Trigona SA, Keystone RV Company, Dutchmen, Grand Design RV, Heartland Recreational Vehicles, Highland Ridge RV, The Swift Group, Gulf Stream Coach Inc, Groupe Pilote, REV Group, ALINER, Dethleffs GmbH and Co. KG., Northwood Manufacturing, Hymer GmbH & Co. KG are some of the leading players in the recreational vehicle market.
The shift towards development of innovative design and technologies is the future trend of the recreational vehicle market
North America dominated the recreational vehicle market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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