Recreational Vehicle Market By Type (Towable RVs, Motorized RVs), By Application (Residential, Commercial), and By Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global Forecast 2022 to 2031

There are several factors driving the growth of the recreational vehicle market. The most significant factor is the increasing popularity of camping and other outdoor activities. This has led to a corresponding increase in demand for recreational vehicles, as they provide a convenient and comfortable way to enjoy these activities.

As the world progresses, people are moving away from the traditional mode of living and are opting for a more mobile lifestyle. This has resulted in the increased demand for recreational vehicles (RVs) globally. Recreational vehicles are available in two types: towable RVs and motorized RVs. Towable RVs are further segmented into travel retail, fifth wheels, and folding camping trailers. Motorized RVs are classified into type A, type B, and type C motorhomes. The increasing number of nuclear families and the rising disposable incomes are the key factors driving the growth of the RV market.

There are numerous advantages to the Recreational Vehicle Market. Some of these benefits are:

* RVs offer a great way to travel and see different parts of the country or world.

* They provide an opportunity to spend time with family and friends while enjoying the outdoors.

* RVs can be a more economical option than traditional vacation methods such as hotels or airfare.

* RVing is a great way to meet new people and make new friends.

A recreational vehicle (RV) is a vehicle with basic sleeping and cooking accommodations, typically used for short-term or vacation travel. RVs can be either motorized or towable, and come in a wide variety of sizes and types to suit different budgets and needs.

The global recreational vehicle market is expected to grow from USD 55.90 Billion in 2020 to USD 87.89 Billion by 2031, at a CAGR of 6.7% during the forecast period 2021-2031.

The growth of the market is attributed to the factors such as rise in disposable incomes, growing agritourism industry, and increased interest in outdoor jacket activities.

Some of the key players operating in the global recreational vehicle market are Thor Industries Inc., Forest River Inc., Winnebago Industries Inc., REV Group Inc., Tiffin Motorhomes Inc., Newmar Corporation, Heartland RV LLC, Jayco Inc., EHGNA (Erwin Hymer Group), Dometic Group AB (Cramer Products), among others.

1. High Cost of Recreational Vehicles: The cost of recreational vehicles is one of the biggest restraining factors in the market. RVs can cost anywhere from $10,000 to $100,000 or more, which makes them unaffordable for many people.

2. Lack of Infrastructure: There is a lack of infrastructure in many countries around the world, which makes it difficult to use RVs. RV parks and campgrounds are not always available, and public roads are not always equipped to handle RVs.

3. Limited Usefulness: For many people, RVs are only useful for vacations or short trips. They cannot be used as a primary residence due to their size and lack of amenities. This limits the potential customer base for RV manufacturers.
Some of the key players operating in the global recreational vehicle market are Thor Industries Inc., Forest River Inc., Winnebago Industries Inc., REV Group Inc., Tiffin Motorhomes Inc., Newmar Corporation, Heartland RV LLC, Jayco Inc., EHGNA (Erwin Hymer Group), Dometic Group AB (Cramer Products), among others.

Segment Analysis

The residential application segment to form major portion of the market

The residential application segment is expected to grow at a faster pace during the forecast period due to the increase in demand for vacation homes and second homes. The commercial application segment is also expected to grow at a significant rate owing to the rise in camping and road trip activities.

The towable RVs Segment to be on top of the market

The towable RVs segment is anticipated to grow at the highest CAGR during the forecast period owing to their low cost and easy maneuverability. The motorized RVs segment is also expected to witness significant growth due to the increasing number of luxury RV resorts and campsites across the globe.

North America to dominate the market

There are a number of reasons to think that the recreational vehicle market will grow in the North American region during the forecast period. For one, this is the largest market for recreational vehicles in the world, and it is expected to continue to grow at a healthy rate. Additionally, North America is home to some of the most popular tourist destinations in the world, which are likely to see an increase in visitors thanks to the growing popularity of recreational vehicles.

Covid-19 Impact & Market Status

The outbreak of the COVID-19 pandemic has caused a slowdown in the recreational vehicle market as people have become more cautious about traveling. However, the market is expected to rebound in the coming months as restrictions are lifted and people begin to travel again.

Latest Innovations in the Global Recreational Vehicle Market: A Snapshot

1. A growing trend of consumers opting for smaller, more fuel-efficient RVs. This is in line with the general trend of consumers downsizing their homes and possessions in recent years.

2. An increase in the number of women RV owners. This is a relatively new phenomenon but one that is growing rapidly as more and more women are embracing the RV lifestyle.

3. The rise of luxury RVs. As the economy continues to rebound, there is an increasing demand for high-end RVs with all the bells and whistles.

4. A boom in the used RV market. As baby boomers retire, they are increasingly turning to RVs as a way to travel and see the country. This has created a thriving market for used RVs.
 

Recreational Vehicle Market Scope

Key Segment of Global Recreational Vehicle Market 

By Type Overview 2021-2031, (USD Billion) 
    • Towable RVs 
    • Motorized RVs) 

By Application Overview 2021-2031, (USD Billion) 
    • Industrial 
    • Commercial 

By Region Overview 2021-2031, (USD Billion) 

North America 
    • USA 
    • Canada 

Asia Pacific 
    • China 
    • India 
    • Japan 
    • Rest of Asia Pacific 

South America 
    • Mexico 
    • Brazil 
    • Rest of North America 

Europe 
    • Germany 
    • France 
    • UK 
    • Rest of Europe 

Middle East and Africa