Recreational Vehicle Market Size, By Vehicle (Motorhomes [By Class {Class A, Class B, Class C}, [By Fuel {Gasoline, Diesel}], Towable RVs [By Type {Travel Trailer, Fifth Wheel, Tent Trailer}]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential,

Recreational Vehicle Market Size, By Vehicle (Motorhomes [By Class {Class A, Class B, Class C}, [By Fuel {Gasoline, Diesel}], Towable RVs [By Type {Travel Trailer, Fifth Wheel, Tent Trailer}]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

The recreational vehicle market is slated to see exponential development through 2028 on account of increasing product demand in key regions across the globe. Additionally, growing consumer interest in recreational activities is set to further drive market growth over the forecast timeline.

A recreational vehicle refers to a motorized (drivable) or non-motorized (towable) vehicle that consists of living quarters. They are commonly used for traveling, camping and other recreational activities. Surging consumer need for safe and efficient travel options, coupled with mounting purchasing capacity of buyers, has positively influenced the growth of the recreational vehicle market in recent years.

Recreational vehicles have gained massive popularity in the past decade owing to the several advantages they offer, such as low-cost travel and better flexibility and storage, among others. Moreover, high risk of exposure to the novel coronavirus during the ongoing COVID-19 pandemic and travel restrictions have prompted consumers to look for innovative travel solutions. As a result, prevalent concerns regarding the spread of COVID-19 and pertinent social distancing measures have made these vehicles preferable for safe travel, which has bolstered recreational vehicle industry expansion during the pandemic.

Recently, companies have been adopting profitable strategies, such as product launches, technological innovations, partnerships, and so forth, to gain a competitive edge in the market. For instance, in January 2022, Thor Industries, a key company in the recreational vehicle space and the parent company of the Airstream brand, signed a memorandum of understanding (MOU) with ZF, a Germany-based auto supplier, that was intended to provide Thor companies with exclusive rights to the eTrailer System of ZF in a travel trailer RV. The move was purposed to support the development of a novel kind of camper that could maintain and even extend the nominal range of an electric vehicle (EV) while towing.

For extensive analysis, the recreational vehicle market has been segregated in terms of vehicle and region. Based on vehicle, the market has further been bifurcated into towable RVs and motorhomes. The towable RVs segment has been categorized into three segments on the basis of type into fifth wheel, travel trailer, and tent trailer. The tent trailer segment holds a considerable share in the market and is anticipated to register significant growth at a CAGR of over 4.5% through 2028. Beneficial characteristics of tent trailers, including low initial cost and lightweight, are likely to fuel segmental development in the coming years.

On the regional spectrum, the Middle East & Africa recreational vehicle market accounts for a sizable share of the overall industry revenue and is projected to grow at a steady pace through the forecast period. Rising consumer spending on luxury vehicles is slated to support regional market growth over the following years.