Global Recreational Vehicles Market 2023-2030

Global Recreational Vehicles Market 2023-2030

Global Recreational vehicles Market Size, Share & Trends Analysis Report by Type (Motorhomes (class a, b and c) and Towable RVs (Fifth Wheel, Travel Trailer and Camping Trailer)), and by Application (Personal and Commercial), Forecast Period (2023-2030)

The global recreational vehicles market is anticipated to grow at a CAGR of 9.2% during the forecast period (2023-2030). A recreational vehicle (RV) is a motor vehicle or trailer that is designed for recreational use. RVs typically have living quarters, such as a kitchen, bathroom, and sleeping area. They can be used for camping, fishing, road trips, and other outdoor activities. For instance, in March 2023, Grounded, an electric RV startup, today announced its launch of the world’s first fully customizable smart electric RV. The Grounded G1 is a state-of-the-art RV that sets a new standard for sustainable travel with class-leading layout customization, solar power, and zero-emissions.

Segmental Outlook

The global recreational vehicles market is segmented on the type, and application. Based on the type, the market is sub-segmented into motorhomes (class a, b and c) and towable (fifth wheel, travel trailer and camping trailer). Based on the application, the market is sub-segmented into Personal and Commercial. Among the application, the commercial sub-segment is anticipated to hold a considerable share of the market, owing to the expansion of RV rental services is making it easier for people to try out motorhoming without having to purchase a motorhome. This is helping to introduce motorhoming to a new generation of consumers and is driving demand for motorhome sales.

The Motorhomes Sub-Segment is Anticipated to Hold a Considerable Share of the Global Recreational vehicles Market

Among the type, the motorhomes sub-segment is expected to hold a considerable share of the global recreational vehicles market. It is self-propelled RVs that come in a variety of sizes. They typically have the most amenities, such as a full kitchen, bathroom, and living area. This segmental growth is attributed to several factor such as, the growing popularity of workcations, where people combine work and travel, is driving the demand for motorhomes. Motorhomes provide a comfortable and convenient way to work remotely while also enjoying the outdoors and it provide a comfortable and convenient way to enjoy the outdoors, making it an attractive option for families and individuals. Hence, companies are working on development of better technology and adopting various strategic initiatives such as partnership, product launch and acquisition to stay competitive in the market. For instance, In October 2022, Cerence Inc. announced a new partnership with WFCO Electronics to create a first-of-its kind digital cabin experience for recreational vehicles (RVs) as Cerence expands beyond the car to deliver AI solutions for all types of mobility. With 40 years of experience, WFCO is the industry leader in providing innovative, high-quality power products for RVs.

Regional Outlook

The global recreational vehicles market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to hold a prominent share of the market across the globe, owing to increasing expansion of RV rental services and growing demand for luxury RVs. Hence the market players are focusing various strategic initiatives in the region. For instance, in April 2023, Vancouver, Columbia releases its vision for a zero emission Recreational Vehicle (RV) as it explores the applications for alternative fuels across different vehicle classes. Designed to have spacious living quarters, a large front windshield and good ground clearance, the campervan concept prioritizes driver comfort and experience. The RV concept illustrates how First Hydrogen is exploring how fuel cell electric technology could be applied to larger vehicles.

The North America Region is Expected to Grow at a Significant CAGR in the Global Recreational vehicles Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to several factors such as, RV campground availability, rising popularity of outdoor activities and tourism, and increasing disposable income. The market players are continuously working on new development such as, products launch and partnership to stay competitive in the market. For instance, In October 2023, W Motorhome, Inc., announces its Reg CF equity crowdfunding on StartEngine, which is the largest equity crowdfunding platform in the US. The distribution company is pre-revenue, but has already received over 10,000 inquiries and pre-sold over 200 motorhomes which will generate over $30 million in revenue when delivered.

In May 2023, Winnebago, announced a partnership to leverage EcoFlow's solutions in Winnebago-branded recreational vehicles to deliver seamless access to power wherever their customers’ adventures take them. EcoFlow’s innovative suite of sustainable and dependable power solutions are reinventing the way the world accesses energy. As demand for work-and-play-from-anywhere and energy independence continues to rise, EcoFlow’s power solutions and Winnebago’s industry-leading recreational vehicles (RVs) will unlock new ways of living from the beach to the mountains and everywhere in between.

Market Players Outlook

The major companies serving the recreational vehicles market include Northwood Manufacturing, Oliver Travel Trailers, REV Recreation Group, Swift Group Limited, Thor Industries Inc., Tiffin Motorhomes, Trigona SA, Winnebago Industries Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2023, RVshare and Grounded Partner to Launch Nations First Electric RV Rental Program in Detroit. a new partnership with electric RV startup, to bring a pioneering Electric Recreational Vehicle rental program to the Detroit market. These rentals are available exclusively on RVshare, making Grounded RVs the first electric vehicle fleet on the platform. This program, which is also supported by the Michigan Office for Future Mobility and Electrification (OFME), will provide sustainable travel options for travelers in a historically underserved city via a fleet of E-RVs available for daily hire.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global recreational vehicles market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.