Recreational Vehicle Market to Record 4.03% CAGR During 2023-2030; Growing Number of Active Campers and Rising Trend of Traveling to Aid Market Expansion

The global recreational vehicle market size was valued at USD 47.47 billion in 2022. Fortune Business Insights™ in its report titled “Recreational Vehicle Market Size, Share & COVID-19 Impact Analysis, By Type (Class A, Class B, Class C, and Towable), By Propulsion Type (Motorized and Non-motorized), By Application (Commercial Use and Personal Use), and Regional Forecast, 2023-2030” observes that 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.

Recreational Vehicles are portable units mounted on chassis and wheels. They are used for outdoor activities and temporary residential purposes. Growing recreational activities and rising number of camper sites in major regions will aid market expansion in the forthcoming years.

Winnebago Joins Forces with Paretta Autosport for the 2022 NTT INDYCAR Series Season

In June 2022, Winnebago partnered with Paretta Autosport for the 2022 NTT INDYCAR Series Season. Under this agreement, Winnebago is providing its new flagship Class A Journey motorhome as the headquarters for the Paretta Autosport team for each on-track event throughout the year, and in return, Paretta will help Winnebago to cultivate inclusiveness in the RV category and beyond.

Growing Transportation and Tourism Activities Amid the Pandemic Aided Market Growth

The COVID-19 pandemic had a massive impact on the tourism industry across the world as lockdowns were imposed to curb the spread of the virus. This, in turn, propelled the sales of RVs as they became a good alternative for tourism and other outdoor activities. People still wanted to leave their home to experience other places while maintaining social distancing norms, which further contributed to market expansion. According to this Industry Association's December 2021 survey, total RV shipments for 2021 stood at 600,240 wholesale shipments, exceeding the 2017 total of 504,599 shipments by 19%. Total RV shipments increased up to 39.5% in 2021 over the number of RV units shipped in 2020.

Growing Number of Active Campers and Rising Trend of Traveling to Aid Market Expansion

Recreational vehicles are designed as temporary accommodation and are usually used for season use, camping, recreation, and traveling. The growing trend of traveling or outings in large groups on weekends to get relaxation from daily routine led to the recreational vehicle market growth. In the recent years, this industry has witnessed an upsurge in demand, sales, usage, ownership, and rental. Moreover, during the pandemic, the number of active campers increased as road trips gained popularity, thus augmenting market expansion.

On the other hand, environmental regulations regarding fuel efficiency and efforts to decrease carbon dioxide emissions will hinder market expansion in the coming years.

Strategic Moves by Market Players to Drive Market Growth

Leading players in the global market often partake in tactical moves and decisions to earn higher revenues, larger profits, and expand geographical reach. Such moves include partnerships, mergers and acquisitions, collaborations, and product launches. For instance, in February 2022, Trigano completed the takeover of 70% of voting and capital rights in the French leisure vehicle distribution companies, SLC, CLC, and Loisiréo. The company intends to continue investing in the distribution of leisure vehicles in Europe and to consolidate its service offering for clients.

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Notable Industry Development

• February 2021: GreenPower Motor Company Inc., a leading distributor and manufacturer of zero-emission, electric-powered medium and heavy-duty vehicles, announced that it entered into an exclusive purchase agreement related to Cutaway minibuses and Type B and C Recreational Vehicles with Forest River, Inc. for up to 150 GreenPower EV Star Cab and Chassis.

List of Key Companies Profiled in the Report:

• 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)

Further Report Findings

• Based on type, the towable segment led the market in 2022, owing to high penetration of camper trailers due to its cost-effectiveness and sustainable nature. 
• According to propulsion type, the non-motorized segment held a significant market share in 2022 due to the growing adoption of trailers, camper trailers, and fifth wheelers owing to its low cost and ease of maintenance.
• North America dominated the market in 2022 backed by the high operational rate of trailers and motorhomes in the region. The growing popularity of camper sites and RVs in the region will boost the adoption of these vehicles, thus leading to market augmentation.

Table of Segmentation