Recreational Vehicle Market size is expected to reach USD 80 Billion by the end of 2035, witnessing around 4% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of recreational vehicle was USD 60 Billion. The growth of the market can be attributed to the rising sales of RVs all across the world. Owing to the multi-purpose application of recreational vehicles, their sales are soaring. Camping vehicle sales in Japan as a whole were estimated to be worth USD 470 million in 2021. Furthermore, around 600,000 recreational vehicles were shipped worldwide in 2021. It was a remarkable increase of around 362% from 2009.
In addition to these, factors that are believed to fuel the market growth of recreational vehicles include the rising use of RVs for camping and off-road traveling. RVs are convenient to set up during the dark part of the day, as it requires less packaging for the trip. Moreover, RVs are much more comfortable to sleep in than a ten or a packed car. The Great Smoky Mountains National Park, ranks as the most popular national park destination for RV users. Furthermore, more than 1 million RVs spent the night at National Park Service campgrounds in total in 2020.
Growth Drivers
Growing Sales of Recreational Vehicles-Rising demand for RVs is expected to boost the market growth. In 2021, the total RV shipments were around 576,000 units. This sum represented a nearly 34% increase over the 430,000-unit total at the end of 2020.
Higher Number of People Renting RVs-With the convenience of having a rental facility, people can rent an RV any time for their trips. Around 74% of people bought an RV in North America. However, around 62% prefer renting an RV. In 2020, nearly 8% of people rent it from a private owner, which is about 6% higher than in 2019.
Increasing Benefits of Electric RV-Rising technological advancement is likely to enable users to have more facilities in their RV, and E-RVs are expected to be cheaper than gas or diesel ones. For instance, the Ford transit-based Winnebago’s e-RV, which provides a 125-mile range, and an 86-kwh battery pack and claims to satisfy nearly 54% of RV buyers. On the other hand, Thor Industries added up to 300 miles of range by combining a battery pack, a hydrogen fuel cell, and a solar roof.
Growing Trend of Camping and Outdoor Picnics-RVs are a cost-effective medium for taking a trip, as they are comfortable, spacious, and easy to set up. Around 4 million families went camping for the first time in 2018. These campers had a non-white demographic making up nearly 51%. In addition, 1 million families enjoy camping in Canada.
Rising Popularity of Food Trucks-Old RVs can be re-used as food trucks, which saves lots of money for the owner, and prevents an RV from being discarded. In the United States, there are nearly 36,324 food truck enterprises.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 60 Billion |
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Forecast Year Market Size (2035) |
~ USD 80 Billion |
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Regional Scope |
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Fuel (Diesel, Gas)
The global recreational vehicle market is segmented and analyzed for demand and supply by fuel into diesel, and gas. Out of the two fuel-running recreational vehicles, the diesel segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the better efficiency of diesel-based recreational vehicles. The torque of a diesel engine is higher. It maintains your vehicle's speed during a climb and climbs hills better, as camping is frequently done in RVs. Compared to its gas equivalent, it accomplishes tasks far better. Moreover, the resale value of diesel RVs is much higher than that of gas RVs. In addition to this, At 150-200k miles, a gas engine truck might need to be replaced. On the other hand, a truck with a well-kept diesel engine is frequently still going strong after 400,000 miles or more.
Vehicles (Motorhomes, Caravans)
The global recreational vehicle market is also segmented and analyzed for demand and supply by vehicles into motorhomes, and caravans. Amongst these two segments, the motorhomes segment is expected to garner a significant share. Motorhomes have a compact size, and they are helpful if users are on a lengthy journey and staying in a variety of locations. With a motorhome, everything is contained in one vehicle, making it simple to move from location to location while bringing everything with it. Over the past year, sales of motorhomes have skyrocketed all around the world, and it is expected to boost the segment’s growth. Moreover, motorhomes are very convenient during travel, a lot of motorhome users have found that they can use it as a home. Moreover, it can be used as a temporary residence while your primary residence is being either renovated or fumigated. In this manner, travel time and accommodation costs can be minimized.
Our in-depth analysis of the global market includes the following segments:
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By Price |
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By Fuel |
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By Vehicles |
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By End Use |
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North American Market Forecast
The North American recreational vehicle market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing popularity of food trucks among the younger age group. Around 43% of food truck spending is made up of adults 25 to 44 years old. Moreover, in 2018, the U.S. food truck business expanded at a 9.9% average yearly rate. Besides this, market growth in the region is expected on the account of the rising interest of people in camping and the rising use of RVs. In the United States, there are 77 million families with campers. Moreover, in 2018, around 28 million Americans went camping. In addition to this, in the same year, there was a nearly 64% rise in the number of Americans who went camping. Furthermore, around 40 million people travelled in RVs in the past two years.
APAC Market Statistics
The Asia Pacific recreational vehicle market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. Food trucks have gained huge popularity in the region, it takes a low investment to open a new business of food trucks in the region, and many families are dependent on it for their source of income. In China, food trucks may be started for less than USD 500, yet they are the main source of income for millions of households. Moreover, food trucks are a common appearance during gatherings and college festivals. A food truck can easily make USD 400-500 in India. Owners of food trucks frequently decide to set up shop on such occasions where there are a large number of attendees. A food truck may easily earn around USD 35000 in a month, and the revenue may increase by another USD 3000 if they incorporate events such as college festivals.
Europe Market Forecast
Further, the Europe recreational vehicle market, amongst the market in all the other regions, is projected to witness growth by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for and sales of recreational vehicles. In the unusual COVID-19 the year 2020, Europeans' interest in travelling by caravan persisted. According to the European Caravan Federation, the number of new recreational vehicle registrations in Europe in 2020 was around 235,000, which ranks second best in history only behind 1980.
Grand Design RV
Company Overview
Thor Industries, Inc. announced the partnership with Harbinger Motor, Inc., the leading manufacturer of commercial electric vehicles. Through this collaboration, Thor aims to innovate the RV by incorporating the EV technology of Harbinger Motor.
Winnebago Industries debuted a fully functional prototype of their all-electric, zero-emission RV at Florida RV SuperShow in Tampa, Florida.
Author Credits: Harshita Srivastava, Saima Khursheed
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