North America RV Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 19.83 Billion |
| Market Size (2029) | USD 29.11 Billion |
| CAGR (2024 - 2029) | 7.99 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America RV Market Analysis
The North America Recreational Vehicle Market size is estimated at USD 19.83 billion in 2024, and is expected to reach USD 29.11 billion by 2029, growing at a CAGR of 7.99% during the forecast period (2024-2029).
The North American RV (recreational vehicle) market is a dynamic and flourishing industry, driven by various factors, such as the rising disposable income among consumers, enabling them to invest in leisure activities such as travel and outdoor adventures. There is a growing preference for outdoor recreation and camping, especially among millennials and families, fostering increased demand for RVs as a means to explore nature and enjoy the freedom of the open road.
However, the market also faces certain restraints, including the high initial cost of purchasing an RV, which may deter price-sensitive consumers. Fluctuating fuel prices also impact the affordability of RV travel, influencing consumer decisions regarding leisure activities. Moreover, regulatory challenges such as licensing requirements and zoning restrictions can pose barriers to entry and operation in certain regions, potentially limiting the market’s growth.
Despite these challenges, the North American RV market presents numerous opportunities for growth and innovation. The rise of the sharing economy has led to the emergence of peer-to-peer RV rental platforms and shared ownership models, providing consumers with more flexible and affordable options for experiencing RV travel. Furthermore, expanding into new markets, such as younger demographics, urban dwellers, and international markets, can diversify the customer base and stimulate market expansion.
Major players such as Thor Industries, Forest River Inc., Winnebago Industries, and REV Group dominate the North American RV market. These companies compete on various factors such as product innovation, brand reputation, pricing, and distribution networks to maintain market share and gain a competitive edge. Smaller players and niche manufacturers contribute to market diversity by offering specialized RVs tailored to specific customer preferences and needs, further enriching the overall market landscape.
North America RV Market Trends
Motorized RVs are the Largest Segment by Type
With travel and tourism gaining popularity worldwide, people are seeking unique and adventurous experiences. The desire for experiential and immersive travel experiences has contributed to the increased demand for motorized RVs. The shortage of available campgrounds in many countries has also contributed to the demand for motorized RVs.
Furthermore, motorhomes are witnessing a significant growth in demand across North American countries like the United States and Canada. The increasing number of HNWIs and the availability of widespread parking areas for RVs are driving their adoption in North America.
The demand for recreational vehicles has boomed after the COVID-19 pandemic, as most people started planning their holidays while avoiding public transportation due to safety precautions. Several recreational vehicle companies across North America witnessed significant booking growth during the COVID-19 pandemic.
Over the past few years, the demand for Class B and Class C motorhomes has also increased due to their advantages. The population of the United States participating in camping has seen an upward trajectory over the last few years.
- In 2023, the number of users opting for camping in the United States stood at over 57 million compared to the figure of around 55 million in 2022.
- In 2023, The US wholesale shipments of motorhomes from manufacturers to dealers amounted to approximately 45.9 thousand.
All these factors combined are expected to boost the demand for motorized RVs during the forecast period in the region.
United States Expected to Dominate the Market
The increase in campgrounds in the country illustrates the increasing preference for recreational travel with motorhomes. The United States has more than 230 chain outlets and local motorhome dealers are trading motorhomes to meet the increasing demand for them. These dealers provide a range of state-of-the-art motorhomes and the latest-model-year second-hand motorhome units preferred by most fleet operators. To compete in the growing electrical vehicle era, most of the RV manufacturing companies are manufacturing electric recreational vehicles to stay ahead in the market.
- For instance, in March 2023, Harbinger, a Southern California-based automotive manufacturer, delivered a purpose-built medium-duty EV chassis to THOR Industries. THOR plans to upgrade the chassis into an electrified class A RV at its THOR US Innovation Lab in Elkhart, Indiana.
The quick and steady recovery of the United States from the COVID-19 pandemic and the availability of a healthier financing environment drove the motorhome market in the United States. Currently, the country forms the largest market for RVs globally.
Motorhomes are widely used in the country for travels during vacations and for tailgating, traveling with pets, and business. They are also a preferred mode of transportation in outdoor sports and other leisure activities.
These vehicles provide campers with comfortable sleeping quarters and all the necessities, along with some luxurious features, such as a refrigerator, hot water, air conditioning, and heating. However, they miss out on some features, such as a full-sized entertainment system and laundry facilities, owing to their small size.
The factors mentioned above are expected to contribute to the market's overall development during the forecast period.
North America RV Industry Overview
The major players in the North American RV market are Thor Industries Inc., Forest River Inc., Winnebago Industries, and REV Group. The recreational vehicle market is highly competitive amongst the dominant players. The companies are continually competing with each other and are opting for strategies, like acquisitions and heavy investment in R&D projects, while offering more luxurious services in the vehicle.
- April 2023: First Hydrogen introduced a novel zero-emission recreational vehicle (RV), utilizing fuel cell technology in collaboration with the EDAG Group. This partnership seeks to apply fuel cell electric technology to larger vehicles, showcasing the advantage of handling higher payloads and achieving longer ranges compared to battery electric vehicles (BEVs) for RVs. Their inaugural van is designed to cover distances ranging from 249 to 373 miles (400 to 600 kilometers) on a single five-minute refueling, with the expected range for the Gen 2 vehicle yet to be disclosed.
- January 2023: Winnebago Industries debuted its inaugural fully electric RV, the "eRV2," at the Florida RV SuperShow in Tampa. This emission-free model operates all systems, both house and powertrain, on electricity, supporting up to seven days of "boondocking" solely on batteries.
North America RV Market Leaders
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Thor Industries
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Forest River Inc.
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Winnebago Industries, Inc.
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REV Group
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Triple E Recreational Vehicles
*Disclaimer: Major Players sorted in no particular order
North America RV Market News
- January 2024: Lightship, an RV manufacturing company, initiated manufacturing electric RV models. The company received USD 34 million in financing and has leased a 32,000 sq. ft. manufacturing facility in Colorado, United States.
- November 2023: Thor Industries showcased its innovative electric RV charging concept for its consumers, and the company showcased 3D-renewed designs to cater to small EVs, large trailers, and electric class A-type recreational vehicles.
- October 2023: Grounded, an electric RV manufacturer, announced the launch of its EV model G2, which features a total range of 250 miles on a single full charge and is equipped with solar technology for battery charging and energy storage. The motorhome harbors a 165 kWh battery powering the motor with an auxiliary battery of 10 kWh to power the secondary vehicle functions such as interior, HVAC, and other operations.
- August 2023: Winnebago launched its first all-electric recreational vehicle prototype - Winnebago eRV2, for North America, using Ricardo's expertise. Ricardo is a global strategic, environmental, and engineering consulting company.
North America RV Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Increased Travel and Tourism to Fuel Market Demand
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4.2 Market Restraints
- 4.2.1 Recreational Vehicle Rental to Affect the Market Over the Long Term
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Value in USD)
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5.1 By Type
- 5.1.1 Towable RVs
- 5.1.1.1 Travel Trailers
- 5.1.1.2 Fifth Wheel Trailers
- 5.1.1.3 Folding Camp Trailers
- 5.1.1.4 Truck Campers
- 5.1.2 Motorhomes
- 5.1.2.1 Type A
- 5.1.2.2 Type B
- 5.1.2.3 Type C
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5.2 By Application
- 5.2.1 Private
- 5.2.2 Commercial
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5.3 By Country
- 5.3.1 United States
- 5.3.2 Canada
- 5.3.3 Rest of North America
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share**
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6.2 Company Profiles*
- 6.2.1 Thor Industries Inc.
- 6.2.2 Winnebago Industries Inc.
- 6.2.3 Forest River Inc.
- 6.2.4 REV Group
- 6.2.5 NeXus RV
- 6.2.6 Triple E Recreational Vehicles
- 6.2.7 Tiffin Motorhomes Inc.
- 6.2.8 Entegra Coach Inc.
- 6.2.9 Cruiser RV
7. MARKET OPPORTUNITIES
- 7.1 Autonomous RV to Rebuild the Caravanning Experience
North America RV Industry Segmentation
A recreational vehicle is a motorized (driveable) or non-motorized (towable) vehicle that includes living quarters. They are used for camping, traveling, and other recreational activities. The two main categories of RVs are motorhomes (motorized) and towable (towed behind family cars, vans, or pickups).
The North American RV market has been segmented by type, application, and country. By type, the market is segmented into towable RVs and motorhomes. Towable RVs are further segmented into travel trailers, fifth-wheel trailers, folding camp trailers, and truck campers. Motorhomes are further segmented into type A, type B, and type C. By application, the market is segmented into private and commercial. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecast have been done based on value (USD).
| By Type | Towable RVs | Travel Trailers |
| Fifth Wheel Trailers | ||
| Folding Camp Trailers | ||
| Truck Campers | ||
| By Type | Motorhomes | Type A |
| Type B | ||
| Type C | ||
| By Application | Private | |
| Commercial | ||
| By Country | United States | |
| Canada | ||
| Rest of North America |
North America RV Market Research FAQs
How big is the North America Recreational Vehicle Market?
The North America Recreational Vehicle Market size is expected to reach USD 19.83 billion in 2024 and grow at a CAGR of 7.99% to reach USD 29.11 billion by 2029.
What is the current North America Recreational Vehicle Market size?
In 2024, the North America Recreational Vehicle Market size is expected to reach USD 19.83 billion.
Who are the key players in North America Recreational Vehicle Market?
Thor Industries, Forest River Inc., Winnebago Industries, Inc., REV Group and Triple E Recreational Vehicles are the major companies operating in the North America Recreational Vehicle Market.
What years does this North America Recreational Vehicle Market cover, and what was the market size in 2023?
In 2023, the North America Recreational Vehicle Market size was estimated at USD 18.25 billion. The report covers the North America Recreational Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Recreational Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America RV Industry Report
The North American recreational vehicle (RV) market is experiencing significant growth and transformation. This industry analysis provides a comprehensive overview of market trends, industry statistics, and market research, highlighting key segments such as towable RVs and motorhomes. The report also delves into the market size and market trends, offering a detailed industry forecast and industry growth outlook.
The industry report covers both domestic and commercial applications, with a focus on the United States, Canada, and the rest of North America. It includes valuable industry data and market data, essential for understanding the market forecast and market growth. The report example and report pdf offer a clear market overview and market segmentation, helping stakeholders to grasp the market value and market outlook.
In addition to examining the market leaders and market predictions, the report provides insights into industry sales, industry size, and industry trends. The market review includes a thorough analysis of market value and market segmentation, supported by industry research and industry information. The intelligence report and research companies contribute to a deeper understanding of the market dynamics.
Overall, this industry report is an indispensable resource for anyone looking to stay informed about the North American RV market. It combines market data, market forecast, and market growth insights, ensuring a well-rounded perspective on the industry's future.
