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North America Recreational Vehicle (RV) Market Forecast 2027 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}]), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: July 2021 | Publisher: Graphical Research Report ID: GR1899 | Delivery : PDF  Request Free Sample

North America Recreational Vehicle Market size surpassed USD 20 billion in 2020 and is expected to witness over 11% CAGR from 2021 to 2027.

The market growth is driven by increasing consumer inclination toward leisure & recreational activities such as camping and hiking. According to the Bureau of Economic Analysis (BEA), the outdoor recreation economy in the U.S. accounted for USD 459.8 billion in 2019, which was 2.1% of the country’s GDP. The rising consumer disposable income and spending capacity are also contributing to tourism activities, propelling the RV market demand.

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The economic activity generated by the recreational vehicle industry is multi-faceted. It includes manufacturing, sales, and servicing of recreational vehicles to storing, using & maintaining these vehicles. Growing demand for recreational vehicles has resulted in increasing shipments through 2021. According to the RV Industry Association, towable RV shipments are estimated to hold a major share in the U.S. market. A surge in the market revenue is attributed to a shift toward outdoor lifestyles and an increase in travel & tourism in North America.

The COVID-19 pandemic negatively impacted the recreational vehicle market in North America during the first half of 2020. A decline in market size can be credited to disruptions in the supply chain, labor shortages, and short-term uncertainties. In the second half of 2020, the market gained momentum due to rising participation in outdoor activities in the U.S. and Canada.

North America Market, By Vehicle

The motorhome recreational vehicle segment is set to register high growth rate through 2027, owing to superior luxury and enhanced floor space offered by motorhome vehicles. These vehicles provide enhanced features and compact foldable furniture that can be used according to the users’ requirements.

 North America Market, By Fuel

The gasoline segment is anticipated to hold a significant RV market share during the forecast period, impelled by its higher Revolution Per Minute (RPM) advantages. Gasoline is majorly used in recreational vehicles in North America as it is more combustible and efficient than diesel, significantly enhancing engine power. Market players are emphasizing on designing RVs that operate at a higher RPM and require smaller engine components & combustion chambers. This will result in higher fuel efficiency.

Competitive Industry Landscape

Prominent players in the North America recreational vehicle market include Forest River, Inc., Cruiser RV, LLC, Skyline Corporation, Grand Design Rv, LLC., GMC Motorhome, DRV Luxury Suites, and Pleasure-Way Industries.

Industry players are emphasizing on the development of new vehicle models to expand their market revenue. For instance, in May 2021, Pleasure-Way Industries launched the new Ontour 2.2 with versatile features. The new Ontour 2.2 is 21′ 10″ in length and is powered by dual 100Ah lithium coach batteries. The vehicle features a large 12V refrigerator, rear power sofa that can be converted into a queen-size bed, dimmable LED lighting, and a 300-Watt solar package.

Frequently Asked Question(FAQ) :

The market size for recreational vehicle in North America hit USD 20 billion mark in 2020 and should expand at an 11% CAGR up to 2027.
The market for motorhome RVs in North America is growing due to improved floor space and superior luxury.
The market for gasoline-based RVs in North America will grow due to advantages such as higher RPM, greater combustibility, and more efficiency than diesel RVs.
Forest River, Inc., Skyline Corporation, DRV Luxury Suites, Pleasure-Way Industries, Cruiser RV, LLC, GMC Motorhome, and Grand Design Rv, LLC., are some of the prominent RV manufacturers in North America.

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