The North American recreational vehicle (RV) market is expected to reach $ 26.19 billion by the end of 2024, with a compound annual growth rate (CAGR) of over 7%.
According to Persistence Market Research, the growing consumer interest in outdoor entertainment and adventure travel is driving the market growth, along with recent style and design innovations.
The development of outdoor recreational infrastructure and the preference for sustainable tourism against mass tourism also create revenue generation channels for RV manufacturers.
Baby Boomers have traditionally been the largest consumer cluster for recreational vehicles, but several manufacturers are now targeting younger consumers through new, cost-effective product launches based on advanced technology.
The U.S.-based manufacturers are expected to encounter attractive opportunities in developing Asian countries, including Japan, China, and South Korea, for network expansion.
Despite large motorhomes, especially those equipped with solar and wireless technologies, experiencing higher traction, travel trailers, and campers will remain dominant throughout the forecast period. The travel trailers and campers segment currently holds a dominant share of nearly 61%, followed by the motorhomes segment with around 37% share of the entire market revenues. Over the forecast period, the travel trailers and campers segment will reach$ 14.59 B gaining about 570 BPS.
The RV market in North America is classified by exterior construction materials such as wood, aluminum, fiberglass, steel, and others. The aluminum segment, with roughly 40% value share, currently leads the market, followed by fiberglass. The latter will demonstrate the highest growth at a CAGR of over 9%, gaining around 320 BPS over the next eight years due to surging demand for eco-friendly, lightweight vehicles.
Some of the dominant players in the North American recreational vehicle market include Thor Industries, Inc., Forest River, Inc., Winnebago Industries, Inc., Tiffin Motorhomes, Inc., REV Group, Inc., Triple E Recreational Vehicle, and Winnebago Industries, Inc. These vendors are strengthening their market positions through new product launches, while others focus on strategic acquisitions.
Overall, the research highlights that the North American recreational vehicle market is expected to continue its growth trajectory in the coming years, with increasing interest from younger consumers, new and innovative RV products, and investments in specialized recreational infrastructure.