PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1440266
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1440266
The Caravan and Motorhome Market size is estimated at USD 61 billion in 2024, and is expected to reach USD 88.23 billion by 2029, growing at a CAGR of 7.66% during the forecast period (2024-2029).
The COVID-19 outbreak increased the demand for recreational vehicles. Furthermore, with the lockdown measures lifted across the world, people are willing to go camping for recreation. Several RV sellers and rental companies noticed this trend and are focusing on developing new products. For instance,
Customers are buying recreational vehicles due to the increase in travel activities and cost savings over other modes of transportation. The ability of an RV to be easily customized is also propelling RV technological trends at a breakneck speed. The smart home system in RVs is an important factor in the customers' choice. Companies are also developing new products in response to the increased travel and campaign activities. For instance,
Motorhomes are becoming increasingly popular around the globe, particularly in Europe. The rising number of high-net-worth individuals (HNWI), combined with the availability of ample RV parking, is driving its adoption in North America and Europe.
Camping and travel are becoming increasingly popular recreational activities among millennials. Type C motorhomes outperform type A and B motorhomes in terms of fuel efficiency. Many recreational vehicle manufacturers are introducing type C vehicles based on Ford and Mercedes-Benz chassis. For instance,
With the growing demand for small van (type B) motorhomes, especially in the German market, many new companies and start-ups are offering services to convert stock OEM vehicles and existing vans into campervans. For weekend getaways, many customers prefer this conversion. Despite challenging supply chain issues and trading conditions,
Electric motorhomes are making their entry into the market. For instance, in January 2022, THOR Industries (THO), the world's largest RV manufacturer, proclaimed "Welcome to the Future" as it unveiled its eMobility strategy around the electrification of the RV industry. At the show, THOR displayed two electric RV concepts, a motorhome, and a travel trailer.
Such developments across type A, B, and C motorhomes are expected to contribute to the overall growth of the market over the coming years.
Due to the growing recreational activities in the United States and Canada, North America is expected to hold a significant share of the market. The presence of key RV manufacturers may aid the market's growth over the coming years. Approximately 85% of recreational vehicles sold in the United States are manufactured in the United States. The increasing numbers reflect the increasing demand.
However, the industry was impacted by the US steel and aluminum tariffs and other duties on a slew of Chinese-made RV parts ranging from plumbing fixtures to electronic components to vinyl seat covers. Tariff-related price increases forced manufacturers to pass on some of the increased costs to consumers in the form of higher RV prices, resulting in slower sales.
The appeal of motorhomes in the United States and Canada stems primarily from their lower production, living costs, and their mobility. Given the increase in demand, major market players are launching products with cutting-edge technology in order to capture the expanding market. For instance,
Due to the increasing demand, several big companies in the region are adding the latest products and entering strategic mergers and acquisitions to expand their product portfolios. For instance,
Due to such trends and developments, the market may register high growth over the coming years.
The caravan and motorhomes market is intensely consolidated, with several manufacturers offering products with advanced features. Companies are increasing their market share through strategies such as mergers and acquisitions, partnerships, and collaborations. For instance,