NORTH AMERICA RECREATIONAL VEHICLE MARKET ANALYSIS

North America Recreational Vehicle MarketSize and Trends

The North America recreational vehicle market was valued for US$ 18.75 Bn in 2022 is expected to exhibit a CAGR of 8.6% during the forecast period.

Statistics:

The North America recreational vehicle market is expected to witness growth due to increasing interest in outdoor recreational vehicle activities, growing trend of experiential travel, and the desire for flexible and socially distant vacation options, especially during the COVID-19 pandemic. There are several key market players in North America such as Thor Industries, Forest River Inc., Winnebago Industries, and REV Group. These market players are focusing on product launches and development strategies. For instance, in May 2021, Forest River Inc., a manufacturer of recreational vehicles, launched its subsidiary of travel trailers named East To West. The new brand will focus on the best quality, value added products with a limited number of floor plans, one color scheme and an extensive range of standards.

The North America recreational vehicle market was valued at US$ 18.7 Bn in 2022 and is expected to reach US$ 35.78 Bn by 2030, growing at a CAGR of 8.6% between 2023 and 2030.

North America Recreational VehicleMarket Drivers:

• Rising electrification activities: Electrical components are preferred by recreational vehicle OEMs, due to their output efficiency and small weight, making the electrification of these vehicles a fuel-efficient option. Additionally, electrification is the next step, since most of the manufacturers are incorporating several parts and features that run by a battery input to meet the demands for green mobility. The important component of recreational vehicles that gives electricity input to numerous electrical components necessary for efficient operation is the battery.
• Rising exports of RVs from the U.S. can present major business growth opportunities: Rising disposable income in middle-class consumers in the Asia Pacific countries has increased the demand for recreational vehicles. Manufacturers from the U.S. and Canada are witnessing massive demand from Asia Pacific, especially in countries such as South Korea, China, and Japan, owing to a large number of consumers preferring recreational vehicle lifestyles and camping. Market players can capitalize on these chances and gain a competitive edge in the market.