According to a new report published by Allied Market Research, titled, “Motorhome Vehicle Market,” The motorhome vehicle market was valued at $29.3 billion in 2021, and is estimated to reach $62.9 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
North America is expected to dominate the global motorhome vehicle market. Recreational activities across North America have witnessed significant growth from previous years owing to changes in lifestyle and surge in inclination toward the recreational activities. U.S. accounted for a significant share in the North America motorhome vehicle market and is expected to maintain its dominance during the forecast period owing to the changes in recreational industry outlook and changes in design consideration of the motorhome vehicle.
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COVID-19 Impact Analysis
The spread of the COVID-19 pandemic has positively impacted the global motorhome market. The global industry observed rise in the sales of motorhomes during the pandemic period as people started to prefer to stay in motorhomes and caravans in comparison to hotels. For instance, the Recreational Vehicle Industry Association observed North American RV sales rose to 4.5% in 2020, to 424,400 units.
In addition, the motorhome vehicle manufacturers faced a shortage in the supply of raw materials, owing to the pandemic quarantine measures and restrictions. Majority of the domestic market participants especially from North America and Europe are dependent on the Asia-Pacific countries such as China, Australia, and other countries for the supply of the raw materials. Supply chain disruption resulted in hampered manufacturing activities of motorhome vehicles, thereby resulted in delay in the production of motorhome vehicles.
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However, with the removal of lockdown restrictions, rise in the sales of motorhome vehicle has been observed, which is expected to drive the growth of the market during the forecast period. For instance, the European Caravan Manufacturer Association (CVID) reported that in 2021, nearly 260,000 motorhomes and caravans were sold in Europe alone. There was an increase of 12% in the sales of motorhomes in 2021 as compared to 2020.
KEY FINDINGS OF THE STUDY
- By type, the type B segment is anticipated to exhibit significant growth in the near future.
- By application, the commercial segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global motorhome vehicle market include Airstream, Coachmen RV, Burstner GmbH & Co. KG, Entegra Coach, Forest River Inc, Gulfstream Coach Inc, Jayco Inc, Newmar Corporation, Hymer GmbH & Co. KG, Thor Industries Inc, Tiffin Motorhomes, and Winnebago Industries.
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