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The recreational vehicle (RV) rental market size is forecast to increase by USD 353.45 million, at a CAGR of 8.33% between 2023 and 2028.
The growth of the market depends on several factors such as the rising popularity of road trips and outdoor adventures, the increase in vehicle ownership cost, and the growing digital nomads across the region. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the growing number of digital nomads across the region. Digital nomads can be referred to as individuals who travel freely while working on technology and the internet. In addition, the increasing fame for cross-culture is further increasing the number of digital nomads. Furthermore, to break the monotony of life, many individuals prefer to vacation for a short or long span.
Moreover, in countries such as India, to promote tourism in rural India, the Indian tourism industry is introducing heritage and cultural tourism to travelers. In addition, the rising interest in cross-culture lifestyles and growing aesthetic values of various heritages are attracting digital nomads and tourists to visit such places across the globe. Therefore, it is positively impacting the RV rental market. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the advent of intermediaries to ease the renting process. Before the emergence of the Internet, renting an RV was simple. In addition, customers had to make telephone calls to service providers to book RV and accept proposed prices. However, due to the advantage of several online websites such as RVshare, which are commonly known as RV rental brokers, which have established themselves, serve as intermediaries and demand aggregators between the customer and the operator.
Moreover, with the advent of such intermediaries, customers are advantaged by the low prices that they have to pay while renting RVs. In addition, these intermediaries help with RV insurance, the legal process and a better view of a wide variety of available RVs. Hence, such factors are positively impacting the recreational vehicle rental market. Therefore, it is expected to drive the market growth during the forecast period.
Inadequate consumer awareness about RV rentals and price fluctuations of crude oil are one of the key challenges hindering the market growth. With RV rentals mostly being an urban phenomenon and penetration being less in semi-urban and rural areas, the growth of the market is significantly slow. In addition, in such regions, the lack of awareness about RV rental services and the operating costs associated with them are impeding market growth.
Moreover, fluctuations in oil prices are adversely affecting the public transportation industry as it must cover the cost of higher fuel prices. In addition, RV rental companies are also facing the problem of increasing fuel prices, and which is inducing them to increase their charges. Furthermore, the higher charges deter some consumers from opting for RV rental services instead of public transport. Therefore, it is negatively impacting the RV rental market. Hence, such factors are hindering the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allstar Coaches LLC: The company offers recreational vehicle rental services such as 40 Thor Motorcoach Aria and 40 Fleetwood Pace Arrow LXE.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The online segment is estimated to witness significant growth during the forecast period. Online platforms provide a convenient and efficient way for people to rent recreational vehicles for their travel and adventure needs. In addition, with the advancements in technology and the increasing popularity of vacations using recreational vehicles, online platforms have become a go-to option for both renters and owners alike.
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The online segment was the largest segment and was valued at USD 282.36 million in 2018. Moreover, one such online platform that has gained immense popularity is RV4U. In addition, it provides a wide range of recreational vehicles for rent, including motorhomes, campervans, and travel trailers. Furthermore, through its user-friendly interface, customers can easily search and book the perfect recreational vehicle for their upcoming trip. In addition, the platform allows renters to compare prices, view vehicle details, and read reviews from previous customers, ensuring they make an informed decision. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America holds a prominent position in the global recreational vehicle (RV) rental market due to its vast landscapes, diverse tourist attractions, and well-developed infrastructure. In addition, North America offers a multitude of opportunities for travelers seeking adventure and exploration. Moreover, one key factor that sets North America apart is its abundance of natural wonders. Furthermore, travelers have the flexibility to explore national parks, coastal regions, and scenic drives at their own pace, making RV rentals a popular choice. In addition, North America is home to numerous recreational vehicle manufacturers, such as Winnebago Industries and Thor Industries, who produce a wide range of recreational vehicle models to cater to various preferences and budgets. Hence, such factors are driving the market growth in North America during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is thriving due to the growing demand for RVs, driven by various factors such as tailgating, pet-friendly travel, business activities, and the industry's overall expansion. Improved features, insurance options, secure payment methods, and low fuel costs contribute to the market's attractiveness. With 24/7 road assistance, RV rentals are a secure choice for travel, especially in the work-from-home scenario. A survey indicates rising interest, particularly among younger campers, in peer-to-peer rentals facilitated by platforms like RVshare. The market caters to diverse preferences with various RV types, including motorhomes (Type A, B, and C), fifth-wheel trailers, and is accessible to different demographics, such as middle-class families, millennials, and solo travelers. Peer-to-peer rental service providers, online portals, rental organizations, independent dealers, and private owners contribute to the dynamic RV rental market, ensuring a comprehensive and satisfying customer experience.
Recreational Vehicle (RV) Rental Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.33% |
Market Growth 2024-2028 |
USD 353.45 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.23 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allstar Coaches LLC, Camp Monk, CamperTravel, Cruise America Inc., Fraserway RV LP, Hightened Path RV Rentals, Ideamerge LLC, INDIE CAMPERS, Japan RV Rental, Motorhome Adventures, Onroadz, Outdoorsy Inc., Rental Alliance GmbH, Roadsurfer, RVnGO, Rvshare LLC, Spaceships Rentals, TC Rent Ltd., Tourism Holdings Ltd., and Yescapa |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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