5.13.8.1Vertical

Class A & Class C Motorhome Manufacturers

OEMs producing large Class A diesel pushers and Class C motorhome vehicles on commercial chassis.

Market snapshot

These figures describe Recreational Vehicle (RV) Manufacturing (5.13.8), the segment that Class A & Class C Motorhome Manufacturers sits within. They are not figures for Class A & Class C Motorhome Manufacturers on its own.

Market size
~$35B
Growth
~9.1%CAGR (2017–22, nominal)
Companies
~654 firms
Firms by employee count

60.4% of firms have fewer than 20 employees: 395 micro-businesses, below most mandates.

The investable universe259 firms with 20+ employees
20–99
15861%
100–499
6927%
500+
3212%

The fastest growth on the page and a textbook pandemic pull-forward: RV demand surged, dealers emptied, and builders ran at capacity through 2022. It has since fallen hard. Underwrite mid-cycle shipment volumes rather than these, and check dealer inventory exposure, because the channel carries the risk in this industry.

NAICS 336213, 336214. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

RV manufacturing and dealer-channel sales

Key economics

Revenue per firm
$53,486,411
Revenue per employee
$471,462
Employees per firm
121.9
Recurring revenue
Low

discretionary, cyclical purchases

EBITDA margin
Cyclical, discretionary economics
Capex intensity
Moderate

Characteristics

  • Scale-driven: payroll is only 14% of revenue, so the cost base is assets, not headcount
  • Moderate strategic-buyer pool: 32 firms exceed 500 employees, so a scaled asset has buyers, but not many
  • Dominated by Thor, Forest River, Winnebago.
  • Highly cyclical and discretionary; pandemic boom.
  • Electrification and connected-RV features emerging.

NAICS 336213, 336214. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode IslandIndiana

Indiana carries more than six times the national concentration of RV manufacture: the Elkhart cluster, where the assemblers, the component suppliers and the dealer logistics all sit within an hour of each other.

Indiana

U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 336213/336214. Concentration shown by location quotient.

M&A deal context

Deal activityModerate

Who’s acquiring

  • RV majors
  • PE-backed platforms
  • Supplier & dealer consolidators

What’s driving deals

  • Consolidation around scaled manufacturers.
  • Outdoor-recreation demand cycles.
  • Supplier and component M&A.

Find Class A & Class C Motorhome Manufacturers acquisition targets

Search Acquisera’s index for companies classified under Class A & Class C Motorhome Manufacturers (5.13.8.1) and build a targeted deal pipeline.

Search companies