Recreational vehicles market in APAC is expected to witness significant growth at around 7% over the forecast period. This can be credited to the significant growth of the middle-class population and increasing emphasis on development of tourism in countries including China, India, Thailand, South Korea, Australia, and Japan. According to the U.S. Department of Commerce, China had around 56 active RV manufacturers contributing significant share of the nation’s RV market, as of 2016.
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Recreational Vehicles Market for Towable RVs accounted for over 900 thousand units in 2017 and is expected to hold its dominance through the forecast period. Low fuel consumption, easily towable units, lower maintenance & insurance costs, and depreciation value are some of the major benefits of the towable RVs. Advent of truck campers that can be easily towed with the help of SUVs are among the chief products gaining traction. Conventional travel trailers are expected to dominate the recreational vehicles market through the forecast period, predominantly owing to the availability of RVs at the lower cost amongst the other available options.
Recreational Vehicles Market for Gasoline segment accounted for around USD 23 billion in 2017 and is expected to continue its dominance over the forecast timeframe. This can be attributed to the lower maintenance and operation cost along with lower taxes compared to the counterparts. Further, lower acquisition costs along with supporting government regulations supporting the petrol vehicles sales over diesel owing to lower pollution are strengthening the recreational vehicles market expansion till 2024.
Proliferating RV rental services demand along with the availability of multiple RV models at varied price points and engine alternatives has in turn led to increased consumer attraction towards these services. Inadvertently, requirement to cater the growing consumer demand along with fleet expansion will support the business expansion till 2024. The introduction of lightweight and ultra-lightweight RVs with focus on lower cost and reduced fuel consumption, are driving the recreational vehicles market over the study timeframe.
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Increasing participation in recreational activities, proliferating recreational vehicle parks, and increasing disposable income across major economies are among the prominent factors driving the recreational vehicles market share. According to the RVIA publication, in March 2018, 89% of the consumers purchase recreational vehicles for camping in North America.
Stringent government regulations regarding the safety aspects of recreational vehicles involving the drivers and passengers are boosting the customers confidence, thereby playing a major role in the increased adoption of the RVs. Moreover, continuous support from the government to upgrade existing RV parks, recreational facilities and customized services for RV owners will strengthen the recreational vehicles market share over the forecast timeframe. However, higher costs associated with the acquisition and maintenance of these vehicles coupled with stringent norms regarding age and driving license restrictions for operating such vehicles will hamper the recreational vehicles market growth till 2024.
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Some of the key industry players in the recreational vehicles market include Winnebago Industries, Thor Industries, REV Recreation Group, and Forest River Inc. Industry participants are engaged in mergers and acquisitions for improving their market share. For instance, in 2016, Thor Industries acquired Jayco for USD 576 million. This acquisition has enabled the company to diversify its portfolio with a wide range of travel trailers, Class A, and Class C motorhomes, and attract a wide of customers.