Recreational Vehicle Market Regional Analysis:
North American Market Insights
North America in recreational vehicle market is likely to dominate around 33% revenue share by the end of 2035. The market growth in the region is expected on account of the higher operating rate of motorhomes and trailers.
There are more benefits and adoption rates for different RVs in this region due to the increased popularity of RV, portable power station, and camping sites. According to a report in 2022, about 39.3% of all campers in North America are RVers. Also, the rise is due to the high popularity and continued strong growth in outdoor recreational activities in this region.
The country’s growing inclination for recreational RV travel is demonstrated by the rise in campgrounds. As a result, there are over 230 chain stores in the US, and to keep up with the growing demand, local RV dealers are trading in RVs. These dealers offer the most recent model year used RVs that are favored by most fleet operators in addition to a variety of cutting-edge RVs.
APAC Market Insights
By the end of 2035, Asia Pacific recreational vehicle market is set to hold over 27% share and will hold the second position owing to the growing number of consumers looking for new and exciting ways to explore their surroundings.
The growth of the industry in the region has been driven by several factors such as the growth of the middle class, rising disposable incomes, and the desire to make travel more convenient and convenient. In addition, the Chinese market accounted for the largest share of the Asia Pacific region and the Indian market was experiencing a rapid growth rate.
The pandemic has highlighted the value of spending time outside and fostering a connection with nature. As Chinese citizens look for ways to get away from congested cities, they are finding their way to China's national parks, isolated regions, and natural landscapes. The demand for recreational vehicles (RVs) has increased due to the middle class's emergence, the nation's economic expansion, and the buildup of personal wealth.
The market growth in Korea can be attributed to the growing number of imports of RVs from developed nations. According to the International Trade Administration, Korea imports over 2,000 RVs annually in total. They import about 1,000 from England and Germany. RV imports are predicted to rise significantly as consumer demand for these goods and RV camping increases.
The market growth can be credited to the growing ownership of recreational vehicles in Japan. According to research by the Japan Recreational Vehicle Association, over 110,000 recreational vehicles were owned in Japan in 2018. This indicates that the country's RV ownership rate is rising.
