According to the research report titled ‘Asia Pacific Recreational Vehicle Market Forecast 2027 By Vehicle, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Asia Pacific recreational vehicle market is anticipated to reach a valuation of USD 15 billion by the end of forecast timeframe 2021-2027.
 

Rising disposal income is fueling Asia Pacific recreational vehicle market growth as people now have more financial freedom to spend their money on costly products such as recreational RVs. Moreover, inflating population of most Asian countries and subsequent spike in the number of tourists each year is enhancing the industry outlook.
 

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Increasing number of camping associations encouraging people to join camping & other outdoor activities is further propelling the market growth. For instance, in Feb 2021, Kerala Adventure Tourism Promotion Society (KATPS) in India established adequate criteria for camping activities making it mandatory for all campground operators to register with state tourism agencies in order to make a significant contribution towards regional recreational vehicle industry growth.
 

RVs come in several varieties such as tent trailers, fifth wheels, and travel trailers. Among these, travel trailers are gaining traction as they are inexpensive, easy to install on any vehicle like car or truck, and offers customization and diverse floor plans which is likely to fuel the market demand.
 

Despite the positive outlook, shifting consumer preferences are declining the demand for recreational vehicles as consumers now focus on purchasing only essential products such as medical supplies & groceries and saving money.
 

Elaborating on the COVID-19 impact, the industry faced numerous hurdles such as severe financial restraints, scarcity of raw resources & labor as a result of regional lockdown and strict travel restrictions that stifled the growth of regional recreational vehicle market.
 

However, declining COVID-19 positive cases in Asia-Pacific region is predicted to have a beneficial influence on recreational vehicle sales. For instance, Australia witnessed a substantial drop in the number of coronavirus cases which increased the demand for RVs in 2020.
 

From a regional perspective, nations like Japan and China are promoting the concept of recreational cars through camping-car events and tradeshows by renting out RVs to familiarize people with how they operate.
 

Based on competitive landscape, Winnebago Industries Inc., Venture RV, Tiffin Motorhomes Inc., Pleasure-Way Industries Ltd., Skyline Corp.,   Keystone RV Co., K-Z Inc., Forest River Inc., Erwin Hymer Group, Thor Industries Inc., and SAIC Maxus Automotive Co. Ltd., are among the major companies influencing the Asia Pacific recreational vehicle market dynamics.