Leisure Vehicles Market Outlook – 2027
Leisure vehicles refer to mobile dwelling vehicles normally used for camping. Leisure vehicles range from utilitarian containing only sleeping quarters and basic cooking facilities to luxurious, with features such as air conditioners, water heaters, televisions, and satellite receptors. There are many benefits of owning and traveling in a leisure vehicle, such as flexibility, convenience, comfort, family appeal, affordability, appeal of outdoors and adaptability. The industry is attaining rise in traction among travel enthusiasts, owing to the convenience provided, in terms of recreation and temporary living amenities. The trend toward a more active lifestyle has increased the demand for leisure vehicles. Industry participants are also aggressively involved in introducing innovative technical features in their product portfolio to enhance the appeal of their vehicles. Rapid rise in demand for comfortable travel and accommodation of large passenger groups is expected fuel adoption of RVs across the globe.
COVID-19 scenario analysis:
- The global pandemic caused by the novel coronavirus comes at a time when both developing economies and the automotive industry were hoping for a recovery in the market. The absolute magnitude of the impact depends on the duration of the ongoing lockdown.
- The onset of COVID-19 in India is expected to have a negative impact on the automotive industry. Even after lockdown, further decline in vehicle demand is expected with discretionary spend taking a backseat.
- The supply chain is expected to adapt quickly as China is coming back faster than normal, extended supply chain visibility at the highest level is the biggest risk mitigation factor that would affect productivity of companies.
- COVID-19 is expected to impact almost all stakeholders in the value chain who would experience both short and medium-term impacts. This could range from a shortage of raw material, shift of production to other countries, deferred launches, and shrinkage in consumer demand.
- Impact of COVID on the economy & automotive industry could vary depending on intensity, duration, and spread of the outbreak. As a result, the economy may witness a recovery as per the impact.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in demand for economical recreational tourism and increase in inclination for adoption of advancements in technology are expected to spur demand during the forecast period. However, high cost of purchase and maintenance of recreational vehicles is anticipated to hamper growth of the market. Furthermore, strategic developments for growth and rise in level of disposable income across the globe are expected to offer lucrative opportunities for the market during the forecast period.
The leisure vehicles market trends are as follows:
Increase in demand for economical recreational tourism
Rapid growth in demand for towable leisure vehicles can be credited to its low cost over motorized vehicles and absence of a built-in engine & powertrain. In addition, towable recreational vehicles allow customers to use an existing truck or a panel van to tow a trailer, significantly reducing on-road cost of vehicles. Furthermore, additional features contributing to their market demand include extra window awnings, rear bumper storage, and stainless- steel rock guards, which is expected to boost the market growth during the forecast period.
Increase in inclination for adoption of advance technologies
Rise in adoption of smartphones and other smart devices propels the market growth. Majority of drivers are reluctant toward adoption of keyless technology, owing to lack of knowledge and more importantly are worried about security of their vehicles. In addition, advanced technologies are being incorporated to decrease carbon emissions and improve fuel efficiency of leisure vehicles. Electrification and installation of portable solar panels for motorhomes and recreational vehicles are the major innovation areas for companies to invest in. As the system improves flexibility for consumers, the leisure vehicles market is expected to become more popular during the forecast period.
Key benefits of the report:
- This study presents analytical depiction of the leisure vehicles market industry along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the leisure vehicles market share.
- The current market is quantitatively analyzed to highlight the leisure vehicles market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed leisure vehicle market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the leisure vehicles market research report:
- Which are the leading market players active in the leisure vehicle market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the leisure vehicle market?
- What are the projections for the future that would help in taking further strategic steps?
Leisure Vehicles Market Report Highlights
Key Market Players
Columbia Northwest Inc, Bison RV Center, DRV Luxury Suites, Entegra Coach, Dutchmen RV, Cruiser RV, Crossroads RV, Inc., Airstream, Inc, Erwin Hymer Group, Fleetwood Corporation Limited