Recreational Vehicle market is popular in developed markets, such as United States, Canada, Australia, Europe and Japan. According to RVIA, US RV sales stayed above 400,000 units from 2016 to 2019. Compared to global RV market, China RV market is still in its early development stage, however, its growth speed suggests this market has tremendous potential. According to CPCA, from 2017 to 2020, China RV market grew at a CAGR of 30.81% to 11,359 units. Unlike North America market while motorized RV only take 10-15% market share, motorized RV is the mainstream product type in China RV market with more than 75% market share.
GRD Survey expects China market will reach 64,000 units by 2027, growing at a CAGR of 28% over the forecast period. Several major factors driving this market growth are:
1. RV travel is getting accepted by mass consumer culture. China travel market grew at CAGR of 12.11% from 2005 to 2019. RV used to exist only as a luxury travel way, but now it’s getting more affordable by ordinary consumers. If you look at the RV buyer profile, more than half buyers are in the age group 40-49 and 50-59, as they have more economic wealth, and willing to spend money on travel in their retiring age.
2. Camping sites growth well supported RV travel. According to campave, China camping site grow at a CAGR of 44% from 2015 to 2019, to 1778 sites. More and more camping sites are under construction, and more policies are exploring to convert current rural sites.
3. From the supply side, per Ministry of Industry and Information Technology of PRC, there are 145 RV brands in 2020, growing at a CAGR of 18.72% from 2016 to 2020. More choice are available for consumers. According to Yutong, China’s largest RV manufacturer, few years ago, its annual RV sales are less then 100 units, but in 2020 its sales are nearly 2,000 units. Leading players are investing heavily to new RV capacities to meet this demand boom.
For more in-depth data and analysis, read Global Recreational Vehicle Market Status and Forecast 2021-2027.