Product Code: ETC048607 | Publication Date: Jul 2023 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Singapore Recreational Vehicle market currently, in 2023, has witnessed an HHI of 5863, Which has decreased substantially as compared to the HHI of 9150 in 2017. The market is moving towards concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
The recreational vehicle (RV) market in Singapore is expected to witness growth over the forecast period of 2020-2026. The presence of a large consumer base and increasing disposable incomes are some of the major factors driving the growth of RV market in Singapore. Furthermore, rising environmental consciousness among people has resulted in an increase in demand for RVs as they provide a great outdoor experience while being eco-friendly. Additionally, government initiatives such as offering subsidies for buying electric vehicles further fuel the market???s growth prospects. Moreover, technological advancements have led to increased production efficiency and cost reduction which will lead to greater affordability of RVs thus stimulating their sales even more. With these advantages, it is anticipated that this market will expand steadily over the forecast period from 2020 to 2026.
Growing Consumer Base: The growing population coupled with increasing disposable income has led to high demand for recreational vehicles in Singapore leading to its rapid expansion over recent years.Cost Reduction & Increased Production Efficiency: Technological advancements have enabled manufacturers to reduce costs along with improved production quality which drives up demand for recreational vehicles significantly due to increased affordability by consumers who otherwise cannot afford traditional luxury cars or boats ETCGovernment Subsidies & Incentives: Government initiatives such as offering subsidies on electric vehicle purchases offer cost savings which further stimulate demand for RVs amid people looking out for green solutions that don`t harm environment.This helps boost sales considerably thereby contributing towards overall industry growth.
Lack Of Infrastructure & Low Awareness : There is lack of infrastructure such as access roads, charging points, parking areas ETC needed especially when it comes to electric powered ones making them difficult and inconvenient use leading potential buyers away from purchasing them leading slower adoption rate than gasoline powered counterparts.Similarly there exists low awareness about benefits offered by owning one due its diverse usage ranging from camping trips, leisurely rides and so on which hinders mass adoption despite availability at relatively cheaper rates compared other options available like boats or cars ETC
The key players in the Singapore Recreational Vehicle market include Winnebago Industries Inc., Thor Motor Coach, Forest River Inc., Jayco Corporation, Grand Design RV LLC, Vanleigh RV LLC, Gulf Stream Coach Inc., KZRV LP (Kompact Kamp), Keystone RV Company and Heartland Recreational Vehicles. These companies are involved in manufacturing different types of recreational vehicles for both domestic and international markets. They offer a wide range of products including motorhomes, campers, travel trailers and fifth wheel trailers that cater to various customer needs. Furthermore, they provide after-sales services such as maintenance contracts and repair facilities which makes them more attractive to potential customers.
The outbreak of COVID 19 pandemic had disastrous implications all across industries globally including RV industry too wherein transportation restrictions imposed caused disruption supply chain resulting delays delivery components used manufacture units while plummeting consumer spending power impacted retail sales severely hampering industry`s overall performance during said period till situation normalises again future course events remain uncertain time being however recovery seen since mid 2021 onwards
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Singapore Recreational Vehicle Market Overview |
3.1 Singapore Country Macro Economic Indicators |
3.2 Singapore Recreational Vehicle Market Revenues & Volume, 2020 & 2030F |
3.3 Singapore Recreational Vehicle Market - Industry Life Cycle |
3.4 Singapore Recreational Vehicle Market - Porter's Five Forces |
3.5 Singapore Recreational Vehicle Market Revenues & Volume Share, By Product Type, 2020 & 2030F |
3.6 Singapore Recreational Vehicle Market Revenues & Volume Share, By Applications, 2020 & 2030F |
4 Singapore Recreational Vehicle Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Singapore Recreational Vehicle Market Trends |
6 Singapore Recreational Vehicle Market, By Types |
6.1 Singapore Recreational Vehicle Market, By Product Type |
6.1.1 Overview and Analysis |
6.1.2 Singapore Recreational Vehicle Market Revenues & Volume, By Product Type, 2020-2030F |
6.1.3 Singapore Recreational Vehicle Market Revenues & Volume, By Fifth Wheel Campers, 2020-2030F |
6.1.4 Singapore Recreational Vehicle Market Revenues & Volume, By Folding Camper, 2020-2030F |
6.1.5 Singapore Recreational Vehicle Market Revenues & Volume, By Truck Campers, 2020-2030F |
6.1.6 Singapore Recreational Vehicle Market Revenues & Volume, By Travel Trailers, 2020-2030F |
6.1.7 Singapore Recreational Vehicle Market Revenues & Volume, By Class A Motorhomes, 2020-2030F |
6.1.8 Singapore Recreational Vehicle Market Revenues & Volume, By Class B Motorhomes, 2020-2030F |
6.2 Singapore Recreational Vehicle Market, By Applications |
6.2.1 Overview and Analysis |
6.2.2 Singapore Recreational Vehicle Market Revenues & Volume, By Leisure, 2020-2030F |
6.2.3 Singapore Recreational Vehicle Market Revenues & Volume, By Business, 2020-2030F |
7 Singapore Recreational Vehicle Market Import-Export Trade Statistics |
7.1 Singapore Recreational Vehicle Market Export to Major Countries |
7.2 Singapore Recreational Vehicle Market Imports from Major Countries |
8 Singapore Recreational Vehicle Market Key Performance Indicators |
9 Singapore Recreational Vehicle Market - Opportunity Assessment |
9.1 Singapore Recreational Vehicle Market Opportunity Assessment, By Product Type, 2020 & 2030F |
9.2 Singapore Recreational Vehicle Market Opportunity Assessment, By Applications, 2020 & 2030F |
10 Singapore Recreational Vehicle Market - Competitive Landscape |
10.1 Singapore Recreational Vehicle Market Revenue Share, By Companies, 2023 |
10.2 Singapore Recreational Vehicle Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |