Truck Campers Market to Witness Increase in Revenues by 2018 to 2027

From: Fact.MR
Published: Fri Aug 16 2019

Truck campers are one of the most versatile forms of recreational vehicles and have been gaining increasing popularity in the recent years. Rising interest of recreational vehicles among younger demographic along with traditional purchasers is driving the demand for truck campers. Further, technological advances that improve the ease of handling and fuel efficiency coupled with inclusion of wide range of entertainment and comfort options will continue to remain the significant driving factors of the global truck campers market. Emergence of truck campers with high-tech accessories and home-like amenities will possibly open new avenues of growth of truck campers market.

The truck campers market is expected to witness a steady growth in emerging economies of Asia Pacific in the near future, owing to economic growth, high disposable income, increasing spending capabilities of the consumers, and favorable demographic trends. North America will continue to remain the major revenue contributor of truck campers market due to concentration of key market players, adoption of RV lifestyle and rising number of campgrounds that offer on-site truck camper rental. Significant improvement in economic situation lined with changing lifestyle of the population across the globe is expected to be highly impactful on the growth of truck campers market.

Millennials: The Demographic at the Forefront of Adoption

The global recreational vehicle market has been witnessing positive growth since the past several years, owing to higher demand by millennials. For instance, the North American Camping Survey conducted in 2017 reveals that, millennials make up around 38 percent of campers. According to the Recreation Vehicle Industry Association (RVIA), in 2016, shipments of recreational vehicles were 430,691 units, which increased to a total of 504,599 units in 2017 represented a 17.2% growth. RVIA anticipates that this growth would be consistent in the coming years, thus driving the demand for recreational vehicles, such as truck campers. A truck camper supports an active and balanced lifestyle, as it enables the user to experience the outdoors. In addition, owning a truck camper is highly valued, as it saves travelling costs as compared to other forms of travelling. According to RVIA, recreational vehicle ownership has increased considerably since the past years. This is expected to present potential growth opportunities for recreational vehicles, consequently influencing the growth of the global truck campers market.

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Convenience and Functionality – Key Influencers for Consumers

With the growing demand for recreational vehicles, manufacturers have been focusing on developing novel motor homes. A truck camper is no exception, as manufacturers have developed extendable luxurious homes on wheels, recently. For instance, Pinnacle Vehicles has developed a new truck camper called Finetza, which is India’s first extendable motor home. Finetza is equipped with elegant décor, and includes every other amenity that an individual uses regularly, including Wi-Fi connections, USB ports, and a small cafeteria. In addition, the stylish interiors comprising ceiling accents, trim accents, and railings offer a warm and pleasant experience. This is likely to create demand for luxurious truck campers in the coming years, thus pushing the growth of the global truck campers market.

Penetration of Automotive Grade Linux Growing

AGL (Automotive Grade Linux) is being implemented in infotainment systems, as automakers are focusing on the connected vehicles concept. The Automotive Grade Linux project is connecting automakers, suppliers, and technology companies to speed up the development and use of open software pile for connected vehicles. In addition to AGL, manufacturers of truck campers are developing high-end auto infotainment systems with a view to attract more customers (RVers). For instance, Garmin International has introduced the RV-BBT601, a portable auto infotainment system. It includes a 6" touchscreen display, wireless connectivity, and navigation system that is best in class. Such advanced infotainment systems are anticipated to significantly contribute to the growth of the global truck campers market in the years to follow.

‘Solar’ Trending in Recreational Vehicle Space

Not only residential and commercial buildings, but the importance of solar technology has tapped the recreational vehicle space as well. Initially, truck campers needed an external source for battery charging. Depending upon the battery size and capacity, the frequency of charging varied. However, it caused inconvenience for the user to charge batteries after every single travel. With solar technology on board, this inconvenience is eliminated, as batteries are charged on a continuous basis, with solar panels situated on the roof of the truck camper. Moreover, along with the time saving benefit offered by solar technology, it is also maintenance-free, and syncs well with the 12 volt electrical system present in the truck camper. In addition, solar power is a clean energy source that does not emit fumes like generators. Moreover, with developments in the design specifications of solar panels, such as thin film or flexible solar panels with portability option, it becomes convenient to carry the panel owing to its light weight, as such, not impacting the efficiency of the truck camper.

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The use of solar technology in combination with hybrid truck campers is expected to spur the demand for this recreational vehicle in the coming years. In hybrid truck campers, electricity as well as fuel (diesel or gas) are used for running the vehicle. When it comes to solar, it becomes even more economical, as the cost of fuel refilling reduces considerably. A truck camper can run on electricity with help of high capacity batteries that are continuously charged using solar panels. The only limitation associated with this technology is the cost of the solar panels, which might increase based on the vehicle capacity and battery size. Additionally, two sets of solar panels would be necessary – one for charging big batteries for vehicle running and another set of panels for charging interior electrical systems. However, this being a onetime investment, post the ROI, the user can experience free travel.

Also, manufactures have developed truck campers that completely rely on solar energy. For instance, Dethleffs Inc. has introduced an electric truck camper that runs on solar power alone, and does not need charging stations, making it a popular choice for users that prefer zero maintenance and economical travel. Key participants involved in the global truck campers market include Dethleffs, Fiat, Adria Mobil, Trillium Trailers, Pinnacle Vehicles, and Roadtrek Motorhomes/Erwin Hymer Group, among others.

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