by Christopher Freeburn | September 24, 2013 11:18 am
An industry research firm says that Chinese consumers are rapidly warming toward recreational vehicles.
21RV.com forecasts the number of RVs on Chinese roads to skyrocket from just 9,000 vehicles in 2012, to about 800,000 in 2022. Expectations that the Chinese market could grow so quickly have prompted a number of overseas RV manufacturers to try and establish a beachhead in the country, Bloomberg notes.
Thor Industries (THO) and Winnebago Industries (WGO), both U.S.-based manufacturers, and Germany’s Dethleffs are now selling RVs in Beijing and other major Chinese cities. Chinese manufacturers are also moving to cash in on the expected trend, with Great Wall Motor and Xinkai Automobile Group offering their own high end models.
However, widespread RV use is hampered by a lack of campgrounds in which to park the vehicles and requirements in some Chinese provinces for a bus driver’s license in order to operate RVs on public roads.
Still, with more Chinese consumers increasing their spending on recreation and vacations, RV use is expected to grow.
Source URL: http://investorplace.com/2013/09/rv-sales-expected-to-soar-in-china-over-next-decade/
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