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RV Market On Track for Significant Growth

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RV in New Forest, Lyndhurst, UK
Photo: Rob Hayman | Unsplash

The auto industry took a big hit after the 2008 financial crisis, made a major resurgence under Obama’s second term, and in the past few years has finally begun to stagnate as just about everyone has already replaced the car they drove before the recession.

At the present time, passenger car sales are declining and crossover, SUV, and pickup truck sales are surging — in part because fuel prices are relatively low, because big vehicles are increasingly efficient, and because Americans are once more feeling okay with taking out huge loans to buy things they can’t actually afford.

But one growing market that often goes ignored is that of recreational vehicles, and according to yet another industry analysis, RVs are expected to continue growing at a pretty healthy rate according to various research groups.

The RV market is benefiting from increased tourism in the Asia-Pacific region. According to the US Department of Commerce, China alone has 56 active RV manufacturers, many of whom are significantly contributing to the US’s market. Another big market for RVs is millennials.

Related: Tips for RV-ing with your dog

“Low fuel consumption, easily towable units, lower maintenance & insurance costs, and depreciation value are some of the major benefits of the towable RVs,” one study claimed, adding that 89 percent of North American consumers purchase RVs for camping.

RV rental services have also helped boost RV popularity, as well as lightweight RVs that focus on improved fuel economy. Other drivers of industry growth include an increasing number of RV parks, higher disposable income, more advanced tech features.

So if you’ve found yourself wanting to get your hands on an RV lately, you’re not alone. Turns out a lot of people enjoy camping, and RVs provide a great way to get into it.

RVs 101: What you should know about RVs

News Sources: GM Insights, Zion Market Research