Low gas prices, favorable interest rates, and a renewed interest in the outdoors are fueling record sales of recreational vehicles (RVs). In addition, more people in their 20s and 30s are interested in buying RVs. Trailers, which make up 87% of the RVs sold, appeal more to Millenials who prefer something less expensive for weekend trips. Baby Boomers, in contrast, prefer buying motorhomes in order to spend most of their retirement years traveling. In 2016, a record number of RVs were shipped, more than 430,000. Manufacturers expect a 3.6% increase in shipments in 2017.
Today’s market size is the estimated total retail value of all RVs that will be sold in the United States in 2017.
Geographic reference: United States
Market size: $18.5 billion (estimated)
Source: Diana Kruzman, “Millennials Fuel Growth in RV Sales,” USA Today for the Lansing State Journal, May 26, 2017, page B4.
Original source: Recreational Vehicle Industry Association