| Washington, D.C., June 12, 2007
— The recreation vehicle (RV) industry will see renewed shipments
growth in 2008, and the industry’s long-term prospects look bright,
according to Dr. Richard Curtin, Director of Surveys at the University
of Michigan. “Throughout the
recent economic turmoil, RV shipments have remained robust, showing none
of the volatility of an earlier era,” said Curtin, who announced his RV
market forecast at an event sponsored by Recreation Vehicle Industry
Association (RVIA).
The $14.5 billion RV industry’s
shipments will increase 3.5 percent in 2008 to 367,100 units. The
growth in 2008 will be led by travel trailers, which are projected to
increase by 5.4 percent and Type A motorhomes, which are projected to
increase by 4.4 percent. Approximately 80 percent of the RV market is
comprised of travel trailers and other towable units.
Curtin said that shipments for the
remainder of 2007 will continue to be strong, though lower than the
record growth levels the industry has seen in recent years. The RV
industry shipped 390,500 units in 2006, a 30-year record. The 2007
total will be the industry’s fourth highest in the last 30 years.
The industry’s long-term growth
prospects are excellent, according to Curtin, who projects that RV
ownership will rise from 7.9 million households in 2005 to 8.5 million
in 2010.
“The leading edge of the baby boom
generation has just entered their prime retirement ages, and the number
that retires will accelerate over the next decade,” said Curtin.
“Moreover, the RV industry has been successful in attracting younger
buyers.”
The ongoing change in age distribution
means that more consumers will enter the age range in which the highest
RV ownership rates are recorded, according to Curtin.
Curtin predicts the expected growth in
RV ownership will be accompanied by a change within the RV industry
toward more varied features suitable for more diverse uses, toward more
age-friendly features, toward more upscale destination campgrounds, and
toward more energy-efficient units.
RVIA is the national association
representing more than 550 manufacturers and component suppliers
producing approximately 98 percent of all RVs made in the United States.
Source: RVIA June 12, 2007 |
