RV & Boat Storage Quarterly Overview
Over the next five years, the Recreational Vehicle Dealers industry is expected to expand as revenue normalizes following its 2020 decline. Industry revenue is forecasted to rise at an annualized rate of 3% to $35.4 billion through 2026. This anticipated rise can partly be attributed to the alleviation of economic anxiety following the COVID-19 pandemic, and a far greater attitude toward travel, especially the continued desire to socially distance during travel. Data from industry trade groups demonstrates the growth in ownership and usage of RVs over the past several years, exacerbated in part by the pandemic crisis of 2020. RV wholesale shipments were up 39.5% in 2021 over 2020 according to the Recreational Vehicle Industry Association.
Likewise, the acquisition and use of boats are steadily on the rise. According to the National Marin Manufacturers Association, new powerboat retail unit sales were expected to surpass 300,000 units for the second consecutive year in 2021. Sales in 2021 are expected to be down slightly from 2020, the previous record high, but will be 7% above the five-year average. The NMMA projects 2022 sales to surpass 2021 totals by as much as 3%.
Americans are increasingly taking time off in natural settings such as parks and lakes, in part as a way of relaxing away from crowds spurred by the onset of the pandemic. As sales of RVs and boats increase, the demand to store the vehicles will grow. Traditional self- storage facilities have limited space and amenities to store RVs and boats, which means that demand for RV/boat exclusive facilities will grow as RV and boat sales rise.
To learn more, download the RV & Boat Storage Quarterly Overview pdf today.
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Over the next five years, the Recreational Vehicle Dealers industry is expected to expand as revenue normalizes following its 2020 decline. Industry revenue is forecasted to rise at an annualized rate of 3% to $35.4 billion through 2026.
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