We always desire to go out on a trip to a place away from the hectic city, the taxing routine, and the polluted environment that we are living in. This is one of the key reasons for growing popularity of recreational vehicles (RVs) across the world. RVs, also known as motorhomes and travel trailers, are now being preferred more than taking the car, bus or train as they provide ease and safety just like our home. RVs are extremely cost-efficient.
Recreational vehicles are broadly categorized as Motorized (Motorhomes) and Towable RVs.
Recreational Vehicles Is the Hot Opportunity for the Real Estate
Real estate homebuilders, along with the manufacturers are catering to the requirements of RV owners. In the states of Florida, Nevada, Arizona in the U.S., developers are looking to leverage the growing popularity of RVs.
China, the world’s most populous region, is steadily witnessing the growth of the recreational vehicles market. The China Camping Industry Report in 2016 by SMART, a prominent website that provides camping info, said that around 15,000 RVs were sold in China during 2015. There were 958 camping sites, both finished and under-construction in China which will accommodate the RVs in the near future.
U.S. Remains a Lucrative Market for Recreational Vehicles
The United States is the biggest market for RV globally. Recreational market in the US flourished significantly during the great recession and has continued to post steady gains since then. The market in the US is likely to witness stable growth in the near future, owing to rising population of baby boomers. The demand for RV in the U.S is anticipated to grow at 4.8% CAGR. Going forward, a boosting economy will support better customer confidence and improved flexible spending.
The South and West regions of the US are likely to lead sales of RVs, contributing for more than three-quarters of the overall demand. There are a number of vacation destinations in the South and West regions, and a significant number of baby boomer population lives in these regions.
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Technological developments that boost the economy and ease of handling, along with the presence of a mounting range of entertainment and comfort option are likely to stimulate the sales exponentially. The expansion in the demand for travel trailers is said to be less affected since sales were better reinforced over the period of recession. This owes to their more economical and self-propelled varieties. Trailers are also obtainable in a variety of sizes and styles responsive to those looking for more basic accommodations and also for those wanting all the features of their homes on the road.