RV business is a booming industry that has seen enormous growth in recent years. The global pandemic has fueled the demand for recreational vehicles, and the industry has experienced significant growth. In this article, we would like to present the top RV business news highlights of the month.
1. The Demand For RVs Continues To Soar
The demand for RVs continues to surge, despite the supply chain disruptions and manufacturing challenges during the pandemic. According to the RV Industry Association (RVIA), the RV shipments in May 2021 were up 73.5% as compared to May 2020. The strong demand for RVs is fueled by the desire for safe and socially distanced travel options. The RV industry is expected to continue on its growth trajectory.
2. More Americans Are Opting For RV Living
RV living has become increasingly popular as people seek new ways of living. According to a survey by RVshare, a peer-to-peer RV rental platform, 73% of Americans are interested in living in an RV, with 63% of those planning to do so within the next year. The freedom and flexibility, as well as the cost savings, make RV living an attractive option.
3. Rental Demand Is Outpacing Supply
The rental market for RVs is booming, with rental companies struggling to keep up with the demand. According to Cruise America, the largest RV rental company in North America, the demand for RV rentals is up 251% year-over-year, while the supply is down by 28%. This has resulted in higher rental prices and longer waitlists for customers.
4. RV Industry Faces Labor Shortage
The RV industry is facing a labor shortage as it struggles to find skilled workers to meet the growing demand. The pandemic has exacerbated the labor shortage, with many workers retiring early or leaving the industry. The RV industry is investing in training programs and incentives to attract new workers, but the shortage is expected to continue for the foreseeable future.
5. RV Manufacturers Embrace Sustainability
As the world becomes more environmentally conscious, RV manufacturers are embracing sustainability. Many RV manufacturers are incorporating renewable energy sources like solar panels and lithium-ion batteries into their designs. Some manufacturers are also experimenting with alternative materials like recycled plastics and bamboo to reduce the environmental impact of RV manufacturing.
In conclusion, the RV industry is experiencing significant growth and change, driven by the pandemic and changing consumer preferences. The demand for RVs is surging, RV living is becoming more popular, and the rental market is booming. However, the industry is also facing challenges like labor shortages and supply chain disruptions. The RV industry is embracing sustainability, and manufacturers are investing in new technologies to reduce their environmental impact. As we move forward, the RV industry’s growth trajectory is likely to continue, and it will be interesting to see how it evolves in the years to come.
