The Recreational Vehicle (RV) industry has been strong for the past six years. The Recreation Vehicle Industry Association (RVIA) forecasts that RV shipments would reach 375,100 units in 2016, which is a 1.6% increase from the number of shipments in 2015. The RVIA notes several key drivers of the industry’s growth.

1. Key Drivers of
the Growth of
Recreational
Vehicle (RV)
Industry in
North America
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2. The Recreational Vehicle (RV) industry has been strong for the past six
years. The Recreation Vehicle Industry Association (RVIA) forecasts that RV
shipments would reach 375,100 units in 2016, which is a 1.6% increase
from the number of shipments in 2015. The RVIA notes several key drivers
of the industry’s growth.
 RV Ownership for Low-Cost Travel
A recent study by PKF Consulting USA found out that by traveling in an
RV, a family of four could save 27% to 62% on vacation expenses, while
a couple traveling can save from 11% to 48%. Even with the fuel price
hike, 80% of RV owners reported significant reduction in their travel
expenses than when using other forms of transport.
 Multiple Use of RVs
Other than traveling for vacation, RV owners use their vehicles for
tailgating and business. Owners also use their RVs to participate in
outdoor sports and activities.

3.  RVs Promote a Dynamic
and Balanced Lifestyle
In a Harris Interactive survey, RV
owners reported that traveling in an
RV enables them to bond with their
family, enjoy outdoor activities and
experience nature – all at the same
time. The setup of an RV
encourages people to have a
balanced lifestyle by eating healthy
on the road, having their own
bathrooms, and sleeping in their
own beds.
 Accessible Travel
Experience Through RVs
RV owners can travel whenever they
want. In fact, one research showed
that in a year, more than 90% of RV
owners take three or more short
vacations.
 RVs for IRS Tax Deductions
Most RV owners purchased their
vehicle through an RV loan, wherein
they also paid an interest. Most
loans, like credit card loans and car
loans, are not acceptable tax
deductions. However, the IRS
considers home mortgage interests
as acceptable deductions. RVs
qualify as a second home; thus, RV
owners may deduct the interest on
their RV loan from their tax.

4. The RVIA notes that population and demographic trends, such as retiring
baby boomers and the rise of Gen-X buyers, will further augment the growth
of the RV industry in coming years.
Resources:
https://wasatchpeaks.com
http://www.rvia.org/?ESID=indicators
http://www.rvia.org/?ESID=preleases&PRID=1730&SR=1
http://www.rvia.org/?ESID=vcosts