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Recreational Vehicle Market: Aging Baby Boomers to Fuel Growth
Koncept Analytics, Dec 2007, Pages: 32
The recreational vehicles industry (RV), broadly a part of the leisure industry, is characterized by cycles of growth and contraction in consumer demand, reflecting prevailing economic, demographic, and political conditions that affect disposable income for leisure-time activities. Some of the major recreational vehicle manufacturers are Fleetwood, Winnebago, Monaco, Thor Industries, National RV and Coachmen.
Growth of the RV industry has slowed down in the recent past, largely influenced by fluctuating interest rates, fuel prices and diminished home equity financings for the last two years. While the sales pattern is expected to remain flat in 2007, the industry is likely to see major growth in the next five years due to the aging generation of baby boomers.
Although the younger generation below 35 years of age has posted the largest gains in ownership, the generation that is on the edge of baby boomer segment will be the main catalyst of growth for the industry.
Demand for recreational activities, especially spending time with family and friends, is hugely driven by the psychographics of the aging baby boom generation. Apart from strong liking for traveling, this generation has a strong desire for freedom of leisure activities. Leading manufacturers of RVs are recreating their strategies to leverage the growing interest of this generation in recreation activities.
The present report offers an analysis of the recreational vehicles industry with special focus on its two major segments – Motorized vehicles and Non-Motorized or towables. It further goes to analyze the growth of the overall RV industry and its segments. It explains the ownership trends of RVs and the major factors that become the industry growth drivers. The report also profiles the leading companies operating in the industry – Thor Industries, Fleetwood, Winnebago, Monaco and Coachmen, offers an insight into their strategies and operations. At last, the report also presents a future assessment of the recreational vehicles market.
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