Recreation Vehicle Market Thrives During Pandemic
TROY, Mich.–(BUSINESS WIRE)–In the 2020 Year-End Review Recreational Vehicle (RV) Market Insights, analysts from J.D. Power Specialty Valuation Services say that used RV pricing increased overall as more consumers entered the RV market amid air travel restrictions. Used values are also being pushed up due to lack of new inventory.
“Every segment of our industry saw values increase in 2020, with most segments not seeing any seasonal pullback in values,” said Lenny Sims, vice president business development and strategy at J.D. Power Specialty Valuation Services. “Standard hitch units brought 7.4% more revenue in 2020 than in 2019, and that gap widened in the second half of the year. Fifth-wheel units had already started the year strong before the pandemic hit, and the segment really took off as the year progressed, averaging 13.7% more revenue year over year.”
Major findings in the free quarterly report note:
- Class C Motorhome used values increased at a strong, steady rate throughout the year
- Class A Motorhome used values decreased overall in November 2020
- Surge in RV traffic views in May 2020
J.D. Power Specialty Valuation Services (formerly NADAguides) is a leading provider of specialty vehicle valuation products and services to businesses. The team collects and analyzes tens of thousands wholesale and retail transactions per month, and delivers a range of guidebooks, web service data, analysis and digital data solutions.
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
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