$48 Billion U.S. Recreational Vehicles Industry Boosted by The Pandemic
Industry undergoes a reset for future growth
Tampa FL USA, – WEBWIRE – Wednesday, June 28, 2023
RVs are as American as apple pie.”
June 28, 2023: Marketdata LLC, an leading independent market research publisher since 1979, has released a new study, an 87-page report entitled: The U.S. Recreational Vehicles Industry: Manufacturers, Dealers and RV Parks. The study traces the industry from 1980s to 2027 Forecast, examining the markets size, growth, structure, buyer demographics and competition.
The industry posted record revenues and RV shipments (600,000 RVs) in 2021 during the Covid-19 pandemic, as consumers sought ways to vacation safely. This was a major turning point and stimulus for the industry, as a new and younger demographic was introduced to the RV lifestyle.
However, this pace was not sustainable and recreational vehicle shipments and sales began to decline in 2022. This decline continues into 2023, as RV prices and demand fall, but this is being mitigated as customers are now pursuing RV rentals, used vehicles, and RV sharing.
Major Findings:
Market Value Marketdata estimates that the RVs industry had record revenues of $52.6 billion in 2021, a 33% increase over 2020. This was atypical, fueled by the pandemic. Sales moderated to $48.5 billion in 2022. The 9-year growth rate for RV dealer sales was 26.7% from 2012 to 2021. The industry is returning to more historical growth rates and is forecast to grow 6.2% per year from 2022 to 2027.
Demographics As of March 2021, 11.3 million households owned an RV — a 26 percent increase over the past ten years. Generation X and Baby Boomers make up the majority of RV owners, and those ages 35-54 are the most likely to own an RV. The average owner has an income of $68,000.
2023 Outlook Sales of RVs are declining as prices fall and dealers work through their large inventories. Rising interest rates and economic uncertainty will continue to act as headwinds. The RV sector relies heavily on consumers affordability. A 10.3% sales decline is forecast for this year.
Competitive Market The industry consists of 2,800 retail RV dealers and nearly 4,900 RV parks and campgrounds, that employ a combined 76,700 workers. RV manufacturers employ another 11,373 workers.
Metrics The average RV dealer retail establishment (office, branch, physical site) had estimated receipts of $12.78 million in 2020, up 32% from 2017. The average RV park establishment had estimated receipts of $840,000 in 2020, up 22.8% from 2017.
Geographic In 2020, the states with the largest number of RV dealer establishments included: California, Texas, Florida, Michigan, Oregon, and Pennsylvania, in that order. In the United States, about 85 percent of recreational vehicles sold are manufactured in Indiana, with most of that production in Elkhart County, which calls itself the RV Capital of the World.
The industry is susceptible to boom and bust cycles, as RVs are discretionary purchases that can be postponed or cancelled. However, the outlook over the next four years is good, as RV parks grow in number and younger buyers embrace RV travel., according to John LaRosa.
About The Report
The U.S. Recreational Vehicles Industry: Manufacturers, Dealers and RV Parks, published in June 2023, is an independent off-the-shelf market research study. The study is 87 pages in length, with 30 tables and charts and 7 competitor profiles. It is priced at $1,295. A $99 Executive Overview is also available. A free Table of Contents is available by email or at www.marketdataenterprises.com. Contact: Marketdata LLC, 7210 Wareham Drive, Tampa, FL 33647, (813) 971-8080. John LaRosa is available for interviews and presentations.
About Marketdata LLC
Marketdata is a 44-year old market research and consulting firm with a specialty tracking a wide variety of service sectors (commercial, personal services). It provides custom research projects. consulting, and phone consultations. Marketdatas ubiased reports are used by trade associations, banks, private equity firms, start-ups, ad agencies, consultants, entreprenuers, and industry competitors (Fortune 500).
Huijing Holdings Company Limited (“Huijing Holdings” or the “Group”; Stock code: 9968), an integrated residential and commercial property developer in the PRC, with a strong presence in the Greater Bay Area, has today announced its annual results for the year ended 31 December 2021 (“FY2021” or “the Year”). Results Highlights: Continuous growth in contracted sales and steady improvement in results For the year ended 31 December 2021, the Group has maintained growth in its results by adhering to its precisely targeted “one focus, one core and two wings” quality property mix and professional services in the Greater Bay Area. Contracted sales have amounted to approximately RMB8.0 billion, representing a year-on-year increase of 3.9%. Contracted gross floor area (“GFA”) sold of approximately 981,997 sq.m., representing an increase of approximately 29.6% compared to the year ended 31 December 2020. Gross profit was approximately RMB1,666.9 million with gross profit margin at 31.4%. Net profit totaled approximately RMB550.4 million, with net profit margin at 10.4%. Basic earnings per share were RMB0.05. The Board of Directors (the “Board”) has proposed to distribute a final dividend of HK2.48 cents per share. During the Year, the Group has recorded a revenue of approximately RMB5.31 billion, an increase of 3.0% from the corresponding period last year. Total GFA recognised has climbed over 30% to approximately 758,749 sq.m., mainly from projects including The 1st Mansion, Nine Miles Bay, Yongjinlan Bay, Huijing Yanhu International Resort, and Hefei Huijing City Centre. Expansion of land bank and progress in development of urban renewal projects During the Year, the Group continued to develop regions with high growth potential, such as Western and Northern China, and consolidated it market leadership position based on the the strategy of “Maintain a foothold in the Greater Bay Area, penetrate Dongguan and sustain coverage in the Southern, Central and Eastern China areas”. As of 31 December 2021, the Group had land reserves with a total area of approximately 3,146,831 sq.m., with 21 projects and 4 parcels of land located in 11 cities all over Mainland China. During the Year, the Group added a total GFA of around 582,000 sq.m. to its land reserves, which were assigned to 5 projects. It also marked the first time that the Group penetrated Fuyang, Anhui and Chengdu, Sichuan, which has become an important pillar for expansion of its business presence. The Group’s urban renewal projects have also realized good progress. During the Year, the Group has obtained the qualification of preparatory services provider for 9 urban renewal projects and is also working on a preparatory services provider qualification and promoting the change of land use for 9 projects. As of 31 December 2021, the Group met the land supply target for the Shatian Renzhou Area Project. The Zhangmutou Baoshan Area Project and Humen Xinwan Area Project were also proceeding well. Meanwhile, the Group also secured news projects, including the Hongmei Hongwugao Area Project and Wangniudun Project in Dongguan. The Group will continue to expand its land bank and advance the development of urban renewal projects so as to extend its brand influence and lay a solid foundation for its sustainable growth. Breakthrough development of scientific and innovative technology industry towns drives regional economic development Amid the emerging trend of innovation ecosystems in the industry, the “scientific and innovative technologies industry towns,” an important part of the Group’s “one core, one focus and two wings” business strategy, also achieved breakthrough development in 2021. During the Year, Huijing . Greater Bay Area 5G Intelligent Manufacturing Park helped the enterprises to undergo transformation and upgrade, marking a new milestone for smart factories in the Dongguan Eco-Environmental Industrial Park. Huijing Wisdom Valley is to be built into an integrated scientific and innovative technology park and become a high-end innovative technology ecosystem with office space and commercial ancillary facilities. In terms of new projects, the Group has entered into a letter of intent with the Shatian Town Government in relation to the development planning of an AI enabled smart town in Shatian alongside the Guangzhou-Shenzhen Science and Technology Innovation Corridor, and thereby construct an integrated industry and city through effective deployment of technology. The Hongmei Hongwugao Area Project is planned as an industry park with 5G at the core to promote the development of a new generation in the information technology industry and in intelligent manufacturing. These projects have demonstrated how the Group has established a presence in Dongguan over many years, and how it has gradually delivered results in its research on applying artificial intelligence in industrialization and innovative technologies, in its bid to achieve progress in high-quality development. Healthy financial position and stable capital structure The Group benefits from a stable financial position, with a net gearing ratio of 42.6% and gearing ratio (excluding contract liabilities) of 54.4%. Thanks to its overall market analysis, the Group recorded a continuous improvement in revenue, with total assets increasing 19.2% year-on-year to RMB15.2 billion. Looking forward, the Group will continue to strengthen its cash flow management and boost the rate of capital turnover, so as to generate momentum for its growth across different industries with a stable capital structure. Future strategies: To seize opportunities, make progress while maintaining stability, integrate industry and the city, and improve project quality Mr. Lun Zhao Ming, CEO and Executive Director of Huijing Holdings, said, “Leveraging our advantages in the Greater Bay Area, in 2021, the Group continued to execute the ‘one core, one focus and two wings’ strategy, with ‘residential development as the main business, urban renewal as the core, and cultural tourism along with health care, and the science and technology sector as the two wings.’ This was aimed at enriching the diversity of the profit structure and has continuously improved the capabilities of projects and services, thereby enhance the Group’s core competitiveness and capacity for sustainable development. Looking ahead, the Group will adhere to its business presence closely monitor changes in the market environment and proactively address policy changes. The Group is confident that it will continue to seize opportunities arising from urban development. By developing the projects on land parcels with strategic advantages and devoting greater effort to the layout of urban renewal projects, we remain committed to maintaining our leading position in the urban renewal industry across the Greater Bay Area, with the aim of adding value to cities there and bringing sustainable returns to our shareholders.” About Huijing Holdings Company Limited (Stock code: 9968)
More than 2 billion workers make up the informal economy. Thats 6 out of every 10 workers in the world who live without labor or social protections. The economic recovery of these workers is a critical component of a global economic rebound from the Covid-19 crisis. To understand the scale of informal labor and its impact on the economy, Ford Foundation partnered with The Guardian on this special feature that breaks down the challenges facing workers and highlights solutions to build a truly equitable future of work. Read the full article in The Guardian. The Ford Foundation The Ford Foundation is an independent, nonprofit grant-making organization with assets currently valued at $16 billion. For more than 85 years it has worked with courageous people on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. With headquarters in New York, the foundation has offices in Latin America, Africa, the Middle East, and Asia.
Huijing Holdings Contracted Sales Continued to Grow to RMB8 Billion, Revenue Steadily Increased to RMB5.31 Billion
— Contracted sales (including contracted sales from joint venture) increases by approximately 3.9% to RMB8.0 billion in 2021
— Revenue increases by 3.0% year-on-year to approximately RMB5,309.3 million
— Net profit amounted to approximately RMB550.4 million; net profit margin was 10.4%
— Gross profit totaled RMB1,666.9 million, gross profit margin was 31.4%
— Adequate high-quality land reserves, with approximately 582,000 sq.m. added in 2021
— Proposed final dividend of HK2.48 cents per share was recommended by the Board
Huijing Holdings Company Limited (“Huijing” or the “Group”) is an integrated residential and commercial property developer in the PRC with its foothold in the Greater Bay Area, gradually expanding its presence to the Yangtze River Delta Urban Cluster and the Yangtze Mid-Stream Urban Cluster. It focuses on urban renewal projects, covering residential, integrated and industry-specific property projects. Besides, the Group has been included as one of the constituent stocks of the MSCI China All Shares Small Cap Index, Hang Seng Composite Index and Hang Seng Stock Connect Hong Kong Index Series. For more information about the Group, please visit http://www.huijingholdings.com.
Topic: Press release summary
More than 2 billion workers make up the informal economy
We can look at more than $10 billion leather exports target by 2025 – Shri Goyal
The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal has said that India’s leather industry should aspire to be No.1 in the world. Addressing the National Export Excellence Awards presentation ceremony of the Council for Leather Exports (CLE) here today, he said we are already the second largest leather industry in the world.
“I do feel very, very satisfied that you are aspiring to grow to at least $10 billion by 2025, though this still gives you only a growth rate of about 15-17%. Whereas looking at the potential of all of you,… I think we can look at even more ambitious targets,” Shri Goyal said, adding that the Kolhapuri Chappals alone can achieve $1 billion exports target.
Shri Goyal appealed the leather industry to be self-sufficient, ‘AatmaNirbhar’, and not wait for the Government to roll out schemes, give land (at subsidised rates), come out with a PLI. “All of these things, in my humble view, will hold back your progress.”
He assured Government will help the leather industry achieve the goals by setting up BIS Standards laboratories in close proximity to leather clusters.
“Your industry has been at the forefront of innovation, high quality products, design, good recognition in export, world markets,” said Shri Goyal.
Shri Goyal said India’s leather industry has the “competitive and comparative advantages” when compared to the rest of the world and aim to make ‘Made in India’ brand the hallmark of excellence.
“I think a lot of (high quality) produce does get made in India but is sold to the high mark-ups across the world through the branding exercises of some of these companies.”
Addressing the gathering, the Minister of State for Commerce & Industry, Smt. Anupriya Patel assured the Leather Industry of Government support in their innovation endeavours.
On the occasion the Ministers gave away the National Exports Award for the years 2019-20 and 2020-21.
***
DJN/PK/MS
(Release ID: 1772687)
Visitor Counter : 325
