III. Industry Analysis
Even with the increasing gas prices and inflation, people are still eager to pay top dollar for RVs and boats for recreation. According to Allied Market Research, the recreational boating market is expected to experience a compound annual growth rate (CAGR) of 5.1%. And according to Fortune Business Insights, the recreational vehicle market will experience a CAGR of 6.7% over the next five years. This is significant growth in both industries, indicating that these vehicles are still in high demand. Therefore, the need for adequate storage will also be in high demand.
Additionally, the Boomer generation is at or near retirement. Retirees make up a huge proportion of RV and boat sales. As this generation reaches their golden years, they will be making these purchases more often and need storage for when these vehicles are not in use.
Furthermore, with more people working from home than a few years ago, many people are choosing to travel as they work. Some of these folks may choose to work while traveling in their RVs or boats for part of the year. When they don’t use these vehicles, they will need a place to store them.
Therefore, the outlook for the RV and boat storage industry looks better than ever. With more boats in the water and RVs on the road means that there will be an increasing demand for storage units for these vehicles.