The RV rental market grew at a robust 63% rate between 1997 and 2002, according to two preliminary reports recently issued by the U.S. Census Bureau and analyzed by the RV Rental Association (RVRA).
RV rental revenue totaled $350.3 million in 2002, compared with an inflation-adjusted $215 million spent during 1997, the Census Bureau reported. The 1997 revenue figure was adjusted for the 12% inflation occurring during the 1997-to-2002 time period.
The vast majority of revenue was generated by firms specializing in RV rentals. Sales at RV rental firms increased 72.5% from an inflation-adjusted $174.2 million in 1997 to $300.5 million in 2002. Meanwhile, the amount spent on RV rentals at RV dealerships expanded by an inflation-adjusted 22% from $40.8 million in 1997 to $49.8 million in 2002.
The increase in revenue resulted, in part, by the nearly 72% growth in the number of RV rental company locations. The bureau reports the number of locations where RV rentals was the primary business expanded by 71.5% to 403 in 2002, from 235 locations in 1997.
The number of RV dealerships also offering rentals grew by 14% to 327 locations in 2002, from 286 in 1997, the bureau added.
RVRA is a division of the national RV Dealers Association (RVDA).