RVIA Sees About 297,100 Shipments in ’23, 350,000 in ’24 – RVBusiness – Breaking RV Industry News

RV wholesale shipments are projected to rise above 350,000 units in 2024, according to the Fall 2023 issue of RV RoadSigns, the quarterly forecast prepared by ITR Economics for the RV Industry Association (RVIA).

The new forecast projects 2024 RV shipments to range between 363,700 and 375,700 units with a median of 369,700 units. This total would represent a 22-24% increase over the expected 2023 year-end range of 287,200 – 307,000 units with a median forecast of 297,100 units.

Craig Kirby

“Travelers continue to choose RVing as a top travel option because of its affordability and ability to bring family and friends closer together,” said RVIA President & CEO Craig Kirby. “This new forecast shows that RV shipments will continue to level off through the remainder of 2023 and then begin to improve in 2024. Our research shows that consumer interest in living an active outdoor lifestyle remains strong, and there are RVs available at every price point for consumers eager to get outdoors and recreate.”

Despite a tight labor market and rising wages, cumulative inflation and elevated interest rates have weighed on consumers’ purchasing power over the past year. Consumers’ inflation-adjusted savings are also declining, leading to additional downside pressure on RV industry business. Annual wholesale shipments will likely stabilize later this year as the effects of rising interest rates subside and RV inventory levels normalize. A defined rising trend is likely to emerge in mid-2024 as the downside pressures on shipments from the macroeconomy will have eased.

RVIA members can view the Fall 2023 issue of RV RoadSigns here.

Members are invited to attend a webinar with ITR Economics for an in-depth explanation of the new forecast at 11:00AM Eastern, Thursday, Sept. 14, 2023. During the 60-minute webinar, participants will hear an in-depth explanation of the new forecast including supporting evidence and risks. Following the presentation there will be an opportunity for participants to ask questions.

RVIA members can register for the webinar here.