The RV Industry Association (RVIA) has projected a significant upturn in RV wholesale shipments for 2024. According to the Winter 2023 issue of RV RoadSigns, prepared by ITR Economics, the industry expects shipments to reach between 343,900 to 356,300 units, with a median of 350,100 units.
This forecast marks an 11.8% to 15.8% increase over the anticipated figures for 2023, reflecting a robust recovery from the recent downturn.
The RV industry faced considerable challenges in 2023, primarily due to high-interest rates and reduced consumer buying power. These factors, coupled with a built-up inventory, led to a decline in shipments.
However, 2024 appears to be a year of recovery. With interest rates stabilizing, the industry is poised for a resurgence, driven by the enduring appeal of RVing as an affordable and convenient way to enjoy outdoor experiences, as per the News & Insights report of the RVIA.
RVIA President & CEO Craig Kirby emphasizes the sustained interest in RVing. Consumers continue to be drawn to the unique combination of adventure, comfort, and quality time with loved ones that RVing offers. This steadfast desire for outdoor experiences, despite economic fluctuations, underpins the industry’s optimistic outlook for 2024.
Globally, the RV market is showing signs of robust growth. A LinkedIn article reports that the global RV market, valued at $51.2 billion in 2021, is expected to expand at a CAGR of 7.7% through 2031. This growth is indicative of the increasing popularity of RVing as a lifestyle choice across different regions.
The long-term outlook for the RV industry is positive, with projections indicating continued growth. The appeal of RVing, combined with evolving consumer preferences and lifestyle trends, suggests a bright future for the industry, both in the U.S. and globally.
The RV industry, after navigating through a challenging period, is on the cusp of a significant rebound in 2024. With forecasts indicating a substantial shipment increase, the industry is set to meet the growing demand for RVs. This resurgence is a testament to the enduring appeal of RVing and the industry’s ability to adapt and thrive in changing economic landscapes.
For more detailed information and insights into the RV industry’s forecast and trends, readers can refer to the RVIA website.