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RV Industry Sees Downturn in 2023, Optimistic for 2024 Rebound

Based on the RV Industry Association’s May 2023 survey of manufacturers, total RV shipments ended the month with 30,919 units, marking a decrease of 38.8% compared to the record 50,529 units shipped in May 2022. To date, RV shipments are down by 49.7% with 140,735 units. 

Photo courtesy of RV Industry Association

Despite the decline, RV Industry Association President & CEO Craig Kirby remains optimistic, stating that RVing continues to be one of the most economical ways to travel and that RV dealerships nationwide have many affordable options to meet the demand.

Towable RVs, led by conventional travel trailers, ended the month down by 41.7% from last May with 26,559 shipments. 

Photo courtesy of RV Industry Association

Motorhomes finished the month down by 12.2% compared to the same month last year with 4,320 units. However, Park Model RVs finished May up 16.8% compared to the same month last year, with 480 wholesale shipments.

Photo courtesy of RV Industry Association

Further research reveals that the new forecast projects 2023 RV shipments to range between 307,000 to 287,200 units with a median of 297,100 units. 

The tide is expected to turn in 2024. RV wholesale shipments are projected to reach 498,800 units by year-end 2022 and 419,000 units in 2023.

Photo courtesy of RV Industry Association

According to a report from WVPE, total RV shipments for March were down nearly 51% from the same time last year. 

The RV industry has an economic impact of $140 billion to the US economy, which is a 23% increase from 2019 to 2022. $416 million worth of RVs were sold in this period. 

RVIA notes that sales are down by 54.3% compared to 2022. That decline can be seen as a return-to-normal market trend expected to continue.

The RV industry has seen a significant decrease in shipments and sales in 2023. However, industry leaders remain optimistic, citing the economical benefits of RVing and the availability of affordable options. 

The industry is expected to rebound in 2024, with projected shipments ranging between 307,000 to 287,200 units. Despite the current downturn, the RV industry continues to have a significant economic impact, contributing $140 billion to the US economy.

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Conglomerize96
Conglomerize96
March 13, 2024 7:10 pm

Isn’t it exciting to learn that the RV industry faced a downturn in 2023, but there’s hope for a rebound in 2024? Dealerships are offering affordable options to meet the demand for RV travel. Let’s look forward to brighter days ahead! Excitingly, technological advancements in RV designs are expected to drive sales in 2024, with a focus on eco-friendly options. Here’s to a promising future!

jenna_jams
jenna_jams
April 11, 2024 7:52 am

Isn’t it great to see how the RV industry is gearing up for a rebound in 2024? The new tech and features in RVs are really catching our eye, making the outdoor adventure even more enticing. What’s your take on these exciting developments?

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Hi, you might find this article from Modern Campground interesting: RV Industry Sees Downturn in 2023, Optimistic for 2024 Rebound! This is the link: https://moderncampground.com/usa/rv-industry-sees-downturn-in-2023-optimistic-for-2024-rebound/