The RV Industry Association (RVIA) is estimating that RV wholesale shipments will 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 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 percent to 24 percent increase over the expected 2023 year-end range of 287,200 units to 307,000 units, with a median forecast of 297,100 units.
“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 and 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, increasing downside pressure on the RV industry business.
RVIA believes 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 will likely emerge in mid-2024 as the downside pressures on shipments from the macroeconomy will have eased.
Photo courtesy RV RoadSigns
