In a webinar presentation for RV Industry Association (RVIA) members June 12, Connor Lokar with ITR Economics said activity in the RV market shows “we’re rising on a more normalized cadence.”
RV wholesale shipments should increase into the mid-300,000 unit range by the end of this year and then climb higher in 2025, according to the quarterly forecast prepared by ITR Economics known as RV RoadSigns.
The June 2024 report showed 2024 RV shipments at between 329,900 to 359,100 units and a median of 344,000 units. In 2025, those numbers are expected to increase to between 374,200 and 408,600 with a median of 391,400 units.
Despite interest rates contributing to a recent slowdown in the market, Lokar predicts that “we are getting to the good times,” and as the industry embarks on a growth cycle, he said that steady growth is the goal. “We’re not looking for gaudy growth,” he said.
“This new forecast reinforces our cautious optimism that the worst of the impact from interest rate increases are behind us, and that we’ll see a continued rise in shipments through the remainder of this year and into next year,” said RVIA President & CEO Craig Kirby. “Our research also shows that people are making RVing their travel of choice with 45 million Americans planning RV trips this summer.”
Lokar also noted that the labor market is loosening slightly and it would be a smart time to find new employees and get them ready before the rest of the manufacturing industries, which typically lag behind RVs, catches up. “You’re going to have a more favorable hiring environment,” he said.
RVIA members can review this quarter’s RoadSigns here. For more RoadSigns quarterly reports, members can view those here.
