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.
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 percent increase over the expected 2023 year-end range of 287,200 – 307,000 units, with a median forecast of 297,100 units. The growth of RV shipments can be a key indicator for developers evaluating the future need for RV storage.
“Travelers continue to choose RVing as a top travel option because of its affordability and ability to bring family and friends closer together,” said RV Industry Association 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.