The RV industry reached a major milestone this quarter as wholesale shipments were projected to reach over 600,000 for the first time in history.
Heralding this news was the RVIA’s issue of Winter 2021 RV RoadSigns, a quarterly forecast report prepared by ITR Economics for industry members. Although the possibility of 600,000 shipments was on many industry members’ radars, the report was a shift from the fall quarterly report forecasting the milestone to first be hit in 2022.
Bill Baker, RVIA senior director of membership and research, said the rise in shipments can be attributed to strong shipment reports in September and October and strong retail activity supporting those shipments.
“It increased the year-end forecast for 2021 to a little over 600,000 units,” he said. “For 2022 it remains in the same ballpark of over 600,000.”
Like all industries, the RV industry has had its peaks and valleys, Baker explained, noting the report details slackening new RV demand toward the end of 2022. He said strong consumer and dealer demand bolstered 2021 numbers.
“Over the course of four years, peaks continue to get higher, and the bottom continue to get higher, too,” Baker said. “We went on a really good run from 2010-2017, and we have seen really strong growth since 2021, so I think the outlook is good. The American consumer has a strong appetite for RV camping and all the benefits.”
The largest factor likely limiting 2021 shipments, Baker said, was the supply chain. However, Baker said RV dealership inventories remain historically low and will need to be replenished while dealerships continue to meet consumer demand.
“I think there is still a very strong demand for RVs,” Baker said. “There are some questions still about the supply chain, but the suppliers and OEMs have shown the industry throughout this past 18 months or so that they are resilient, innovative and finding ways to deal with the supply chain, so RVs are being built and sent to dealers in a timely fashion.”
Baker said RV demand does not appear to be lessening, and outdoor recreation rose in importance to Americans working from anywhere and seeking more experiences with family or friends. The combination created a beneficial market for the RV industry, he said.
