RV industry statistics 2024
Millions of Americans, whether they’re campers, snowbirds or travel enthusiasts, enjoy living and driving with a recreational vehicle (RV). RVs come in all shapes, sizes and levels of luxury. Models range from drivable, fully-furnished motor homes to towable toy haulers. The RV industry is highly competitive, with hundreds of manufacturers and brands across the country. Last year, the industry took a hit when retailers bought fewer RVs than the year prior. Still, experts are projecting that sales will bounce back in 2024.
About 11.2 million households in the U.S. own an RV.
Jump to insightThe North American RV market is worth almost $20 billion and is forecast to grow to $29 billion by 2029.
Jump to insightIn 2023, Forest River, Keystone RV and Grand Design RV were the highest-selling RV manufacturers in the U.S.
Jump to insightThe industry saw a 36.5% decrease in wholesale RV shipments from 2022 to 2023.
Jump to insightRV industry statistics
RV ownership has increased by 62% since 2001. As of 2021, 11.2 million American households own an RV, a record-high number. A further 9.6 million want to buy an RV by 2026, according to the RV Industry Association.
As the nation’s largest RV manufacturer, Indiana produces 84% of all U.S. and Canadian RVs. Texas, California, Florida, Ohio and Michigan are the nation’s largest RV buyers, receiving about 22% of all shipments.
RV market size
The North American RV market was valued at $19.83 billion in 2024, according to Mordor Intelligence. It’s projected to grow at a compound annual growth rate (CAGR) of 7.99% for the following five years, reaching a market size of $29.11 billion in 2029.
What are the largest RV companies?
In 2023, there were over 280 RV manufacturers in the U.S. and about 800 different brands. The top three highest-selling manufacturers were Forest River, Keystone RV and Grand Design RV.
Interestingly, the top 10 American RV manufacturers are owned by just three parent companies — Thor Industries, Berkshire Hathaway and Winnebago Industries — meaning the market is highly concentrated.
RV buyer demographics
Intended use varies widely among RV owners — some use it as a home, while others only use it for two weeks a year. Most, though, use their RV casually, with a median usage of about 20 days per year, according to the RV Industry Association.
People of vastly different ages, genders, household incomes and education levels own RVs. More than half of RV owners are younger than 55 years old, with the 18- to 34-year-old age group fast-growing: They now make up 22% of all RV owners.
There are seven types of RV owners, according to the RV Industry Association:
- Casual campers: These owners live in their RV for several weekends each summer during camping trips.
- Family campers: Once or twice a year, these owners take their RV on summertime family vacations.
- Escapists: On extended family camping trips, these owners often stay in their RV for two months or longer.
- Avid RVers: During any and all time off, these owners stay in their RV.
- Happy campers: These snowbirds park their RV somewhere warm and live in it for half of the year.
- Full-timers: These owners live in their RV full time.
- Adventure seekers: These outdoorsy explorers use their RV as a home base for most of the year.
RV spending by state
Overall, states in the Northwest spend more on RVs than states on the East Coast. The top three spenders per capita are Alaska, Oregon and Montana. Perhaps unsurprisingly, the top spenders overall are states with the largest populations: California, Texas and Florida.
RV shipment statistics
The RV Industry Association tracks wholesale shipments in the RV industry, or the number of units wholesalers send to retailers.
RV manufacturers only shipped about 313,000 units in 2023, totaling $20.27 billion in retail value. It’s a 36.5% decrease in shipments from the year prior when manufacturers shipped 493,268 units. Towable RVs took the biggest hit — shipments dropped 38.5% from 2022 to 2023. Motor home shipments were also down by 21.5%, but park model RVs saw a slight 7% bump in shipments.
Are RV shipments expected to go up?
Though shipments were down in 2023, Craig Kirby, CEO of the RV Industry Association, remained hopeful for 2024 in the company’s December 2023 manufacturer survey.
“RV shipments for the last two months of 2023 showed an increase over the previous year,” he said, “and our projections indicate we should continue to see increased shipments and retail sales in 2024, particularly in the latter half of the year.”
In 2024, there were about 106,000 wholesale shipments of towable RVs by April, 15.4% more than there were by April 2023. On the other hand, motor home and park model RV shipments were down by 21.5% and 32.4%, respectively. However, total shipments hit 120,000 units, a 9.4% increase from last year.
According to the Association’s spring forecast, RV wholesalers are expected to ship between 334,700 and 365,500 total units in 2024, an increase of 8.8% to 18.8% from 2023.
FAQ
How much do RVs cost?
New RVs can cost anywhere from $14,000 to $750,000, depending on the type and level of comfort. Towable RVs are more affordable — they range from $14,000 for an entry-level travel trailer to $150,000 for luxury haulers. Entry-level motor homes cost about $80,000 and can run more than $750,000 at their most luxurious.
How do people finance their RV purchase?
Most buyers get loans through their RV dealership because they often offer lower interest rates, but some people opt to get a loan through a bank.
Are there any electric RVs?
Some companies, including Airstream, Pebble and Winnebago, offer electric RV models. Electric vehicle incentives and consumer demand are fueling this momentum, but inadequate charging station facilities threaten to slow it.
References
- “North America RV Market.” Mordor Intelligence. Accessed May 28, 2024.Link Here
- “The Top 10 Selling RV Manufacturer Brands in America.” Bish’s RV. Accessed May 28, 2024.Link Here
- “Our Company.” Forest River Inc. Accessed May 28, 2024.Link Here
- “Who Is THOR?” THOR Industries. Accessed May 28, 2024.Link Here
- “Together, we are Winnebago Industries.” Winnebago Industries. Accessed May 28, 2024.Link Here
- “Our Company.” Coachmen RV. Accessed May 28, 2024.Link Here
- “Our Company.” Palomino RV. Accessed May 28, 2024.Link Here
- “Go RVing RV Owner Demographic Profile.” RV Industry Association. Accessed May 29, 2024.Link Here
- “Which U.S. States Spend the Most on RVs Per Capita?” TitleMax. Accessed May 29, 2024.Link Here
- “RV Shipments Top 313,000 for 2023.” RV Industry Association. Accessed May 29, 2024.Link Here
- “RV Shipments Up 9% In April.” RV Industry Association. Accessed May 29, 2024.Link Here
- “RV RoadSigns Quarterly Forecast.” RV Industry Association. Accessed May 29, 2024.Link Here
- “How Much Does an RV Cost in 2024?” Bish’s RV. Accessed May 28, 2024.Link Here
- “Go RVing RV Owner Demographic Profile Study Provides In-Depth Insight And Analysis On The Changing RV Consumer.” RV Industry Association. Accessed May 29, 2024.Link Here
- “2023 RV Industry Profile.” RV Industry Association. Accessed May 29, 2024.Link Here
- Long, G. “The Arrival of Electric RVs: Powering the Road Ahead.” Bish’s RV. Accessed May 28, 2024.Link Here
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