Updated 2022 and New 2023 RV Shipment Forecast Released
RV wholesale shipments are projected to reach 498,800 units by year-end 2022 and 419,000 units in 2023, according to the Fall 2022 issue of RV RoadSigns, the quarterly forecast prepared by ITR Economics for the RV Industry Association.
“This new forecast projects 2022 to be the second or third best year on record for RV shipments and projects 2023 to be in line with our 10-year average, which is considerably above our 20 and 30-year numbers,” said RV Industry Association President & CEO Craig Kirby. “For decades our industry has seen ebbs and flows, yet we’ve seen continuous overall shipment growth for more than 40 years as RVing remains a popular option for consumers who are looking for the freedom to travel while also controlling their costs.”
The new forecast projects 2022 RV shipments to range between 487,300 and 510,300 units with a most likely year-end total of 498,800 units, a (-16.9%) decline from the record 600,240 shipped in 2021. Looking to 2023, the forecast projects shipments to range between 409,000 to 429,000 units with a most likely year-end total of 419,000, a (-16%) decline from the projected 2022 total.
The softening economic backdrop, as measured by declines in ITR’s system of leading indicators, is impacting the RV shipment forecast. Coupled with lower savings rates, elevated inflation, and higher interest rates, these factors are putting pressure on consumer budgets, leading some to reduce or postpone spending on discretionary items such as RVs. Record shipments in the first half of 2022 have allowed dealerships to replenish inventory and dealers are now managing through their inventory and planning out for 2023.