An Open Letter to the Industry
Dear Industry Stakeholders,
As we enter 2025, the RV market stands on the cusp of an exciting new chapter. Although recent years have brought their share of challenges, both historical data and emerging trends suggest that this year will mark the start of a positive and sustainable run for our industry. At RV Business Solutions, we remain optimistic and confident in the RV sector’s resilience and adaptability.
Learning from the Past, Looking to the Future
The RV industry has always been cyclical, with steady growth periods followed by natural resets. These resets, like the one we experienced from late 2022 into 2024, serve as necessary recalibrations that prime the market for renewed strength. History shows that 2025 is poised to be a pivotal year, signaling recovery and growth.
Looking back, previous resets, such as the late 2000s downturn (which saw a 52% drop in business in 2008 and 2009), were followed by significant innovation, an expanded customer base, and robust sales. Between 2010 and 2018, sales increased an average of 12.7% annually, with new retails growing over 323,000 during that time period.
Today, we’re seeing many of the same indicators of a positive shift: stabilizing economic conditions, rebalanced inventories, and consistent consumer enthusiasm for the RV lifestyle. After a 43.2% drop in retails over the past three years (since 2021), prevailing trends point toward sustainable growth well into the 2030s.
Why 2025 Is the Year of Opportunity
Several factors are converging to make 2025 a launchpad for a new era of growth:
- Resilient Consumer Demand: The desire for RVing as a lifestyle remains robust, especially among millennials and Gen Z. They view RVing as an affordable, flexible way to travel and connect with nature—values that continue to resonate.
- Economic Tailwinds: While high interest rates have moderated financing in recent years, 2025 brings signs of stabilization and potential rate reductions. As borrowing becomes more affordable, pent-up demand is likely to convert into stronger sales, particularly for entry-level and mid-tier models.
- Aligned Inventories: In the wake of supply chain disruptions and inventory imbalances, manufacturers and dealers have realigned production and stock levels. This creates a balanced market in which consumers can easily access the models they want, without the risk of oversupply.
- Back to Basics: The industry’s focus on affordability and value has never been stronger. By prioritizing customer needs and offering products that match varying budgets and expectations, the RV market is positioned to attract a broad range of buyers and keep them engaged for years to come.
A New Bar Has Been Set
COVID-19 introduced many new buyers to the RV space, propelling annual retails to an all-time high of 567,534. Though we have recalibrated after a 43.2% drop over three years, the market is resetting from a still-strong base of 353,000 retails in 2024, far above the 171,000 retails in 2009.
This momentum is reinforced by Gen Z’s love of the great outdoors. Today, 11.2 million U.S. households own an RV, and 9.6 million of those plan to purchase another RV within five years. Among Gen Z RV owners, 84% plan to buy another RV in five years or less. The median age of the RV buyer is now 32, a 22% decrease from 2021. These younger owners will continue to drive retail growth as they move through different life stages.
Population Growth
The U.S. population has grown from about 290 million in 2003 to over 340 million in 2024. That’s an increase of 50 million people in just two decades, with many now prioritizing quality time and outdoor experiences, particularly after the restrictive COVID-19 lockdowns. This demographic shift bodes well for continued growth in the RV market.
Dealer Consolidation
Dealer consolidation is another sign of a bullish marketplace. Larger dealer groups have ambitious expansion plans, while regional groups are also in growth mode. Auto dealers are increasingly interested in purchasing RV dealerships, and private equity firms remain highly active in the space. These trends point to a healthy, dynamic environment.
A Positive Road Ahead
The conditions in 2025 are more than just favorable; they provide a solid foundation for long-term growth. The industry is now leaner, more strategic, and better prepared to meet today’s buyers where they are. At RV Business Solutions, we view 2025 as an opportunity to invigorate the market, strengthen consumer relationships, and set the stage for success well into the future.
We encourage our RV dealer partners to embrace 2025 with optimism and a forward-thinking approach. By focusing on value, nurturing customer relationships, and staying agile, we can collectively shape this year into the start of a vibrant new cycle for the RV market.
Thank you for your continued partnership and dedication to the RV industry. Together, let’s capitalize on the opportunities 2025 presents and build a prosperous future for our entire community.
Sincerely,
Mike Lankford and Scott Degnan
RV Business Solutions (RVBS)
Roger L. Nuttall served as President of Camping World, Inc. from January 2011. Prior to that, he was the Chief Operating Officer of FreedomRoads, LLC from January 2009 to January 2011, and the Executive Vice President and Chief Financial Officer of FreedomRoads, LLC from November 2003 to December 2015. From 1981 to 1983, Mr. Nuttall was a partner at McKay, Nuttall, and Reid, an accounting and consulting firm. Before that, he held various staff and management positions at Grant Thornton LLP from 1974 to 1981. From 1983 to 2003, Mr. Nuttall served as Chief Financial Officer and board member of Blaine Jensen & Sons, Inc., a multi-dealership RV company. He received a B.A. from Weber State University.
Mike has almost 30 years’ experience in the Recreational Vehicle (RV) Industry and provides advisory and consulting services to clients within that industry.
Scott Degnan is the Partner and Co-founder of RV Business Solutions and President of Degnan Management Group, Inc., a consulting firm.
Dom Bookman is the Chief Operating Officer and Investor Relations lead at RV Business Solutions. With 12 years of experience in the tech industry, Dom is a serial entrepreneur specializing in business development, marketing, and growth strategies for leading brands. He has successfully piloted startups and facilitated multiple exits for early-stage companies.