The American road trip made a comeback during the COVID-19 pandemic, and recreational vehicle (RV) sales rocketed higher as a result. More recently, though, sales have slumped. According to a May 2024 industry report, RV sales registrations were down 8.9% year over year as customers struggled with inflation and high interest rates.
But the picture isn't all gloom when it comes to the future of RV sales. Currently, some 11.2 million U.S. households own an RV. That number could continue to rise. According to some surveys, people between the ages of 18 and 34 show some of the strongest interest in purchasing an RV or taking a recreational vehicle vacation.
That's no small niche within the auto and retail industries. RV stocks have the potential to provide powerful investment returns.

Overview
Investing in RV stocks
As a result of the pandemic, remote work has created new leaders in vacationing and long-term stays such as Airbnb (ABNB 14.59%). And incumbents in recreational vehicles such as Warren Buffett's Berkshire Hathaway (BRK.A 0.33%)(BRK.B 0.41%) -- which owns leading RV manufacturer Forest River, as well as RV and auto insurer Geico, and sporting goods retailers such as Dick's Sporting Goods (DKS -1.62%) -- will also benefit from renewed consumer interest in RVs.
However, there are more specific plays on RVs and camping that could be big winners. Here are five stocks worth a look for 2025.
Company | Market Cap | Description |
---|---|---|
Thor Industries (NYSE:THO) | $5.31 billion | A conglomerate of RV brands that form the world's largest RV manufacturer. |
LCI Industries (NYSE:LCII) | $2.81 billion | Engineer and manufacturer of RV components and equipment. |
Camping World Holdings (NYSE:CWH) | $896.71 million | America's leading RV and related outdoor equipment retailer. |
Winnebago Industries (NYSE:WGO) | $1.63 billion | Manufacturer of motorhomes, travel trailers, and boats. |
Rev Group (NYSE:REVG) | $1.46 billion | A specialty vehicle manufacturer, including several leading RV names. |
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1. Thor Industries
If a single company could benefit the most from increased RV sales, Thor could easily be the top contender. Thor is the largest family of RV brands, including Airstream, Heartland RV, and Jayco. The company makes a range of vehicles, from motorhomes to camper vans to toy haulers, that help families enjoy the outdoors and extend their stay anywhere.
As is typical for a vehicle manufacturer and industrialist, operating profit margins tend to hover in the mid-single-digit percentages. But like other players in this space, the company has experienced recent headwinds. Thor reported net sales of $2.8 billion in the third quarter of fiscal 2024, down from $2.92 billion in the same quarter of 2023.
Car and RV dealerships typically finance their inventories with short-term loans known as floor plan financing. But higher floor plan interest rates have caused dealers to be "understandably cautious with their ordering patterns," Bob Martin, Thor's president and CEO, said in an earnings release.
Thor's share prices had dropped about 10% in the past year as of mid-2024. However, the company pays a dividend with a yield just shy of 2% as of August 2024.
2. LCI Industries
LCI Industries, better known by its primary subsidiary, Lippert Components, is a leading supplier of engineered parts for the outdoor vehicle industry. Lippert produces a wide range of products, such as steel chassis, suspension parts, bath and kitchen components, windows, furniture and mattresses, awnings, and towing gear. Basically, if you have an RV of some sort, there's a good chance you own something from Lippert.
In the second quarter of 2024, the company reported strong growth in RV wholesale shipments of travel trailers and fifth-wheels, along with market share gains in the aftermarket, particularly for towing and truck accessories. Still a small industrial stock in growth mode even after years of expansion, this is a top way to play the recreational vehicle boom.
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3. Camping World
Perhaps no name is more synonymous with RV and road trip vacation-specific discretionary shopping than Camping World. America's largest RV retailer (as well as the parent of RV community and subscription service Good Sam), the company's bottom line has surged in the past year, thanks to booming sales at its stores.
Camping World is busy building new locations to double down on sales and is always on the lookout to acquire other RV retailers and related companies. Between mid-2023 and mid-2024, Camping World added 12 new locations to bolster its position as a top-of-mind option for RV shopping. The company slashed its dividend payout by 80% in 2023 after missing earnings. However, its dividend yield was well over 5% based on its August 2024 share price, making Camping World a top income play within the RV stock space.
4. Winnebago Industries
Winnebago, as well as subsidiaries such as Grand Design (acquired in 2016), is another leader in RV manufacturing. It isn't exactly known as a fast-growing company. Sales skyrocketed during the pandemic, but they've since slowed down significantly. The company has seen a drop in unit sales, as well as customers shifting to lower-priced models.
The iconic RV brand has more recently expanded into the adjacent recreational boating industry. It acquired Chris-Craft in 2018 and purchased young, fast-growing pontoon boat maker Barletta in August 2021. Management has continued to increase its dividend payout in recent years, sweetening the deal for this outdoor toy producer.
5. Rev Group
Rev Group, a far smaller manufacturer of RVs than some of its peers mentioned above, also designs and makes emergency and commercial vehicles. But for our purposes here, know that Rev Group is the parent of seven recreational brands, including American Coach, Fleetwood RV, Monaco Coach, and Holiday Rambler.
The company manufactures specialty vehicles, like fire trucks, ambulances, and terminal trucks, but RVs account for about one-third of revenue. During the pandemic, RV sales grew at a double-digit clip. But more recently, the company has experienced sluggish RV sales as demand for fire and emergency vehicles has surged.
Historically, operating margins have been in the low single digits. However, since 2020, the company has improved its bottom line by lowering its net debt and increasing free cash flow, which could make Rev Group a solid long-term value stock.
Related investing topics
Future trends
A top retail and travel investment trend
After several years of strong growth driven by the pandemic, the RV industry has experienced a slowdown as customers hit the brakes on big purchases. Despite short-term challenges, several trends bode well for the industry, including strong interest in RVs among younger demographics.
RV manufacturers and retail stocks are unlikely to experience the rapid growth of the pandemic years. But if you're seeking dividend income and you're comfortable with owning cyclical stocks, RV stocks could be worth a look.