Thor Industries is poised to reclaim market share, particularly with its largest customer, Camping World, as signs of recovery emerge in the recreational vehicle industry, according to a recent report from Bank of America Securities.
According to an article by MT Newswires, The company’s share of Camping World’s retail sales fell by 740 basis points in 2024, while rival Forest River gained 760 basis points, with BofA attributing approximately 64% of Thor’s total retail market share decline last year to this shift.
In 2025, Thor has adjusted its pricing strategy for towable contract manufacturing lines, leading to an estimated 700 basis point increase in its inventory at Camping World since December.
This development is expected to drive higher shipment volumes in the company’s fiscal second quarter. The brokerage also sees the potential for Thor to regain share with other major customers, especially as CEO Bob Martin refocuses on the North American market.
Martin expressed optimism about a stronger retail market in the latter half of fiscal 2025, assuming macroeconomic conditions remain stable.
BofA upgraded Thor’s stock rating to a buy from neutral and raised its price target to $125 from $110. Shares of the company rose 1.9% in Monday afternoon trading.
Thor is set to release its fiscal second-quarter financials on Wednesday, with BofA forecasting adjusted earnings per share of $0.21, surpassing Wall Street’s estimate of $0.12. The brokerage also increased its fiscal 2025 adjusted EPS estimate to $5.05, exceeding the consensus estimate of $4.37.
Beyond Thor, BofA highlighted encouraging signs within the broader RV industry, including lean inventory levels, rising prices for used units, and strong industry shipment data. Dealer sentiment has improved ahead of the peak selling season.
The brokerage noted the long-term structural appeal of the RV market, expecting Thor to benefit from favorable demographic trends as millennials increase their RV usage over time, similar to previous generations.
Thor’s potential market share recovery and improving industry conditions are significant for the RV sector, indicating a stabilizing market after a period of decline.
Stronger retail demand, increasing consumer confidence, and better inventory management could drive growth for manufacturers and dealerships, reinforcing the RV industry’s resilience and long-term viability.
