Following 2023, when Dometic globally saw net sales fall 12% from 2022, President and CEO Juan Vargues laid out numerous 2024 plans in the company’s annual report.
Among the changes, Dometic will focus on products for consumers who own SUVs, station wagons and pickup trucks. The company will create a new business segment, led by its Igloo business, including other mobile cooling solutions. The company’s Mobile Power Solutions will be grouped as a sub-segment of Dometic’s Global Ventures segment.
“Dometic is on a transformation journey,” Vargues said, “and we are gradually shifting the focus from a regional-led approach to a product-led approach, with focused and specialized teams driving specific product solutions globally.”
Vargues said the company’s Igloo acquisition has shown impressive performance the past two years, supported by brand recognition, product innovation and a consumer-oriented organization.
“The new Mobile Cooling Solutions segment would drive the Igloo business and other Dometic-branded mobile cooling and drinkware businesses globally,” he said, “to realize further sales and cost synergies.”
Dometic will also ramp up product development for consumers driving SUVs, station wagons and pickups. The company said consumers driving such vehicles use their own cars to enjoy the outdoors effortlessly and spontaneously.
The company said 35 million new SUVs, station wagons and pickups are sold annually, compared with 700,000-800,000 RVs.
“Dometic has developed and acquired portable products to meet the needs of these kinds of users,” the company said. “By offering flexible products to be used outside of the vehicle, Dometic’s sales exposure moves from high-ticket discretionary sales to lower-ticket discretionary sales while the global addressable market is growing.”
Dometic said the company’s Mobile Power Solutions business has grown organically and through acquisitions. The company said Mobile Power Solutions is a fast-growing market supported by electrification and sustainability trends.
Dometic plans to invest in products and capabilities to further build the Mobile Power Solutions business.
In Dometic’s Segment Americas, which includes its RV division, RV manufacturing and dealer inventory levels drove sales down 31% from 2022. Dometic said integrating Valterra Products and Zamp Solar after their 2021 acquisitions continued, helping the company expand its distribution/service and aftermarket business.
Product launches in 2023 included Dometic’s RV air conditioner series, rooftop tents for the outdoor market and new mobile power solution products.
