The thump-thump-thump of a leather, orange and black-wrapped ball echoes on a polished wooden floor. A player races down the court. His eyes are filled with concentration and are dialed in on the mesh hoop. Each thump of the ball hitting the ground brings him closer, closer, closer until finally, he is under the hoop. He dribbles into the paint and aims the ball at the rectangular backboard. With one swoosh the ball lands on target and the crowd erupts in cheers for the first shot of the game.
Similar to the start of a basketball game, Lippert started the year by announcing its fourth-quarter financials. The company revealed goals to have a strong 2024 with a strong market share and new products.
Lippert reported content per total RV decreasing to $5,058 and motorhomes at $3,506 due to index pricing reductions. However, Lippert said the company anticipates $130 million out of the $200 million in new business to be invested in RV, new market share and content gains.
Lippert President and CEO Jason Lippert said the company has already seen 8.5% market share gains, excluding index pricing impacts. Lippert attributed the gains to success and new products.
“We have built our reputation on creating essential and innovative products for RVs,” Lippert said, “that cannot easily be removed or replaced by another supplier.”
With a motivation to rise to competition, Lippert is bringing new assets to the court.
New products are at the top of the supplier’s game plan. The supplier established Amerimax for Mobility in December, bridging Lippert’s North American RV relationships with Euramax’s creation knowledge. The catalog will expand with new products impacting RV metal siding. Lippert additionally will launch a new slide-out line in 2024.
Curt sold just under 1 million hitches during 2023, a 6% increase compared with 2022. The supplier sold around 1 million axles this year. The sales resulted in a large Lippert 2023 gain after experiencing a flat year-over-year pattern in its axle business.
Lippert appliances such as the Furrion water heaters, refrigerators and air conditioners increased market shares by double digits in the past 12 months.
Lippert anticipates gains in mattresses, furniture and awnings in RV refurnishing efforts. Jason Lippert said used RVs account for 600,000-700,000 sold units each year.
As the industry laces up its shoes for March, Lippert reported seeing RV OEM product days increase. Some will increase to 20%, some will be flat and some will produce a few RVs per week. As the game begins, Lippert is prepared to take the 2024 court.
